The Weekly Trade Plan: Top Stock Ideas & In-Depth Execution Strategy – Week of January 29, 2024 | SMB Training

Happy Saturday Traders

I hope you’re all having a beautiful, restful weekend.

Today, I’ll current a number of new concepts, all of which maintain the potential to make vital directional strikes. As at all times, I’ll share my thought course of and actionable commerce plans with you.

Last week, my plans and watchlist had been proper on the cash and performed out effectively. You’ll discover, although, that though the concepts materialized per the plan, some took longer to play out than others and required changes to be made relating to the timeframe. There’s an necessary lesson: commerce shares primarily based on their value motion and the way they’re buying and selling, not the way you need them to commerce.

Now, let’s get proper into some recent concepts for the upcoming week.

This week is arguably an important earnings week of the season, with a number of of essentially the most worthwhile corporations reporting, like Amazon, Apple, Microsoft, and Alphabet. So naturally, my mindset will shift to in-play, intraday momentum buying and selling versus bigger-picture market swings.

As it pertains to swing buying and selling, nonetheless, I like a number of remoted setups.

Falling Wedge in Coinbase

I’m on the lookout for the same transfer we obtained in MARA final week in COIN for the upcoming week. I definitely suppose that there are higher automobiles to commerce alongside Bitcoin than COIN, though now that Bitcoin has bottomed within the brief time period, I’m on the lookout for a reduction bounce right here and just like the R: R that the chart presents.

,Please notice that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market components equivalent to liquidity, slippage and commissions.

Here’s my plan:

Considering that the inventory would possibly want extra time to arrange, I’m on the lookout for a break above the $128 – $130 space with conviction. I wish to see the inventory push above the day prior to this’s excessive / $130 area and maintain convincingly. At that time, I’ll enter my place lengthy with a cease set round $125 – assist from Friday and what’s going to turn out to be the 2-day VWAP on Monday. Simply put – my cease could be there, as I would not wish to see it fall again into the vary after breaking out.

I see $137 – $140 as a possible resistance zone on a better timeframe, in order that can be my first goal space to take off most of my place measurement. I’ll possible path my cease utilizing earlier greater lows on the 30-minute chart, aiming for a $145 goal.

Shorting Pops in PHUN

This was on the record final week. It supplied a superb entry after the uptrend broke and confirmed a decrease excessive/double high on Wednesday. However, the inventory has nonetheless managed to carry up every day effectively.

The Weekly Trade Plan: Top Stock Ideas & In-Depth Execution Strategy – Week of January 29, 2024 | SMB Training

,Please notice that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market components equivalent to liquidity, slippage and commissions.

Last week, I wished a push greater to flush out some cussed brief swings, and that will have taken place. Going ahead, I’m now on the lookout for a pushback towards $0.40+ and fail to enter brief once more, after which patiently holding my place for a sluggish fade again to actuality, below $0.20. Such a transfer might be the ultimate bull entice earlier than it slowly fizzles again down. If the value confirms and I get my desired entry, I’ll look to be affected person with this, with a maintain time of as much as or barely exceeding one week.

One Additional Idea / Side Watch

One extra, extremely conditional Idea that I’ve alerts set for:

Solid multi-day runup in DWACthe identify that has led the cost for PHUN, earlier than topping out into the occasion/catalyst, which was the New Hampshire main election final week.

The Weekly Trade Plan: Top Stock Ideas & In-Depth Execution Strategy – Week of January 29, 2024 | SMB Training

,Please notice that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market components equivalent to liquidity, slippage and commissions.

Now that it has topped out within the brief time period, barring a further catalyst or vital brief squeeze, I might be focused on shorting a failed transfer greater towards $42 – $45 and decrease excessive affirmation for a 2 – 3 day fade again towards $30.

I’ll solely fade this if it confirms intraday and supplies wonderful threat reward and a exact stage to threat towards. If the inventory pushes again up and consolidates over $45 – $50, I’ll now not be focused on a short-swing alternative.

Additionally, ought to the inventory proceed to consolidate and type a bearish multi-day wedge, I would search for a momentum brief on a breakdown for an intraday place versus a swing place.

Important Disclosures

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