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Trade Journal: Long NIO - 1/28/2020Since bottoming in November last year, NIO has been in a strong uptrend and recently pulled back after rejecting the IPO lows. During the current uptrend, NIO has been rejecting and riding the 20MA all the way up and yesterday, NIO pulled into the 20MA due to the recent market weakness. Today, NIO created a beautiful inside day candlestick right above the 20MA. This setup is called the Holy Grail setup where a strong, uptrending stock hits and rejects the 20MA during a pullback. Entry - 4.21 Stop Loss - 3.80 Target 1 - 5.25 Target 2 - 6.50 Note - I also noticed NIO's price action is well correlated with the Hang Seng China stock index (Ticker: HSCEI). HSCEI has been in a pullback phase and has yet to bounce like the US markets today. I believe HSCEI will follow the US market price action today and gap up/run when the China stock markets open tonight.
NYSE:NIOLong
by Trader_Kaji
3
Trade Journal: Long DXCM - 1/29/2020Markets were showing indecision in direction and my bias for the overall market is still bullish. I wanted to add another long today encase this recent market weakness is just a fake out bounce. I do have one short position as a hedge. I decided to go long this DXCM pennant pattern in the daily. DXCM is at all time highs and recently gapped up and ran due to earnings. The pennant pattern also rest right at a level of support and there are strong candlestick patterns (Hammers) rejecting this support. Furthermore, DXCM is resting at the 20MA which is typically where strong stocks like to bounce. Entry - 237.76 Stop loss - 321.90 Target 1 - 250 Target 2 - 268 I plan to use the 20MA has my all-out level.
NASDAQ:DXCMLong
by Trader_Kaji
Trade Journal: Long FTNT - 1/27/2020Market indexes pulled back today with a gap down and a closer lower. A lot of strong, trending names have been pulling back into the 20MA and I wanted to go long a stock with the best looking setup. FTNT has been on a powerful uptrend for the three months since breaking out in November 2019. FTNT tests and holds the 20MA three times within this recent trend. Today FTNT gapped down and made a nice high volume hammer though the 20MA and closed above it. This is called the Holy Grail trade. One of the key factors in the Holy Grail trade is to find trending stocks with strong fundamentals. FTNT has a solid fundamental rating on IBD and has strong earning/sales growth making FTNT a high growth stock. Entry - 114.45 Stop Loss - 111.60 Target 1 - 120 Target 2 - 125 I will continue to hold FTNT until the stock closes below the 20MA on the daily chart. Note - Despite many quality names having the same setup today, I only took a nibble at one encase the markets choose to continue the downside momentum. Market movement will affect this trade. I do believe we are currently at short term oversold conditions and the prospects of a bounce are strong technically.
NASDAQ:FTNTLong
by Trader_Kaji
Trade Journal: Long RH - 1/16/2020I started a position on RH based on some nice patterns on the Daily Chart. RH had been in a pullback phrase after making new all time highs in December. On 1/13/2020, RH pulled into and rejected two different key support levels - the 50% Fibonacci Retracement level and the 50DMA Pivot. A hammer also forms on the 30m timeframe where these two key levels are rejected. I initially wanted to go long when RH rejected this key level, however the R:R was not favorable at the time. Today I went long when RH broke out and consolidated above the Flag Pattern on the daily chart. I plan to take profits at all time highs and move stop to breakeven after taking profits. Entry - 222.19 Stop Loss - 216.50 Target 1 - 240 Target 2 - 250
NYSE:RHLong
by Trader_Kaji
Trade Journal: Long INTC - 1/16/2020INTC has recently made new all time highs and is forming a tight flag pattern on the daily chart. This trade setup is called the First Flag and the setup triggers when a flag forms following a new high after a long multi-month base. The flag on INTC also forms right above the breakout point and the 38.2% Fibonacci Retracement Level. My gameplan is to sell 1/4th size when INTC makes new all time highs and move stop to breakeven. Since this is a tight flag pattern, my time horizon on this trade is until 1/31/2020. Entry - 59.51 Stop Loss - 58.65 Target 1 - 60.50 Target 2 - 62
NASDAQ:INTCLong
by Trader_Kaji
Trade Journal: Long BILI - 1/22/2020BILI, another volatile/speculative name, has attained new all time highs last week and was consolidating in a flag pattern. Within this flag pattern, an inside day formed similar to price action I wanted to see during a coiled spring setup. In a coiled spring setup, I want to get long in the smallest range day in the last 7 days. I went long BILI yesterday due to this pattern and the possibility of an explosion to the upside. Long - 22.89 Stop loss - 21.98 Target 1 - 25 Target 2 - 28
NASDAQ:BILILong
by Trader_Kaji
2
Trade Journal: Long SHAK - 1/21/2020SHAK is another speculative/volatile name with a bottoming pattern that has recently broke out and short squeezed. SHAK has been consolidating right under a key level of resistance at 71.60 and created 3 inside candle days in a row on the daily chart. The price action on 1/16/2020 is also significant where price created a high volume hammer on the daily. SHAK looks ready to take off after it plows through the 71.60 level. Entry - 70.05 Stop loss - 68.65s Target 1 - 75.00 Target 2 - 80.00
NYSE:SHAKLong
by Trader_Kaji
Trade Journal: Long SSRM - 1/15/2020SSRM broke out of a 4 month base in December and has been in a pullback for the past 2 weeks. I've been watching SSRM to go long on this pullback and the trade setup finally triggered. SSRM had pulled back into a key area of support - the previous breakout area and the 38.2% Fibonacci retracement level. Furthermore, a bounce at this area would be considered a 21EMA pivot. SSRM also has a clear downtrend on the 30m timeframe therefore my gameplan was to get long when the trend reverses with higher highs and higher lows signaling a bullish trend. I went long SSRM at 17.97 with a stop loss below today's low at 17.55. My target on the trade is 19.25. I plan to take partial profits when the 30m bullish trend terminates.
