This video begins with a brief update on the US stock market via /NQ & QQQ followed by an update on natural gas (/NQ) with the bulk of the video from there providing technical analysis and swing trade ideas on the cannabis sector via MJ & about 3 dozen individual pot stocks. Silver or Gold level access initially required to view.
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I am new here. What is recommended expiry on these Swing trades?
Randy does not give expiration dates for options traders typically. For me, if I am sold on one of Randy’s trade ideas I will buy an option two months out and book profits on the first big surge in my direction. Be careful because if you don’t take profits the first time you may not get another chance to, trust me
My focus is on trading individual stocks, ETFs & futures, not options. However, quite a few traders here opt to use options on the trade ideas shared here although I don’t provide any parameters for options trades such as which strikes or expiration dates to go with. I’ll have to leave that up to the options traders although I will say that IF we start to get the bullish confirmation that I’m looking for (as discussed in this video) on the majority of the leading pot stocks and/or MJ, I would expect a relatively swift rally in the pot stocks… Read more »
Thanks guys. I usually buy 8-10 weeks. I do do have to discipline myself & collect profits.
Randy sets 1 or more targets for a move (T1, T2, etc) at which one could close a position as desired. Trailing or fixed stop loss levels are also noted. So, usually not a set expiry.
Set targets help me with discipline ?
I explain why I typically list multiple price targets on the trade ideas on the FAQ page which can be accessed here: https://rightsideofthechart.com/frequently-asked-questions/ as well as on the RSOTC Support Center which is accessible by clicking “Resources” on the top menu of the site.
On the FAQ page, click on the “Trading Related Questions” tab & then select “Why do some trades list multiple price targets?” as well as “How are price targets for each trade determined?”
Good point. It’s hard to say just how far any counter-trend rally in the cannabis sector will go, assuming that we even get one soon (still a bit more work to be done to confirm a breakout). As such, trailing up stops (either manually or using trailing stop-loss orders) might help to keep one in the trade, should the rally far exceed some of those initial price targets. The downside to that could be giving back a good chunk of profits, should those trades correct sharply or even start the next leg down after hitting the early targets, assuming they… Read more »
@rsotc Are you still in the Beyond Meat position?
Yes, I still have a starter position in BYND which I plan to either add to if it can rally back above 121.16 tomorrow or close out if it continues lower as it has entered the top of the gap but only by a relatively small amount with positive divergences still intact on the 60-minute time frame for now.
https://seekingalpha.com/article/4297100-beyond-meats-plunge-may-starting
@rsotc Thanks much for the discussion on when you use logarithmic vs arithmetic in this video. I posted a question about this earlier. And now I know where on your chart to look to see in what mode you are in! Also, I enjoyed the review of the penny stocks, reminds me of trading crypto :). In fact, the CNAB chart you show looks a lot like DOGEBTC, with similar regular price mooning from a key support level. Question: I have never traded penny stocks before. When you trade penny stocks, do you need to consider how the size of… Read more »