Trading Prep DEEP DIVE November 14, 2020

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I’m seeing many good looking bearish setups and not too many bullish ones… the only bullish ideas without several major flaws right now are TSLA and TTD. Most everything else has some combination of major flaws such as wide and loose price action, weak rallies, poor group rank, or a deteriorating RS. All of those a big warning flags for bullish ideas. 

TSLA is one that’s okay but not quite tight enough yet. Checkout this chart: https://www.tradingview.com/x/IbY8GPvF/ The distance between where I want to enter and where I have my stop loss is over 12%. That’s too much. I’d prefer to wait for a tighter entry.

The only other strong bullish idea that popped is $TTD I’m seeing it as a short stroke with an entry at 770.10, a stop at 697.30, and a target of 1025. Checkout the chart: https://www.tradingview.com/x/i12mCgUu/

The bearish ideas (which look pretty solid TBH) are more plentiful. I’ve listed them out in this spreadsheet: https://docs.google.com/spreadsheets/d/1201DdvK9yU_khNwzrxMWHCCM8mteDsSNjVpFGuMNgQs/edit?usp=sharing

I’ve outlined my game plan in the sheet with entries, stops, and targets. The one that’s unique is JD. I’m seeing it as ‘railroad tracks’ a bearish pattern William O’Neil discusses in How to Make Money in Stocks. With earnings around the corner, I’m going to see what options plays are available. Stay tuned…


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