A weekly piece by Scott “Shooter” Henderson covering a few conviction swing trade ideas with tracking of open trades. Shooter’s work is founded in Elliott Wave Theory and other technical indicators.
Follow along in chat if you are going to swing trade a portion of your account. We recommend starting with trading 5% or less of your total portfolio and no more than 20% even as you gain experience. Take the time to read “Using Shooter’s Swing Notes.“ After all, you are your own captain. Please review our risk disclosures.
This is tough week to hold either direction! Turned out covering $390 puts on Nasdaq was spot on…yet even if we do rally back to highs…there is no way all these counts fail and all of a sudden we have this huge bull market that just wipes out a bear market driven by desperate Fed in one week…IMPOSSIBLE! That said, I’ve seen impossible a number of times so I’m just going back to basic’s and trade my levels until I have reason to do otherwise.
Chile’s government rejected plans to nationalize parts of the mining sector. So, lithium mines look enticing, so we add ALB in the Primary Wave Setups (not on the VSL) and BHP will put something on, maybe after a $42.50 print.
The Shooter likes to run into earnings “NOT DURING”. In some cases, when a count supports a thesis, I will plan to roll a percentage of gains (5–25%) into the next month’s calls. So when I do take something into earnings, it’s usually a Straddle or Bull Call Spread. Keep in mind that count history, sentiment, and earning history ranges all play a role in my decision making process. I’m not a FOMO kind of guy like most earnings players. You can see this week’s earnings calendar here and next week’s here.
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.
Conviction: Long Swing Trade Ideas
I like the Oil patch but I have no idea how we respond to Putin being removed???
Conviction: Short Swing Trade Ideas
AMZN a gap fill rejection is very interesting for the ABC to morph into a 5 wave down. Essentially, we need to back-test the 78.6 and get rejected there for it to manifest. Frankly, I’ll be surprised if we print $2,500 before we find a bottom 1st here. No one see’s $1,800 yet!
VXX I’m still hold a 1/4 position size in June $30 calls…as I’m writing this tonight indices are down 1/2 % so no rush to exits this week.
Tracking Recent Trades
Remember to follow Shooter on Twitter @swingtradenotes for added market thoughts.