| (05:44 am) JoeyTSA :early levels /CL
106.00-106.20; /ES 19431947, /NQ 3808-3818
(05:46 am) JoeyTSA :early gap up:
FINL,MTW,NKE,GMCR..keeping GRPO on radar
also
(05:47 am) JoeyTSA :early gap down:
DD,ISIS..keeping WUBA on radar
(06:02 am) Mitch King:Premarket UP: AWRE,
MTW, AMPE, NKE Premarket DOWN: CRDS, PFIE
WATCHING: GPRO, NKE, DD, FINL, M, EMR, PFE,
BMY, MTW, MIK [ipo], UTX, LMT, LBTYA, HPQ,
INTC, CTXS
(06:15 am) Mitch King:watch GPRO for trades
again today, the first bigger drop is the
best long entry.
(06:28 am) Mitch King:watching GPRO
(06:31 am) Mitch King:watching DLPH for
short
(06:32 am) Mitch King:watching HFC for short
(06:33 am) Mitch King:watching MEOH for more
upside
(06:33 am) Mitch King:will ber a quick scalp
long
(06:33 am) Mitch King:watching GPRO for next
bottom to buy
(06:33 am) Mitch King:watching BWA for more
upside move
(06:34 am) Mitch King:watching DO for more
upside,
(06:35 am) Mitch King:use limit orders
(06:35 am) Qwert :monitoring VJET
(06:35 am) Mitch King:ok start reducing GPRO
if long, sell at ASK price
(06:36 am) Mitch King:consider reducing GPRO
here 33.15+
(06:37 am) JoeyTSA :tighten if you took if
long on the open
(06:37 am) JoeyTSA :GMCR strong so far
(06:37 am) Mitch King:watching FFIV for
short
(06:38 am) Mitch King:watchign FLS for
short,
(06:38 am) Qwert :monitoring FDO
(06:41 am) Mitch King:watching SPWR for
microshort
(06:41 am) JoeyTSA :eye on WUBA
(06:43 am) Mitch King:PCRX moving
(06:45 am) Mitch King:YELP moving
(06:46 am) JoeyTSA :UofM #s in 8min
(06:46 am) JoeyTSA :watching /NQ 3820 area
for hold
(06:48 am) Qwert :monitoring FFIV
(06:55 am) Mitch King:09:55 *(US) JUN FINAL
UNIVERSITY OF MICHIGAN CONFIDENCE: 82.5 V
82.0E – Current conditions: ## v 95.4 prelim
– Expectations: ## v 72.2 Prelim – 1 yr
median inflation expectations at % v 3.0%
Prelim – 5 yr median inflation expectations
at % v 2.9% Prelim – Source TradeTheNews.com
(06:58 am) Mitch King:GPRO testing high
(07:01 am) Mitch King:GPRO new high of day
[hod]
(07:28 am) Mitch King:MIK ipo open, heading
down,
(07:37 am) Mitch King:looknig for more
ddownside on FSLR
(07:38 am) Mitch King:best to short stocks on
downtrend and long stocks on uptrend
(07:44 am) Mitch King:watching GPRO drop
here, 36 would be possible bounce, probably
sooner on hot stock
(07:46 am) Mitch King:i’d look for 37.50 and
higher on GPRO on this bounce last 2 min
(07:53 am) Mitch King:you see this flat area
GPRO is making last 4-5 minutes? this is
area to start watching for long entry
(07:54 am) Mitch King:on hot stocks like GPRO
usually this is good consolidation area that
eventually gets another breakout
(07:55 am) Mitch King:looks like just went
through that now
(07:55 am) Mitch King:then you look for
higher high over the previous high, which is
that 747am pacific time green candle
(08:16 am) Mitch King:FFIV new high, watching
for short,
(08:44 am) Mitch King:buying GPRO on this
dip
(08:46 am) Mitch King:should get a good
bounce in GPRO
(08:57 am) Mitch King:FUL spike
(09:12 am) JoeyTSA :eue pm WUBA $56
(09:16 am) JoeyTSA :watching QCOR
(09:17 am) Mitch King:that means the momentum
is lost and the buy on dip strartegy will not
work
(09:17 am) Mitch King:we are getting lower
lows and lower highs on GPRO
(10:17 am) Mitch King:WUBA double top, more
downside likely
(10:23 am) Mitch King:remember you are going
against the trend now so be more careful
(10:23 am) Mitch King:GPRO long entry for
quick scalp, might be 70 cents long side, be
nimble
(10:40 am) Mitch King:spread is getting
bigger at times with GPRO
(10:47 am) Murano :watching RAX
(10:54 am) Mitch King:13:43 [RAX] Ticking
higher on chatter a M&A blog speculates
it is having difficulty attracting takeover
bids – IBM said to have shown some initial
interest, but has since cooled to the idea.
