Shooter’s Trading Notes

A weekly piece by Scott “Shooter” Henderson that includes his weekly Risk Review of major markets and his top swing trading ideas.

We primarily make long trades in our VSL stocks and a handful of crypto assets. Short trades are generally used to hedge the long portion of our portfolios, not for outright speculation.

Make sure to adhere to a rules based approach to trading using technical indicators. And, we highly recommend trailing stops and/or stops at preset technical levels.

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.

Risk On / Risk Off Index Notes

A view of the big indexes that give us a clue as to whether the stock market is more risk on or risk off.

SWING TRADE NOTES USER GUIDE

SPY Risk On! Set-up: Primary Wave (3). Triggers: 90 Min / Daily. Should complete around $485. Strategy: HOLD / TRIM / Raise Stop

SPDR S&P 500 ETF Trust Weekly Chart
SPDR S&P 500 ETF Trust Daily Chart

QQQ Risk On! Set-up: Primary Wave (4). Triggers: 90 Min / Daily (Weekly still has not Triggered) Strategy: HOLD if your in it. Wait for next entry. My Stop is $397.16 with the plan of buying it back around $390ish. Target: $409.63

Invesco QQQ Trust Weekly Chart
Invesco QQQ Trust Daily Chart How perfect was that back-test of my Speedline…..

IWM Risk on! Set-up: Primary Wave (4). Trigger: 90 Min / Daily. Strategy: TRIM if your in it! Targets $267.25 after a decent back-test maybe $235.

iShs Russell 2000 ETF Weekly Chart
iShs Russell 2000 ETF Daily Chart

DIA Risk on! Set-up: Primary Wave (3) (Short Set-up) NO TRIGGER YET Strategy: Wait for 90 min Trigger.

Dow Jones Ind. Avg. ETF Weekly Chart
Dow Jones Ind. Avg. ETF Daily Chart

TLT Risk on! HOLD! Primary Wave (B), Back-test in play. Triggers: 90 Min / Daily / Weekly. Strategy: HOLD / Add on a back-test of that $147.85. Giving it some room, my stop is $145.25. *Note: I like the close. Constructive!
Targets: $149.93 / $153.16 / $156.11 / etc., etc.

iShs 20+ Yr Treasury Bd ETF Weekly Chart
iShs 20+ Yr Treasury Bd ETF Daily Chart

Shooter’s Swing Trade Ideas

Several of Scott’s conviction swing trading ideas from the VSL & ETFavorites, his own lists, cryptos and short ideas (which are never from the VSL which is a long-only list).

OPEN Entries: PLTR – SLV – HRTX – EDIT – MGM – ABBV

PLTR Set-up: Primary Wave (2), (c) wave extension. Triggers: 90 Min / Daily / Weekly. Strategy: HOLD, “Thesis $30.99” is still the plan, Buy Calls Dec $27, could still do Dec -Jan in the money $26 calls less enticing / Sell Cash Secured Puts Dec $26 (we should close around that $30.99). Hopefully, we get new strike price now for Dec. below $30.

Note: The Retrace should be a 50%, so maybe $24 then. Don’t get caught on the wrong side of this one. 

SLV Set-up: Cycle Wave (II) Triggers: 90 Min / Daily. I’m COVERING AT THE OPEN see the video

iShares Silver Trust ETF Weekly Chart
iShares Silver Trust ETF Daily Chart

AZRE Set-up: Primary Wave (2). Triggers: 90 Min / Daily. Strategy: Buy Common / Buy (limited, 10-15% of position size) Date 30 Delta Calls / Sell Cash Secured Puts Off Last Weeks Low. Targets: $25.99 / $28.50 / $31.21 etc…,etc.

Azure Power Glbl Ltd Weekly Chart
Azure Power Glbl Ltd Daily Chart

HRTX Set-up: Primary Wave (2). Triggers: 90 Min (Early) Strategy: I’ll be covering short term at $12.85

Heron Therapeutics Inc Daily Chart

EDIT Set-up: Primary Wave (2) Triggers: 90 Min / Daily Strategy: Scale into common down $34.50 / Long Calls – Jan to Mar $42-$43 / Dated, Apr- July $45+ (Stick 1,000+ contracts). Otherwise hold for next Entry. Targets: $44.69 / $49.10 / $55.01 / $61.38 etc., etc..

Editas Medicine Inc Weekly Chart
Editas Medicine Inc Daily Chart

MGM Set-up: Breakout Off Primary Wave (2). Triggers: 90 min / Daily / Back-test. Strategy: HOLD I will be covering 1/2 at $51.44 including Jan $50 calls. Looks to much like 2nd drive of a 3 drive. I can always buy it back!

MGM Resorts Intl Daily Chart

STOPS / INVALIDATION

Term Disclaimers and Social Media

Please see Scott “Shooter” Henderson’s disclosures and terms of service for his swing trading ideas.

Follow Shooter on Twitter: @doplus