For next week or two I'm looking to trade: Casino MGM Cruise CCL Bitcoin MARA Steel X CLF Gold GDX Lumber CUT Pot TLRY APHA MJ Oil MRO any others of interest? would like to see what you're following
@Ken, what are you expecting for the next 5 days on each of those? appreciate any specifics on how would you trade each of them?
Sure.... I buy 2-day high breakouts, eg .5 above prior day highs, for initial positions. I scale in every 2 points. Initial stops are set .5 under 2day lows. eg MRO I'll buy if it breaks out over 12.5, initial stop 10.2, will scale in over 14.5:
These are invest and hold for a few years...Assuming we have herd immunity by May 31, 2021. Choice Hotels (CHH)...People will want to travel. They will NOT want Super 8 or Motel 6!! Choice are nicer motels/hotels for a family on a budget. Also, if you are in the rebuilding of infrastructure you have to stay somewhere...Housing is tight. Global X Robotics (BOTZ)...An ETF for the future. If you are in the south or mid west and the national minimum wage goes up to $15. per hour, you will move as much of your workforce to robots as you can. I am sure McDonald's is spending millions/billions as we speak, to partner with companies that will create robot french fry makers and hamburger flippers. Speaking of McDonald's... McDonald's (MCD)...See above (BOTZ). They have perfected their drive thru during Covid. All they have to do now is open up for the general public. Those infrastructure workers and vacationing families will have to eat some where. They still will be on budgets. Sysco Corp (SYY)...Even though people are on a budget, they may still venture into nicer restaurants...This is where Sysco comes in. Yeah, many of the mom and pop restaurants are gone. Also, many of the elegant restaurants in the major cities are not coming back. Chefs will have to adapt and find new outlets for their trade. I could see simpler, cheaper foodie places popping up. You might even see two or three chefs come together to form one restaurant...Serving different days or what not. But they will still need the basics that Sysco provides. Colleges and high schools are opening up. It may be slow, but Sysco will be in the middle of it. CVS (CVS)...I'll throw in a freebee!! They are in Target stores now. You need a booster Covid shot...Get it at CVS, rather than one of these government locations. And while you are getting your shot... On vacation or at a work site and need something, let's pop into a CVS. Need a regular flu, pneumonia, shingles shot... They may be opening up clinics in their branches too. Something to chew on.
Ken, Given the number of prospects that you watch combined with your cut and dry methodology for this particular bunch, do you use standing Bracket Orders for entry? "...Similarly, I use OTO conditional orders, one triggers other, smart because it sets your stop automatically. " https://elitetrader.com/et/threads/...-trading-method-use-them.349950/#post-5200499 _Bracket Orders - Could Your Trading Method use them?_
Great idea, wish I could but OTO can only trigger one other order, eg either the stop or the scale in. It would be better to have one trigger 2 others, for true set it and forget it trading, OTOO to cover both sides eg buy MRO buy stop 12.5 triggers both sell stop 10.2 and buy stop 14.5, whichever occurs first
XRT, retail sector ETF. However, R/R from a swing trade perspective, say a 3 to 5 day timeframe, is not compelling right now. However, traffic patterns at strip centers, large malls, and factory outlets are very favorable, like it is Summer already, making buying on dips looking like a viable play for most time frames.
%% CUT + TQQQ looking good / took/ cut profits while TQQQ going up good......................................................