Another Day In the Books
Not the greatest day. Not a lot of follow through out there today. Slightly red overall on the day, but well positioned moving into tomorrow. Took a loss on some weekly calls. Longer term positions are alright, and had a chance to add to a few today, while entering a few more.
Last night I spotted an article regarding $BABA releasing a speaker similar to the $AMZN echo. In May I tweeted that I was cutting my short term calls, but keeping the long termers, because I felt that $BABA was the chinese amazon.
That thought was verified when I spotted the article they were following in $AMZN‘s footsteps with a voice-based ordering system. This same system will compete with new releases from $BIDU and $JD as mentioned in the article:
The stock is still pushing strong after the cup and handle break out on the weekly view:
$TRIP jumped out today. Spotted a falling wedge on the weekly and broke it down to lower time frames. Spotted the .618 on the 60 min that felt like a great opportunity.
This 60 min fib measurement was off… Was looking for smaller time frame increments when I should have been measuring head to shoulder.
$M jumped out at me as a good long term opportunity. A long term falling wedge into the 1.618 displaying positive divergences on both the RSI and MACD.
Took a day trade play in some weeklys into the $TSLA weakness. Was looking for a pull to the 100d, but didn’t get it. Trimmed and trailed out.
Aside from that, spotted a short term falling wedge on the $WFM 30, right into the gap support and $AMZN bid price of $42. Positive divergences and a few inside candles played out well for an add to long terms and a short term play. While there wasn’t a lot of follow through after the wedge break to the upside, price is still playing around the POC @ $42.
Hope you have a good day, and that any of the above is beneficial to you. If you’d like to receive a notification when we post something new, subscribe with your email below.