SNOW trade ideas
Target: $243-248I think SNOW could retrace Monday up to $272 (maybe 275) and should find support around $243. The next stop down looks like $216-220 if it doesn't.
Getting tighter after post-IPO baseRelatively quiet, consolidating price could make a strong break out of the range.
snow is coming early this yearSnowflake is not a stock I would trade because I see it more of a long term investment. however, I just wanted to do a technical on the stock just for fun. its getting ready to break out of the ascending triangle. before market closed yesterday there was a decent amount of volume which raised the price from 245 to 251. lets see where it goes from here.
Thoughts on SNOWTake alook as I am new to this :)
It's a young stock so I tried to map out the past using the 1Hr timeframe.
It seems like we are approaching a breakout and I've setup the closest resistance and support lines.
consolidation patternheyy guys,so SNOW seems to be in a consolidation pattern ,with support around the 230 zone and resistance around 255,it still seems to be digesting the listing gains ,once it breaks above 260 and holds it should rally ,lot of analysts have started reporting on the stock there median estimates are around 250 and high around 500 ,after this consolidation ends expect stock to rally or break down ,
p.s -i am long snow,
Too soon to know, but I am Bullish !?!?I was watching $SNOW from the sideline since its IPO in mid September.
Unfortunately from a technical point of view, it's difficult to make any speculation on where and when the stock will move next. However, I believe the stock is in a bullish position. Looking at the chart, I could possibly speculate on the following points:
1. Ascending triangle narrowing and setting up for a run. Since October the stock is trending down, but always staying above the lower trend support (hourly).
2. Stochastic turned bullish.
3. MACD at turning point.
4. Overall TECH sector has been on mini cycles, in which buyers step in for 1- 2 weeks to buy and than usually is followed by 3-4 days of sell off. IF you can get in on the right side of the cycle, you can ride up the bullish wave.. $SNOW seems to be getting in the buying part of the cycle.
5. Stimulus coming? If so, should positively effect the stock.
WARNING:
A. Stock market is reaching overbought territory.
B. Election is creating uncertainty, which in my view is causing part of this volatility. But to me it's more like we dont know what will happen, rather than OMG is going to be TRUMP or BIDEN presidency.
C. COVID-19 spiking again!
D. A major warning in itself, its and always been...wel.. you know... DONALD J. TRUMP :)
This is not an investments advice. Do your own due diligence before investing in any stock!
Happy weekend.
Snowflake about to break out?Snow just tested the support recently.
Price hold up strong, start to form bullish trend.
If it can break above $250, then the target is $290
Is SNOW/Snowflake going to be Bullish?Because lack of data I can not judge the chart precisely, but I believe it is more probable that price will go up after testing the support line.
Sorry folks, I won't be trading Snowflake for now.....Yes, the legendary value investor who likes to buy boring business like Coca Cola and P&G are now moving to the fast spaced cloud technology and even Snowflake IPO
Perhaps, he is aware times have changed and he needs to be more tech-centric towards selecting his stocks.
Well, beside for a quick punt, I am very unlikely or motivated to dabble in IPO stocks as mentioned in several of my posts. It is not the few hundred % wins that I am not drawn to. It is the quick gain that will whack my psychology upside down, driving my greed zone to the maximum.
The mind will be saying; "Wow, so easy to make money within a day.........just buy and at least 50-100% gain within a day, roll over a few IPOs , that is good enough!"
That is also how many got themselves stuck when they had their first puff at smoking. Just one stick won't kill me. But it catches on........and before you know it, you are down at the convenience store buying a pack for yourself ,smoking away and looking cool like the Marlboro man........
So long as you have a clear strategy, employ proper risk management , I suppose an occasional quick punt is fine. Just know when to pull back......
support levelthere seems to be a strong support around 235-240 zone ,the stock tested this support on multiple occasions and bounced back,if it breaks this support it might go towards 210 level,
cup and handle pattern?snow seems to be forming cup and handle pattern with major resistance around 260-265 $ zone,if it breaks out with good volume stock should go higher from there,early in today's session it tried to break out but was rejected
lemme know what you guys think or if im missing something
breakout for SNOW?so the hottest IPO for the year(arguably) debuted during a nasdaq selloff at a price around 260$,the price declined for the next few sessions reaching a low of 208 where there was good support for the stock, having bounced back sharply its almost at the debut level and shows a lot of strength ,the stock has been closing around the days high
price with good volumes ,RSI on the hourly chart is around 68 and movig averages look good,the techicals and fundamentals of SNOW look very positive but valuation is a worry,however i expect the stock to continue moving upwards due to the low flotation and heavy demand for the triple digit growth rates the company is showing,
my taget 350$ by early next year
SNOW/Snowflake will have another huge move if...Because lack of data, Im not sure if the triangle is going to be bullish or bearish. but whenever the triangle chart pattern breaks we will witness a big move on the chart.
What Type Of Trader Are You?2 Extreme Types of Traders
So let’s talk about “What Type of trader are you?”
This is a follow up to my previous article, “The Traders Journey.”
