Top Trading Ideas for This Week!

Hi Folks,

I just wanted to do a quick post covering the week ahead and cover 4 of my top trading ideas going into next week! A strong and straight forward plan going into each and every week should be part of your trading process. It provides clarity and a focus point on what you're trying to achieve. The byproduct of a simple and clear plan prevents overtrading and the fear of missing out allowing you to produce consistent results!

Lets get into the review!

$QQQ has been trading inside a very wide range over the past 4 months not making much progress in a trend up or down, consolidating over a long period of time. This sort of environment tends to lead to inconsistency in technical trading setups and in most cases offering up a mixed bag in terms of results. Its easy for traders to become frustrated while they try to overcome what the market offering by overtrading and thus producing subpar results.

This week could prove to be a test for that consolidation over the past 4 month. $NVDA reports earnings after the close on Wednesday creating a potential pivot inside of the range marking either a new short term trend higher or on a negative result pushing the market outside of that consolidated range, lower!

In terms of short term technicals for $QQQ, Friday managed to close near the high for the week. Technically speaking Fridays close was a positive for the market and could set up some follow through for earlier next week - Monday and Tuesday.

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Lets move into my Top Technical Trade Ideas for the next week!

$KGC

Bouncing off of a daily support trendline and finishing last Friday off with a hammer candle reversal.

Risk: - $31.50 range

Target: - $40

$CVNA

A swift pullback, down 35%+ off of recent all time highs inside the past month. A beautiful technical falling wedge pattern setting up for a short term bounce.

Risk: - $310

Target: - $360 to $380

$STX

A recent power earnings gap that has slowly been consolidating into a compressed short term range, bouncing off of daily support levels.

Risk: - $390

Target: - $460 to $480

$MSTR

$MSTR has been stuck in a strong downtrend over the past 7 months. Its starting to show attempts at bottoming and potentially pivoting back above this downtrend.

Risk: - $119

Target: - $150 to $160

I hope this overview and watchlist for next week adds some ideas to your screen for next week! Trade them smart, trade them strong!

Cheers and happy trading!