BitcoinPanjang
BTC - QQQ - Looking for Longs - Trades for Tomorrow META
Both Bitcoin and stocks have recovered from the selloff last week and I have gone from Bear to Bull now looking for a nice rally.
Bitcoin:
The extended "E" leg happened, and that is generally how it happens, a real deep selloff that takes out the lower boundary of the consolidation and pushes into lower support quickly. Yet it recovered just as quickly.
If you were brave enough to jump in at 50k congrats for getting a good price.
Couple technical levels here, with resistance being around 67-68k. This is the POC for the market and I am pretty confident we will retest that in the near term so I am going to go long Bitcoin and of course the instrument I use is BITO.
Simply a trade, this is not a long term purchase, but this may be the beginning of the run to 90k, so not unreasonable to add a small position here.
So Long for Bitcoin to 67,750 with a stop at 56,750 for a little better than a 2:1 RR. This is a trade for tomorrow and I will post when I take the trade.
QQQ:
First lets clear up the accounting for the trades this week.
Loss this week of QQQ short outright - $1659.45
QQQ AUG8 442 Call - Loss of $271.33 + Loss of 16.34 (roll out) for $287.67
Total realized loss for the week $1947.12
There was a nice consolidation at the 448 level on the hourly chart and that is why I decided to close out my short trades and take my loss.
Losses happen, key is to minimize them when they do.
As long as the market opens above 448 tomorrow and sticks I will be looking for longs to 480 or the start of a B leg. The 480, if reached, will be a key test for the market as to whether we are topping, or the bullish trend continues.
The Bears are not out of the game yet. Key level for them is 440, they really need to see the 440 level taken out and a push back into the 430's.
Though I am looking for longs based on the information available now, that will be subject to change come Monday.
META:
Old saying stick with the winners, and I do not mean weiners in women sports. META held up throughout the entire selloff and is pushing to break out here. I mentioned it last week and I am not sure why I didn't add a position, but surely I will be adding one tomorrow with a target of 595.
With earnings out of the way, the stock being relatively strong and one of the FAB 7, I want to be selling puts and going long here.
Now of course it does not come without risk, but there is surely something to be said for a stock that is pushing highs, while its peers are still down 10%.
Give me some META!!!!
Ok have a bunch of other stocks on my radar which I will continue to update. Again losses happen, not every week is a winner.
Have a blessed Sunday!!!
Bitcoin:
The extended "E" leg happened, and that is generally how it happens, a real deep selloff that takes out the lower boundary of the consolidation and pushes into lower support quickly. Yet it recovered just as quickly.
If you were brave enough to jump in at 50k congrats for getting a good price.
Couple technical levels here, with resistance being around 67-68k. This is the POC for the market and I am pretty confident we will retest that in the near term so I am going to go long Bitcoin and of course the instrument I use is BITO.
Simply a trade, this is not a long term purchase, but this may be the beginning of the run to 90k, so not unreasonable to add a small position here.
So Long for Bitcoin to 67,750 with a stop at 56,750 for a little better than a 2:1 RR. This is a trade for tomorrow and I will post when I take the trade.
QQQ:
First lets clear up the accounting for the trades this week.
Loss this week of QQQ short outright - $1659.45
QQQ AUG8 442 Call - Loss of $271.33 + Loss of 16.34 (roll out) for $287.67
Total realized loss for the week $1947.12
There was a nice consolidation at the 448 level on the hourly chart and that is why I decided to close out my short trades and take my loss.
Losses happen, key is to minimize them when they do.
As long as the market opens above 448 tomorrow and sticks I will be looking for longs to 480 or the start of a B leg. The 480, if reached, will be a key test for the market as to whether we are topping, or the bullish trend continues.
The Bears are not out of the game yet. Key level for them is 440, they really need to see the 440 level taken out and a push back into the 430's.
Though I am looking for longs based on the information available now, that will be subject to change come Monday.
META:
Old saying stick with the winners, and I do not mean weiners in women sports. META held up throughout the entire selloff and is pushing to break out here. I mentioned it last week and I am not sure why I didn't add a position, but surely I will be adding one tomorrow with a target of 595.
With earnings out of the way, the stock being relatively strong and one of the FAB 7, I want to be selling puts and going long here.
Now of course it does not come without risk, but there is surely something to be said for a stock that is pushing highs, while its peers are still down 10%.
Give me some META!!!!
Ok have a bunch of other stocks on my radar which I will continue to update. Again losses happen, not every week is a winner.
Have a blessed Sunday!!!
Penafian
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