A weekly piece by Shooter (Scott Henderson) covering a few conviction swing trade ideas and my crypto picks. Shooter’s work is based on Elliott Wave Theory and other technical indicators. It requires access to chat! Follow along in chat. If you are going to swing trade, you need to check the chat several times a day, get notifications, or don’t trade them.
We recommend starting with a few contracts until you understand the process. Then, you should use the same position size for each trade and set a 50% trailing stop on all positions unless I post another level. Then cap your risk by limiting your position to around 1% or less in any one trade and no more than 5-20% as a total allocation in all swing positions. Take the time to read “Using Shooter’s Swing Notes”. After all, you are your own captain. Please review our risk disclosures at the end of this article.
Shooter’s Trade Ideas:
Several of Scott’s conviction swing trading ideas from the Plug & Plays, VSL & ETFavorites, his own lists, and short ideas (which are NEVER from the VSL which is a long-only list). Plus, tracking of open trades discussed in the past few weeks.
All swing trades are NOT positions trades. If shares get put to you, sell them!
Conviction: Long Swing Trade Idea
United States Natural Gas Fd (UNG) sold a Apr $18 put for $2.32+. Thinking I’ll roll out the puts this week?*?* (Means I’m on the fence).
New Fortress Energy Inc (NFE) (Updated 12/12/2022) That got washed out quickly, should put in a diagonal and keep going.
Conviction: Short Swing Trade Ideas
iShs 20+ Yr Treasury Bd ETF (TLT) Looks like it lines up with the Fed. I’d role (Buy) into March $105 puts. Put I’m to darn stick still to watch it.
Credit Suisse Group AG (CS) (Updated 12/03/2022) we have Mar $3 put for $0.45 or less.
Crypto Elliot Wave Counts Major Pairs-Grayscale Trusts
A weekly Elliott Wave trading piece by Scott “Shooter” Henderson covering Bitcoin, Ethereum, alt coins, blockchain, crypto and metaverse stocks.
Bitcoin USD Pair (XBT/USD) (Updated 12/11/2022) A near perfect grind building a base.
GBTC (Bitcoin ETF) Grayscale Bitcoin Trust (OTC GBTC) is an alternative for non-crypto account holders. See the prospectus.
Should get a nice bounce soon! Bias has not changed, not does it hold???
ETH/USD Ethereum looks really good. Bollinger bands on ETHE look qurakey thought. Should be good soon to start scaling in. Expect at least one 50% push lower to around $600 and that’s just my gut with these counts, then we should be good.
If you don’t have a crypto account, you can also buy Grayscale Ethereum Trust.
Grayscale Ethereum Trust (OTC ETHE) is an alternative for non-crypto account holders. See the perspectus.
Full Size Allocation
XRP Nice small pop on that technical SEC.
Alt. Coins
Cut Allocation in 1/2 until Bitcoin finds the bottom
Cosmos (ATOM) A Primary Wave set-up with weekly trigger so 3/4 position size. add to full position size on breakout of $17.26.
Staking represent an additional level of risk outside of the underlying. While Stride offers a compelling argument for connecting Staking and DeFi and there is no doubt they destined for growth as the Cosmos grows because they are at the forefront of financing those projects. See my most recent article on Staking here.
Full Size Allocation
LINK/USD The Swift news got us back to full position size on the allocation. Once target one is achieved and we back-test I’ll catch up with allocation I held back during the drawdown period.
1/4 Size Allocation
CRV/USD putting in a divergent low now.
1/4 Size Allocation
ADA (Cardano) were holding!
Tracking Recent Trades
Like to learn more about Cryptocurrencies? Crash course on Bitcoin and Economy
Scott Henderson’s Risk Disclosure & Disclaimers
Remember to follow Shooter on Twitter @swingtradenotes for added market thoughts.
