This week was a great example of how important patience and trade management are… most of the set ups were winners this week but I ended up with a losing week due to some poor execution. I sold my winners early and held losers too long… time to get back to basics. I am happy to be done with the low volume/short weeks and looking forward to starting the new year strong!
Recap:
$ES_F: Winner. Played out just as expected
$AMZN: Winner. Never made the move lower, I went long just in time. A 5.6% move from low to high
$BABA: Winner. I entered shares around $218 and caught a nice bounce to 243, a 15% move. I am holding still and expecting more upside.
$EBAY: Winner. I took a trade on $EBAY in the trading group and got out just in time for a decent win.
$FB: Winner, a 5.5% move from low to high. I didn’t take this trade but congrats to those who did.
$MSFT: Winner. This set up played out just about perfectly. Bounced right off the .382 on Friday.
$NFLX: Winner. Caught this for 100% profit in the trading group… sold too early still. This count has been playing out perfectly
$RKT: Winner. I ended up taking a loss on my trade, but not due to the failure of the set up. I entered too early and got stopped out before the 6% move…poor execution on a great set up.
$SPCE: Loss, sliced through my invalidation level. Tough loss as I was very excited about the set up.
I will be posting new set ups tomorrow so keep an eye out for the post. Also, I will be doing a $5k challenge to start 2021, weekly updates will be posted in this newsletter. For real time updates check out the trading group. Lastly, if you haven’t seen it yet, my (free) Elliott Wave Guide is now available! Happy New Year to all!