Swing Trade Notes

A weekly piece by Shooter (Scott Henderson) covering a few conviction swing trade ideas. 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.

My2Cents

Just watch the General this week! So does the market. MSFT and AAPL is the tell! If they continue lower, so does the market. All eyes will be on the Fed again this week. We could still run into minutes. But, I think Friday expressed the dire circumstances everyone is coming to realize is a reality. In any case, I’ll be looking at sentiment for outliers that would cause a shift, such as increased job losses or declining inflation. Otherwise, it’s find a trend and jump on board and milk the cow. Moooo!

Earnings

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.

Crypto can be found in Crypto Trade Shots.

Conviction: Long Swing Trade Idea

Conviction: Short Swing Trade Ideas

Tracking Recent Trades

SMH Sell to open a July $250 call. Buy July $220 put! Take partials around $215-16 and set a 20% trailing stop based on your total gain. Both strikes included. So your risking max 20% of your gain now.

BAC

Holding 1/2 July $34 put. Closed 1/2 the $34 puts and bought (rolled 100%) that gain into June 24th $30 puts. Take partial at around $31.50 and set a 20% trailing stop based on your total gain. Both strikes included. So your risking max 20% of your gain now.

Remember to follow Shooter on Twitter @swingtradenotes for added market thoughts.