Another #SundaySwing on 11/28 post, after the short week with the heavy dip on BlackFriday, lets see which opportunities I found for a possible swing.
Recap of 11/21 SundaySwing
Last week was rough and none of the 3 setups I charted triggered. This happens, but the good thing about TheStrat is, that if it not triggers, we don’t trade it. Easy Peasy!
Disclaimer: No advice, instead these are my ideas based on my knowledge analyzing the charts for possible swing trades based on #TheStrat. So please always do your own due diligence before entering a trade.
Since I got some DMs about the colors in my charts and the setups:
- I always chart in multiple time frames Monthly, Weekly, Daily, and 4-hour or 60min
- Purple lines last months high&low
- Orange lines last weeks high&low
- Blueish lines last day high&low
- Green lines are my targets
- Sometimes white and yellow for intermediate targets or 50% rule setups
As always lets have a look at $SPY and $QQQ for a rough prediction of what I think the market will do next. Or course it’s just my interpretation, so keep that in mind!
I was to bullish on Wednesday, after a rejection of higher highs on Monday, I even predicted a red week down to 466.23 of last weeks low on Monday and gave a 465p 11/26 $SPY trade idea in the Discord. A huge dip like it happened on Friday was not expected, but we have a new Broadening Formation on the week, because we took out all the lows back to week of November 1st.
If $SPY on Monday starts bullish (what I expect currently), we will go up to the top of the Broadening Formation around 475.
Options and Expiration
As mentioned above and in my post of October results shown, I go at least 3-4 weeks (01/22 is currently my preferred one) out with expiration on options and not to far OTM if possible. I also trade on a small account and if an option is to expensive for my risk management, I simply don’t trade it. Because, profit is not guaranteed and everything can be lost on those options.
Also keep in mind that we start a new month this week, so watch out for new monthly candles this or next week.
Profits and Stops
I usually target around 25-40% of profits on those swings and decide during the market hours if I leave a runner on a position or close the entire one.
Would love to get some feedback about this format here and if this helps you learn #TheStrat, as well as I’m open for any things that will help more. To view the charts in full detail, click to open them in a new browser window
$MU 01/22 100c > 87.71
Nice run up last week and even on the market dip on Friday $MU closed strong. Expecting a run up to previous ATH around 96.96 back in April.
Getting the 01/22 100c when the possible 2-2u Bullish Continuiation triggers above 87.71 next week and also watching closely the monthly chart, currently 2u in-force for a continuation.
$TWTR 01/22 55c > 48.55
Looking at the weekly chart, $TWTR has a potential PMG weekly setup after two green days in a row on Friday and Wednesday last week. So if it triggers the 48.55 from last weeks high for a possible 2-2u Bullish Reversal I’m watching the 01/22 55c with targets at 53.15, 54.93 and 60.16.
$BAC 01/22 50c > 47.98
Slow mover, so not expecting huge moves, but the 50c has lots of volume for 01/22 expiration and isn’t that far away. Outside week and if 47.98 triggers the 3-2u, than 48.42 is not far away for a monthly 2u-2u Bullish continuation as well into FTFC up.
$BYND 01/22 100c > 78.44
Also two strong days last week, eyeing for a possible 1-2-2 weekly RevStrat above 78.44 with targets at 85.44, 91.55 and maybe 99.99. Everything above with that much time is a bonus and will watch if 100 breaks to the upside. Because than a possible PMG up on the monthly could trigger and turns $BYND into FTFC up, but this is not happening soon.