So here’s what I’m seeing. There are 2 extreme types of traders.
The Type of Trader Who Wants to Know Everything
1.) This type of trader can’t get enough information. They’re like a ‘knowledge vacuum’!
This type of trader thinks that by knowing EVERYTHING they can, this will inevitably lead to them making money in the markets.
So he keeps reading books, watching YouTube videos, attends webinars…knowledge, knowledge, knowledge.
… and he hasn’t placed a single trade yet.
So think about it this way:
Let’s say there’s somebody who wants to run a marathon. So he starts reading books about it and watches videos.
He knows all about pacing, how he should train and what he needs to eat. He know the best shoes for running a marathon, and the best clothing…
…. but he hasn’t run a single mile yet.
Now onto…
The Type of Trader Who Doesn’t Know Anything
Now here’s the other extreme.
The other extreme is the “trader” who doesn’t know anything, but they got a “hot stock tip from somebody.”
This trader buys a stock and doesn’t know anything.
Here’s a real example:
Edith: I bought 10 shares of SNOW
Markus: I'm curious: At what price?
Edith: $243
Markus: So you're slightly down (for now). SNOW closed at $240 on Friday. Let's see what happens over the next few weeks. What is your profit target?
Edith: I'm new at this, so I don't know what to expect but would like to make at least a 25% profit. I always hope one or more of my stocks takes off and I could buy a new home on the proceeds but of course that's not reasonable
Edith has heard about SNOW, the biggest IPO of the year. It’s also the most hyped up IPO in a LONG time.
I did a video on this: Should I Invest In Snowflake?
It was originally priced at $85, then they raised the price to $110, and when it started trading, it jumped to $320!
So Edith bought some shares for $243.
And I asked her about the her profit target, and here’s her answer:
“I don’t know what to expect. I hope that one of my stocks really takes off and I could buy a new home.”
Wait…. What??? You bought 10 shares for $243, so that $2,430.
I don’t know what houses cost in your area, but let’s make it easy and say it’s $250,000.
So your shares would have to rise from $243 to $25,000 to make that happen!
And in the markets, obviously anything can happen…but do I see that happening. Well, not in my lifetime 😉
Which type of trader is right?
Of these two different types of extreme traders, the question still remains:
What’s right? Which of these 2 approaches should you use?
The “I want to know it all” approach or the “Let’s buy some stocks and see what happens” approach?
I hope you’ve by now realized that it’s neither.
That’s why I released The Traders Journey. You should really check it out.
Here’s the right approach in a nutshell:
1) Find a strategy that makes sense to you (risk, time required, win %,). Examples: The PowerX Strategy, The Wheel. I made a video in which I compare these 2 strategies according to 5 criteria. It’s called “The Best Trading Strategy 2020“
2) Learn the rules of the strategy
3) Place at least 40 trades on a simulator.
4) What are the results?
5) If it’s good, start trading it. If it’s bad, what can you do to improve?
Now one more thing:
When it comes to trading, YOU WILL HAVE LOSSES. No matter what they say, you will have winning trades, and you will have losing trades.
There are no guarantees that you will make money as a trader.
They key is to keep your losses small.
Summary
Now again, there’s 2 types of traders here:
1.) That’s the trader with a $10,000 account who sees a loss of $100. That’s 1% of his account. But he’s freaking out!
2.) Then there’s the other type of trader who buys a stock, and it moves against him. But he doesn’t take action. He doesn’t control his loss.
Here’s another example:
Sofwan: Sounds great. Can you do a video on Exxon Mobile , please?
Markus: Hi Sofwan, what exactly would you like to know? :)
Sofwan: I bought 100 shares at $44 for option trading. I can't do any trade and showing a loss of $900. Should I buy more to lower my initial price?
This trader invested $4,400 and is now down $900. That's 20% of the account! THIS is what kills traders. THIS is what destroys accounts, NOT controlling your losses.
It’s like “hoping for the best” and believing that “everything will be fine."
Do yourself a favor right now:
Check out The Traders Journey post and follow the steps that I’m outlining in that article.
Then do the 5 steps I mentioned above:
1) Find a strategy that makes sense to you. Examples: The PowerX Strategy, The Wheel
2) Learn the rules of the strategy
3) Place at least 40 trades on a simulator.
4) What are the results?
5) If it’s good, start trading it. If it’s bad, what can you do to improve?
I hope this helps.
Leave a comment below and let me know what type of trader you are.
$SNOW Snowflake. Starting to look like a bear flagStill early days for this share, but it's forming what is starting to resemble a bear flag with a 150 price target if it breaks down.
close sl setup with potential of +50% upsidewhen price return to its highs? in matter of hours? :) cool setup
PENNANT: SNOWFLAKEPennants are short-term continuation patterns that mark a small consolidation before the previous move resumes. These patterns are usually preceded by a sharp advance or decline with heavy volume, and mark a midpoint of the move.
COMPANY: SNOW FLAKE
SYMBOL: SNOW
PATTERN: PENNANT