**Reminder: on 5/15 RAX confirmed it had been
approached by multiple parties who have
expressed interest in exploring a strategic
relationship, ranging from partnership to
acquisition – Source TradeTheNews.com
(11:16 am) Mitch King:remember that IPOs wont
have the short covering after a big drop or
toward end of day if down a lot. Retail
traders cannot short ipos this soon. so the
bounce wont be that big. if this was a
different stock you would want to short this
rebound here on GPRO
(12:50 pm) Mitch King:ALGN spike
(12:54 pm) Mitch King:have a great weekend
(12:54 pm) Mitch King:watch GPRO on Monday,
should be good trading again, not as good as
today but still very good long scalps. wait
for good size drop early in session for a
long entry at bottom. start small at first,
then as you are more confident the bottom is
in, then add to long.
| (05:41 am) JoeyTSA :good morning
Murao,Qwert,rayeh.regatta
(05:41 am) JoeyTSA :UofM #’s @ 6:55pdt
(05:42 am) regatta :gm joey, murano, qwert,
rayeh
(05:44 am) rayeh :gm
(05:45 am) JoeyTSA :trading vol was off 25%
yesterda because of that soccer game
(05:48 am) Qwert :Good morning Joey, Murano,
rayeh, regatta
(05:53 am) Murano :good morning
(05:54 am) rayeh :gm all!
(06:03 am) JoeyTSA :AMSG on radar also
(06:31 am) JoeyTSA :nice quick pop on
indices
(06:32 am) regatta :watching DG
(06:39 am) JoeyTSA :/ES fighting to hold
1947
(06:41 am) JoeyTSA :looks like WUBA was
halted a the open
(06:44 am) JoeyTSA :AAPL slo trend up so far,
just watching for now
(06:48 am) Mitch King:good eye on WUBA jo
(06:52 am) Mitch King:lot of shorts working
now
(06:57 am) JoeyTSA :time is up for now,
should be bck in a couple hours…
(06:58 am) JoeyTSA :watch those key indice
levels, 1947 on /ES, 106 on /CL
(07:01 am) Qwert :enjoy Joey
(07:01 am) Qwert :nice call on GPRO Mitch
(07:09 am) Mitch King:i missed the big run
qwert, was expecting bigger drop and then got
distracted with the WUBA short
(07:21 am) Mitch King:this GPRO a hot one
(07:26 am) Mitch King:hard to call a top on a
hot Ipo, they dont act same as other stocks
(07:27 am) Mitch King:different rules, more
of how it is acting than other measurements
(07:27 am) Mitch King:i’d love to see $35 on
next drop to get a quick bounce but this is
real strong, compared to other ipos ive been
watching
(07:32 am) Mitch King:GPRO testing high
again, prob goes through it
(07:32 am) Mitch King:yep, new high
(08:02 am) Mitch King:did anyone go long on
this last entry
(08:02 am) Qwert :im long mitch
(08:02 am) regatta :yes at 36.93
(08:02 am) Mitch King:should make its way to
38+, but watch for those big 200,000 to
500,000 orders set at $38
(08:03 am) Mitch King:ok on this dip last 2
candles, i filled long 37.22 on that dip,
only do this on a strong uptrending stock,
GPRO is great example
(08:04 am) Mitch King:ok so that extra
position added at 37.22, i just sold 37.58,
and 35 cents is good money on a $37 stock,
almost 1%
(08:04 am) Mitch King:its how you can “work a
trade” on the long side
(08:05 am) Mitch King:you trade this way on a
strong uptrending stock, do the opposite on
strong downtrending stocks
(08:05 am) Mitch King:now in another hour
from now, things usually start cooling off
and you see a topping action occur, flat
trends. it isnt worth trading after that
point the same way
(08:06 am) Mitch King:it might start earlier
to top on a Friday. but this GPRO type of
trading action, is as easy as it gets for
trading a predictable trend
(08:06 am) Mitch King:there is no hurry to
sell, you can pick your price like Eddie
Murphy did in the movie 48 hours
(08:07 am) Mitch King:no reason to panic sell
or panic buy
(08:07 am) Mitch King:now watch the ask
/offer size
(08:07 am) Mitch King:there it is there
20,000 share soffered
(08:07 am) Mitch King:at 38
(08:07 am) Mitch King:ok broke through 38, so
now you wont see those bigger orders as much
(08:08 am) Mitch King:when you have a hot
candle like this one i sell some and click
SELL ASK
(08:08 am) Mitch King:only works on a rising
big candle to get filled
(08:08 am) Mitch King:i’d reduce heree
(08:08 am) Mitch King:we are talking GPRO
(08:09 am) Mitch King:to play the
percentages, you reduce a little here
(08:09 am) Mitch King:don’t be thinking tops
and bottoms, think about playing the odds
correctly
(08:09 am) Qwert :thx Mitch
(08:10 am) Mitch King:ok next area of
resistance is 39 and then a new high level of
39.25,, be away selling is going to occur
(08:10 am) regatta :got phone call and
closed GRPO at 38.25, a little too early
(08:10 am) Mitch King:if you see bigger and
bigger candles then you have to sell
(08:10 am) Mitch King:also, watch for double
top, first top was the one that established
39.25 high with big shadow or wick on top
(08:10 am) Mitch King:ok busted right
through, going to make new high
(08:11 am) Mitch King:i’d reduce again here
(08:11 am) Mitch King:new high getting
rejected, i close heree
(08:11 am) Mitch King:but we will see this
again when it pulls back to the 38 level
(08:12 am) Mitch King:the only clue that it
may not be as strong the next long cycle is
the 2nd top was rejected, so far
(08:12 am) Mitch King:ok new high, this is
what you want to continue same pattern of
trading, which is buy on dip, no hurry to buy
on dips though
(08:13 am) Mitch King:breakthroughs into new
highs get more volume, bigger candle, see
that last candle?
