Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Learning from a Market Wizard: Swinging Stocks in the Style of Mark Minervini
Stopped out of MU and SEAS. Sold APPS as it was coming back through the pivot after attempting to break out - defensive play given the lack of follow-through observed recently.
Bought TSLA 1m ORH as it was gapping out of range on a low cheat setup.
Bought SONO today at the open gap up. 20/4 'Perfect Setup' occurring after the IPO Base. Sell signal is conditional: close below 10 day moving average - optimal based on my historical testing for this particular setup.
Zoomed Out
Zoomed In
Stopped out on SI this afternoon as crypto stocks got pillaged - rumor is it had something to do with the Coinbase IPO. Either way, I've taken enough paper cuts in the past few weeks to realize that this market is horrible for breakout trading. Seeing amazing setups fail back through the pivot is a bad sign in my view and speaks volumes as to the lack of follow-through in this environment. All of that can change in just a few days so I'll continue to track breakouts closely, just won't risk any more money on them until conditions visibly improve. Currently right around 40% invested and will continue to chisel that down unless the environment changes and breakouts start sticking.
I keep a noteback on my desk and just quickly jot down every buyable breakout I see each day. Every evening I go back over all the breakouts from the past few days and record how much the stock is up or down from the breakout level. This gives me a really quick reference as to the average strength of breakouts as well as any patterns. Right now the pattern is breakout first day and fail either same day or the next day. Watching for when this behavior changes.
I don't understand a 20/4 perfect set up but is there a reason you take the trade as soon as the breakout occurs.
The way I understand it you are looking for stocks that will make a huge move. A few cents or even dollars won't make a discernible difference in the long run if the stock takes off. You might consider waiting a while before making your entry.
That said I would have taken the TSLA trade at the end of the day on Tue.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
I'll describe the 20/4 setup in detail here soon. In short it's the following: A stock breaks out of a many month base to new ATH's and advances at least 20% in four weeks or less. Then forms a range at these new higher prices. Buy as soon as a new all time high is made.
Yes there is a reason why I buy as soon as the breakout occurs. It has a positive expectancy from that point to the close so why give up the gains even if it is only a small bit? The only reason I would wait for the close is if I wasn't available to trade during the session and didn't want to leave a buy stop working. As I grow older I'm sure I'll want to streamline my operation and spend less and less time looking at charts - in that case the tradeoff in performance would probably be worth the reduction in time spent. Currently at age 21 I am trying to maximize returns - time is no object.
Speaking from experience I can almost guarantee you'll want to spend less time. I spent some time day trading and found I make just as much swing trading as I did sitting in front of a computer all day. 1/2 hour at night and then watch the open. Put on a trade and spend the rest of the day doing what ever I want. Stress level close to zero.
I retired early and my lifestyle depends on my trading returns. I've been doing that since you were born. You've got lots of time and seem to have a good grasp of what's required to make it in this game. You'll do well.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
Appreciate your kind words and encouragement. That sounds like exactly what I'll gravitate towards as I get older and my accounts larger - 1/2 hour at night and 1/2 hour at the open. First I need to turn this $100k into several million - then I'll be joining you in the 5 hour workweek schedule.
