Trades of the Week: Jan 2 - Jan 5, 2024

I'm going to take another crack at consistently making these posts.  However, there may not be any posts during the last 2 weeks of January because I'll be on vacation in Australia & not sure if I'll make any trades.

As before: My goal here is to show a bit of my process and the scans I use to find these trading candidates.  They certainly won't be the best trades one could have possibly made, it will just highlight those I found and chose to take.

TNK

I'd been watching the shipping stocks because they were rallying in December.  So this really stood out when it appeared on one of my favorite scans, the Non-ADX 1,2,3,4 Bullish .  As a bonus it made a hammer right on the 20 and 50 day moving averages. 

This one worked out beautifully as I'm sitting on a 9.88% gain in 4 days. However, I wish I'd gone with ZIM instead.  ZIM also triggered a Non-ADX Pullback plus my old favorite, a Calm After Storm.  It's currently up 48%(!!!) since those signals on the 29th.
ZIM_Dec_29_signals.png 48.15 KB
And here's ZIM's chart:

QS

I used to trade QS back in its glory days just after it IPOed in 2020.  So when I saw this on the percentage gainers list in my trading platform I really took note.  This is one I classify as an "Intraday Runner" in my trading journal (if you've seen my 2023 review). 

I used a 30 minute opening range breakout to get in. My order triggered & got filled at 10:05 and the stock just kept ramping for the next 4 hours, giving me a 28% gain at the high of the day.   Here's an intraday chart with 30 minute candles:
It was hard to not take that quick gain but like I said in my 2023 recap, I'm trying to hold longer.  Plus I think this could really run given the right conditions.  QS has really been beaten down and has had a few runs back up into the teens. Here's a daily chart showing it's July 2023 peak, which I'm hoping it can reclaim

DYN

DYN was another intraday runner. This one ended the first day in the red for me but it really took off on day 2.  I had a 26% gain at the close on Thursday (day 2).  But the company priced a secondary on Friday which caused a gap down.  I'm still in it and clinging to a 17% gain.


TEAM

I commented on TEAM a few days ago pointing out how it was trying to hold its 20 DMA.  It closed just below the 20 DMA on Wednesday it bounced a bit on Thursday but still couldn't hold above the 20 DMA.  I decided to put in an order in case it was able to break that moving average on Friday.  My order did get filled but there's not much follow through yet.

Other trades:

  • I tried another intraday runner in OMGA but got stopped out on Friday
  • I shorted WGMI on what appears to be a weak bounce.  This is a play on the unwinding of the parabolic moves in the Bitcoin miners.
  • I bought AMD on a setup very similar to TEAM.
  • I was also in SUN and ABNB but closed both out on Friday afternoon in order to get off of margin for the weekend. SUN was a small loss and ABNB was a small gain... they basically cancelled each other out.