Traders, Happy Sunday!

I hope you’ve all had a restful and enjoyable weekend! Quick side note: I will be traveling and working part-time remotely from next weekend until the end of the month, so expect shorter trade plans until I return!

If you missed the breaking news and developments well-nigh the potential government shutdown this weekend, there will not be a government shutdown. President Biden signed a temporary funding snout to alimony the agencies unshut without Congress rushed to legitimatize the bipartisan deal.

Last week, I discussed a few points and concepts surpassing getting into my trading plans. And this week, I want to protract where I left off. Without the market sold off surrounded comments from the FED, and we saw the range and volatility expand, I expected a less eventful week, which we got last week.

SPY was lanugo less than 1% last week as its range significantly contracted compared to the prior week. With that, so did the opportunity, specifically for directional swing trades. That’s why I emphasized that managing expectations is vital. By doing so, I did not gravity any swing trades. I was prepared for a slower week. So, I shifted my focus to intraday, move2move style trades, as the swing ideas did not materialize.

When swing plans don’t materialize, and I don’t have an edge, I focus on my other skillsets – intraday trading – or I don’t trade. It’s well-nigh knowing when to printing and when to take your foot off the gas and switch gears.

For example, I had a detailed swing trade plan for META last week. While the swing opportunity did not materialize, by having it on watch, I was worldly-wise to take notice of the price whoopee and key levels leading up to its Connect event on Wednesday. As a result of stuff open-minded and managing expectations, I was worldly-wise to capitalize on a momentum short trade unelevated $300 on Wednesday and a momentum long trade whilom $300 on Thursday.

So, with that stuff said, and keeping those key lessons and concepts in mind for the upcoming week too, let’s get into some fresh swing ideas.

Advanced Micro Devices (NASDAQ: AMD)

While AMD has featured multiple times on my watchlist, it has yet to trigger. Typically, I will remove the idea, but seeing as though the idea hasn’t been triggered yet, I am led to believe that this idea will take longer to set up than I originally thought.

With that stuff said, going forward, I will have alerts set. I will not be watching this every day. I will just have alerts set at key levels.

*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of unrepealable market factors such as liquidity, slippage and commissions.

I like how the stock tapped down, touched the 200-day SMA, and quickly reclaimed the bullish higher time frame consolidation. That’s why I will watch AMD then going forward for a potential long trade if the stock can unravel whilom its consolidation resistance and hold firmly.

So, in the coming days or weeks, if AMD can unravel whilom its resistance, now near $107, and subject to transpiration as time advances, I will squint for the stock to successfully wiring whilom the level, thereby turning it into support.

Once that is convincingly confirmed by way of a higher low or substantial volume, I will go long with my stop placed unelevated the most recent higher low or unelevated the breakout level if the stock consolidated whilom it.

My target for this position would be $120, a level the stock previously failed from with near-record volume when it previously reported earnings. My timeframe here will be slightly longer than typical, with a 2-week timeframe for it to work as long as I do not stop out.

Novo Integrated Sciences (NASDAQ: NVOS)

This is similar to my previous idea several weeks ago in TTOO, where I looked for a lower upper pop in order to get short for a 3-day swing trade.

Like TTOO, NVOS is a small-cap stock with a nearly $47 million market cap, and its bladder is virtually 140 million, which will, of course, transpiration without the reverse split.

After popping up late last week to virtually $0.50, the stock gave when most of the gains and sealed the week under $0.30. Interestingly, there appears to be a small cult pursuit towers aiming to squeeze the shorts.

*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of unrepealable market factors such as liquidity, slippage and commissions.

However, based on the price whoopee and recent news and developments, which I urge you to read up on, I am looking for a push when into a potential supply zone to get short for a multi-day short position.

Specifically, I am looking for the stock to push when into $0.40 – $0.50 and put in a lower upper on the hourly timeframe. Once that has been confirmed, I will squint to go short versus the upper of the lower high. I am on holding this for a maximum of three days, but most likely two days, and targeting a move toward $0.25 – $0.30.

While the $ range might not towards significant, the % move certainly is. The liquidity allows me to size comfortably whilst risking a predetermined value and achieving a minimum of 3:1 R: R if the trade materializes.

Important Disclosures