NASDAQ:SSRMLong
by Trader_Kaji
Trade Journal: Long BIG - 1/15/2020I went long BIG based on the Bullish Candlestick Patterns and the chart pattern on the 30m timeframe. In the past 2 days, BIG has printed 2 Inside Day Candlesticks in a row near highs. These candlestick patterns are a predictor of future volatility and usually prices goes in the direction of the current trend. Zooming into the 30m timeframe, a flag pattern is forming right above the previous breakout trendline. Furthermore, price is clearly rejecting this trendline with high volume hammer candlesticks. I went long BIG at 29.85 with a stop loss at 29.15 below the previous low. My target on the trade is 34.00. In hindsight, I probably hit the trigger too early on this trade. Price is currently right below a strong level of resistance at 30.50 and looked like it rejected this area on Monday. When I start new trades, I usually want to see no nearby levels of resistance where the price could have trouble (Clear skys). I should have waited for this resistance to be cleared or skipped this trade. Depending on the price action tomorrow, I may choose to close this position early.
BLong
by Trader_Kaji
1
Long $CGC - 1/13/2019Speculative names have been getting a lot of attention and $CGC is another one of them. I went long $CGC today due to the nice basing pattern. Weed stocks such as $CRON and $CGC have been in a period of distribution for the past year and recently there have been signs of accumulation in these stock with three high volume green candlesticks in recent months. What further solidified this trade is the existence of a nice Head & Shoulders pattern with a clear neckline. To me, a H&S pattern is never valid unless a clear neckline exist and this is one of those rare moments. The 21EMA crossed the 50MA and both are rising which is another good bullish indicator (Moving average crossover). I went long $CGC at 22.27 with a stop loss at 21.45. Target on the trade is 28.50s.
CLong
by Trader_Kaji
5
Long $DT - 1/9/2019Recent IPOs and speculative names, such as $BYND and $UBER, have been gaining some attention these past few day. Other than being a speculative name, $DT has an amazing long setup. Recently $DT broke out of it's flag pattern and made new highs for the first time since it's IPO release. $DT pulled back into the breakout area and held with a beautiful Hammer Candlestick. When I saw this pattern yesterday, I wanted to enter long, however the R:R at the time was not favorable. Today I got another opportunity to enter with a good R:R as $DT pulled back. I entered long at 27.75 with a stop loss below the hammer at 26.50. My target on the trade is 32.00. Although I expect $DT to make a higher low on the 30m chart, I do suspect $DT to retest the breakout area again before taking off. Going to be patient with this one.
NYSE:DTLong
by Trader_Kaji
Long $LX - 1/8/2019I entered a long position in $LX based on some nice patterns I've been stalking for the past 2 days. $LX recently made a new 8 month high and pulled back into the 14.50 support area. For the past 3 days $LX has been consolidating right above this area of support with 3 inside candles in a row on the daily chart. On the 30m chart, $LX developed a coiled spring pattern which is indication of explosive volatility in the near future. Due to these multiple patterns stacking upon each other, I entered a long position at 14.97 after $LX held the 14.50 area a third time on the 30m chart. My stop loss is at 14.48 with a target at 17. The overall macro conditions of the market at the time of the trade looked good. The Iran War fears were fading and $SPY was making new all time highs continuing the bullish trend. However, market conditions are still volatile and I will keep a close eye on macro conditions if early exits to protect capital are warranted.
NASDAQ:LXLong
by Trader_Kaji
$SPLK Long - 1/6/2019I started a position on $SPLK towards the end of day due to some really nice pattern. It had recently broke out of it's 8 month base and consolidated above the $142 area. After holding support at $142, $SPLK made a nice flag pattern and rose near highs today. $SPLK is also pivoting off the 21 EMA which is always a strong bullish sign. Being the first flag after breaking to new highs, this could be the initiation of a new trend which $SPLK has the potential to run to $200. My entry on the trade was $153.57 with a tight stop loss at the $151 area. My stop loss was based on a 30m timeframe trend break. The reasoning behind the tight stop is that I expect this stock to immediately rise in price or even gap up tomorrow. My target on the trade is $170. On a side note, I am being cautionary over the overall state of the market due to possible war with Iran. Any news catalyst that could hint to a war (Aggression from Iran, Trump Tweets, Etc) could drop this market at any moment. Although the effects of war on the market on the longer term is usually minimal, the short term effects could cause me to stop out of my position. If I see a change in market conditions, I plan to exit this trade immediately.
SLong
by Trader_Kaji