ELLI & CNDS are the last two official short trade ideas that have recently exceeded their suggested stop & as such, will be moved to the Completed Trades category. I wanted to include the charts along with some commentary on both as the help to illustrate a common recurring theme that I've noticed lately which seems to be one of stop clearing runs. Unlike many short trade setups that don't pan out, with the technicals on the stock ultimately firming back up to confirm a bullish trend, what I've repeatedly seen in recent weeks are clearly bearish charts patterns, many of [...]
ELLI (Eliie Mae Inc) offers an objective short entry following the recent backtest of this bearish rising wedge pattern. Targets shown above with a max. suggested stop above 106.10 (lower, ideally using a 3:1 R/R if targeting any of the early price targets). ELLI daily Oct 6th Keep in mind that swing trades, especially those in the technology sector, such as ELLI, run an elevated risk of having their stops clipped until & unless the broad market & especially the Nasdaq Composite makes a definitive break down below the recent sideways trading range. As such, each trader must decide [...]
This video covers the charts of about half the stocks currently on my watch-list as potential long and short trading opportunities. The video begins very brief overview of the broad market as well as the breakout above the triangle pattern that was highlighted yesterday on the USO 60-minute chart. Following the USO commentary, the following trade ideas are discussed in this order: COP, SEDG, CSIQ, LL, BAS, PIR, TSRO, ELLI, CNAB, AXAS, ACPW, ASPS, PLCE, MNKD, BITA, YELP,CVSI, SHOS, SMH, BBW & ALDR https://youtu.be/8wIIaPK9xjc There were some issues with loading the charts during the video which turns out was due to [...]
I've spent some time in updating both the Trade Setups category as well as the Active Trades category. Trade Setups are trade ideas that are either currently offering an objective entry, such as an active long trade that has pulled back to support, for example. Stocks or ETF's that are setting up in a bullish or bearish technical pattern but have not yet triggered an entry fall into this category as well. As such, trade ideas are often assigned more than one category as they are not mutually exclusive. A description of each category can be found at the top of [...]
ELLI hit the first profit target, 21.30 today (and didn't go a penny lower) for a 12.5% gain in less than 3 trading sessions. I am going to leave this trade active for now with T2 as the next target and still might consider adding an additional downside target if and when prices make a solid break below the T1 support level and I see signs of a pullback in the broad market. Previous and updated daily charts below:
ELLI will be added as an active short trade here at 24.35 as it has recently broken below this ascending triangle pattern. An additional downside target might be added if/when prices break below T1 as that would be the trigger for a breakdown of a double-top pattern (21.30 would be the base of that pattern, giving a measured price target of about 12.00). However, as the near-term market trend is still bullish for now, my preferred target at this time is T1 (21.30) which would provide a 12.5% gain if hit.