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The $SPY ( 0.0% ) and $QQQ ( 0.0% ) pushed higher today and for most of this week but some of the names from my Sunday Best Ideas are still flat to sideways with one of them starting it’s move and I’ll update you all on that in my Sunday post with my Best Ideas and updated positions from this week (which have not changed since the last post to be clear).
Crude Oil: This really was the play this week and I saw it in the PDF report but I really don’t like to trade $USO ( 0.0% ) and I don’t have a futures account so I didn’t put the trade on. Sometimes there is correlation to other oil and gas names like $CVX ( 0.0% ) and $XOM ( 0.0% ) so when I see a setup in the report on Crude I will look at the charts on those names then see if there is a trade to be made but this week there was no trigger on them so I just stayed out of it.
$DECK ( 0.0% ): This is an idea from the report that I was short a few weeks ago but ended up covering before earnings end of last week. This was a pretty good short trade a few weeks back and if you look at the technical targets we traded exactly to the spots we were looking for and now it’s time to start looking long this name.
I saw Dan post something in the Discord this morning on it and usually when he points out something from the fundamental side I’ll start to pay attention since that is not really what I know how to do or look for but this has the makings of a great technical long. I need to read the updated notes in the report on it this week but it likely is going to be a new Best Ideas Trade come this Sunday so expect that from me then.
I don’t have any new positions opened today or yesterday to update you guys on but just read the last post so you can see my open book/trade log.
See all of you Sunday in my Best Ideas Post!
-Trader X
Trader X: Fortune 500 Consultant, Family Man and Options Trader
🌉 Background: I am a consultant to fortune 500 companies and work with some of the biggest house hold brands to help them with product management. I am a husband and father to 4 children and have been happily married for over 10 years. I’ve been investing for over 15 years and found Dan in 2016 where I began trading this style you see here and using options more for income.
🚀 Favorite Trade: The ABCD pattern was the first one I learned and it’s still my favorite pattern to trade today. If I can find one on a 60 min or 4 hour chart that is preferred but I look for them all the time!
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