Swing Trade Notes

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.

US Dollar Index (@DX) After a few weeks of chop this bodes well for continued equities rally.

All swing trades are NOT positions trades. If shares get put to you, sell them!

Conviction: Long Swing Trade Idea

Conviction: Short Swing Trade Ideas

iShs 20+ Yr Treasury Bd ETF (TLT) Updated 01/28/2023. I’m still liking that $105 puts. Maybe May-June now…No position yet! I’m waiting for the US Dollar to pu in that last $103.

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 01/28/2023 Again, I’d say as long as we don’t close below $19,444 were are in a minor five wave up to wave 1 of an primary wave ending around $31.759.50. Should put in some kind of a flat before we continue according to the count.

That all said, the floor is incomplete (meaning: the count never completed the third wave down). So, even though this is an XABCD at present the third drive down is not invalidated until a higher low is put in above the 200 day. So, any prudent trader should consider that in there trading plan and risk allocation.

GBTC (Bitcoin ETF) Grayscale Bitcoin Trust (OTC GBTC) Updated 01/28/2023. We have a confirmed high on the daily which supports the pull back to about $9.46 on that Wave 2. As long as the $7.46 holds I’m scaling in each week until I reach my 10% allocation.

(OTC GBTC) is an alternative for non-crypto account holders. See the prospectus.

ETH/USD Got my $1600! Updated 01/22/2023. As long as we don’t close below $1,085.00 (the speedline) we have a long bias. However, we need to get above the breakout line and close above 78.6% fib to get any type of continuation.

If you don’t have a crypto account, you can also buy Grayscale Ethereum Trust.

Grayscale Ethereum Trust (OTC ETHE) Updated 01/28/2023. Still the hold out! Counts pushed a little to the upside but does’ not change the bias.

(OTC ETHE) is an alternative for non-crypto account holders. See the perspectus.

Full Size Allocation

XRP Updated 01/22/20223. we are in the hands of the Judge! All motions have been filed by both sides.

ProShares Bitcoin Strategy ETF (BITO) Updated 02/02/2023 02/02 BITO sell June $14 put for $1.70+ and buy Mar $16 call for 0.77 or less

Alt. Coins

Full Size Allocation

Cosmos (ATOM) Updated 01/22/20223. A Primary Wave set-up with weekly trigger so 3/4 position size or use your allocation scheme. add to full position size on breakout of $17.26.

Staking represent an additional level of risk outside of the underlying and the SEC stance with recent charges on staking add another level of risk. 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 Updated 01/22/20223. I’m eagerly waiting on a Swift update. I understand they are expanding there rules and hopefully that includes Crypto transactions.

Full Size Allocation

CRV/USD putting in a divergent low now. This is either an XABCD or we put in one more lower low. I’m thinking the XABCD so I moved to a Full Size Allocation.

1/4 Size Allocation

ADA (Cardano) were holding! Lets maintain a smaller allocation only because we’ve not broken the lower high yet!

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.