(08:13 am) Qwert :GPRO is a beast
(08:13 am) Mitch King:dont be temped to panic
buy, only amateurs do that now
(08:14 am) Mitch King:ok any rebound attempt
like this candle is not meaningful
(08:14 am) Mitch King:we pullback a little
more, probably 38.50 level, 38 is possible
but strong stock
(08:14 am) rayeh :MK, if out of GPRO do we
continue to watch for pullbacks to go long
again?
(08:14 am) Mitch King:yes ray
(08:15 am) Mitch King:not yet, it needs to
pattern same way the last top did that
established the 39.25 top
(08:15 am) rayeh :tx
(08:15 am) Mitch King:which was 736am pacific
time
(08:15 am) Mitch King:ok, this is just a
really hot one, havent seen this in a long
time
(08:16 am) Mitch King:generally, 98% of the
time, you dont use that green candle after
that bigger red candle as a buy signal
(08:16 am) Mitch King:again, you have to stay
with the odds, play the percentages
(08:17 am) Mitch King:is this helping you
guys? great opportunity for live master
class, hehe
(08:17 am) Qwert :yes thank you mitch
(08:18 am) Mitch King:this is dangerous time
emotionally for traders but the pros will
wait
(08:18 am) Mitch King:might take another 10
minutes to establish that flat area i pointed
out i think below $37 maybe 740am? all times
are pacific i post
(08:30 am) Mitch King:who is long GPRO now
(08:30 am) Mitch King:?
(08:31 am) Mitch King:keep half to see if it
challgenes new high, it gets less likely a
new high is reached the later in the day
(08:31 am) Mitch King:i’d guess 40 is going
to have resistance
(08:32 am) Mitch King:good place to sell, use
limit to sell at ASK often,, look for small
rebound to sell heree
(08:32 am) Mitch King:on this green candle
heree 39.75 or below good
(08:32 am) Mitch King:right here 39.77 good
exit
(08:32 am) Mitch King:wants to pullback
(08:33 am) Mitch King:likely to see 39.25 to
be place it pullsback
(08:33 am) Mitch King:maybe $39
(08:33 am) Qwert :i missed last entry on GPRO
argg
(08:33 am) Mitch King:another opportunity
will come, its this hot, will be another long
entry
(08:34 am) Mitch King:probably in 10 min and
prob 39.30 area
(08:40 am) Mitch King:taking break
(08:57 am) Mitch King:sorry about that, got
locked up
(09:03 am) Mitch King:when you see those big
spikes down on GPRO, you are seeing
institutional selling, larger orders
(09:04 am) Qwert :test
(09:04 am) JoeyTSA :i see you qwert
(09:05 am) Qwert :thx joey
(09:15 am) Murano :KING spike
(10:29 am) rayeh :tx MK for last gpro
(10:33 am) rayeh :have a great weekend
everyone
(10:34 am) Mitch King:take care Ray
(10:40 am) Murano :monitoring NS
(10:45 am) Murano :reduce NS if long
(10:49 am) JoeyTSA :ugly move on RAX
(10:54 am) Murano :reduce RAX if long
(10:59 am) Murano :out last 1/4 NS
(10:59 am) Qwert :back in a bit
(11:03 am) Murano :out last 1/4 RAX
(11:19 am) Murano :FSC spike
(11:38 am) JoeyTSA :Thanks Mitch, Murano,
Qwert, everyone
(11:38 am) JoeyTSA :enjoy the weekend, see
you all on monday
(11:38 am) Mitch King:later joey
(11:40 am) Murano :see you Joey
(12:16 pm) Murano :done for the day, have a
good weekend, see you Monday
(12:35 pm) Qwert :Going to the beach for
acouple days will be back Wednesday morning,
but will probably check in Monday and Tuesday
morning because I love this stuff. 🙂
(12:49 pm) Mitch King:ok thats funny,
probably on laptop on the beach under
umbrella
(01:35 pm) Qwert :yep thats where i will be
Mitch or at the pool 🙂
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