Market Update 11/16

Choppy day today, but still some great opportunities! Of the 5 set ups from the last update, 2 were triggered for profit, 2 were passed on, 1 is still open, and 0 losers. Plus, a live twitter signal on $SPCE 22c that reached 150%!

$AMD: Winner– Clean bounce from the zone for 4.17%

$DKNG: Winner– Nice move up from the zone for 4.84%

$TSLA: Open– Mostly chop, great day for taking a position. Will update throughout the week! *** UPDATE, +13% After Hours, Massive winner!

$WMT: Passed– Never got to the buy zone, set up never developed

$WKHS: Passed– Bounced early, never got to the buy zone

BONUS $SPCE: Signaled on twitter, 11/20 $22 calls hit +150%

A few new set ups for tomorrow:


Good set up here. Look for a long entry within the wave (2) retracement zone. You could also enter on the breakout above the wave (1) high. If it gaps up above the wave (1) high, wait for a pullback. Don’t chase it


$WKHS could be forming a larger zig zag here. The buy zone is between the .382 – .50 fibs. It could fade to the .618 still (around $17.25) so be careful with your risk.


$WMT reports earnings tomorrow morning, so be careful here… but we could get a nice dip buying opportunity. Stay alert for signs of a bullish reversal anywhere below $148.

Invalidation below $143

$SPCE (15m)

$SPCE is starting sub wave 3 (white) of minute wave iii (teal)… There is also a key supply zone above. There are two trades to be taken here:

  1. A short scalp into supply as the first micro-wave i (purple) finishes. Look for entry around $21.75-$22 with a stop above the breakout line, $22.40. This is a scalp and requires the ability to analyze the situation on the fly, so be prepared to adjust!
  2. The ‘easier’ trade is on the retest of the breakout for (purple) wave iv. Once the supply zone breaks, it should turn into a demand zone aka support. Upon completion of wave iii, use fib retracement in combination with the zone to catch the bounce up to $25

I’m posting this set up a tad early, it still has to finish setting up for this. If you’re new to trading consider skipping this one. If the set up doesn’t materialize clearly, just move on to the next!

Make sure to follow my twitter @rbc_trading for live updates! Remember, don’t force any trades, let the set ups come to you! If the set up does not develop, don’t chase! This is a sure fire way to lose money. There will always be another set up right around the corner!

Lastly, I provide this information at no cost… but if you feel so inclined, I appreciate tips via Venmo (@Ryan_Chandler16)… If you find my set ups helpful and would like to make a contribution of any amount, it would absolutely make my day!

Happy Trading

Leave a Reply