Transcription
As Mike, your head shreditor. Training group, November sixth. A bittersweet day, I'll tell you why. Nailed a really good short on Nxtc, see? But was forced to stop out of my Tesla swing trade. And I was long Tesla. If you guys follow my channel, you go back a couple years. Got to talk about, you know, how I could just yesterday when I got long a swing trade on Tesla, and today it went down, stopped me out by like a dollar and a half. And then went on to have the SP rating on Tesla switched from negative to positive, and then just ripped all afternoon. And it's now making the move that I thought it was going to make when I entered the trade. So, very frustrating for that to happen to me today. I'm still green on the day because of the Nxtc short, but could have been a much better day. But I had to realize that loss. I had to stick to my stop losses. I felt like I gave Tesla enough room. I really did. I'm gonna walk you guys through that trade. We're gonna go over Nxtc first. Nxtc short first, and then we're gonna get to the Tesla trade. It has a trade, I think I just, just bad timing and bad luck. I mean, if the SP rating doesn't change on it, doesn't make the move that it made this afternoon, I don't know, maybe not. So I feel like I needed to, I had to stop out at where I did. I was not prepared to hold on to that position all the way down to, to the, the major support level that's down around 310. So I had to, to kind of lock it, you know, lock in the loss, I guess. And then it ended up ripping in the afternoon. So we're gonna go over that. But first, let's get to this Nxtc. It's a very, very, very basic short, guys. This is very basic technical analysis. Support when broken becomes resistance. I got short Nxtc after it tested and failed at the initial morning low. So let's just pan this over. Alright, so you guys can see this more clearly. So here we had a little gap down today, and we put in an initial low. And then that initial morning low, you can see here, was broken. Big strong, kind of like sell-off candle. You see how this big strong, wide range, aggressive sell-off candle? And then we kind of bounce back up here to retest that area. Okay? And what you guys can see here is that we found resistance at that previous low. Okay? We found resistance at the previous low. We don't really have any Fibonacci levels that line up in here. We're kind of in the middle of nowhere. Almost Fibonacci levels. That's why this is a very basic technical setup off of the initial morning low. So the original morning low, we came up here, got denied, rolled over with a nice rejection, and I got short right there at 76.11. I'll take you guys to my trade announcements on the day, and you can see here, short Nxtc, 76.11. My stop-loss was going to be right above that previous low. Okay? So right above this level. Okay? So if we did this, I'm stopping out of that position. Okay? So that area that we got, we checked it out, becomes my stop-loss. There's the entry point, guys. And then this thing was a slow, slow mover, and it just drifted its way lower, lower, lower, lower, lower. My first take profit was right here in front of the low of the day, just being crew. Didn't want to make sure I don't get stuck in a double bottom. So first take profit, you can see I took, covered some at 70.26 from the 76.11 entry. And then we extended lower just after one o'clock. And right there, I took the bulk of my position off the table at 67.73 just after one o'clock. And I still have 25% of this position. I'm holding it overnight, guys. It's basically free shares unless the company comes out with some monster news release and this gaps up to 85 or 90. But we are below now, this, this $70 area, it's like 65, $70 area that was previously support. Okay? Here was your previous support. You just leave, we just used today's lows. And you can see in the afternoon, we had a hard time getting back above it. VWAP was sitting up there, a little overhang resistance, one, two, three times, couldn't get above it. So I just said, I'm just gonna hold on to these shares overnight. And I'm looking for us to now get down into the fifties. I want to get down to the 50s because basically this is, you know, we're just, this is just air right here. This is just an air pocket. Okay? There were hardly any shares traded in this area because of the halts yesterday. So I'm thinking if we can get down there, there really should be a pretty, pretty smooth runway down to the 50s. And then my final take profit will be somewhere in the mid, mid 50s. All right? So I've got 25% of this position. I'm still holding on to. Very basic technical setup here, guys. And we were able to jump all over it and catch a really nice short on Nxtc. So Nxtc, so far, has really been an ATM for us. Tremendous volatility, great range, good liquidity. You know, you can get some, you can get size, and you can deal with the volatility, and you're okay with the risk on it. But there's been, like I said, good liquidity, good volatility, great range. And today it traded a lot smoother than it did yesterday. Yesterday had all the halts. Today, you didn't have that. Stock got a lot thicker today, which is expected after the day it had yesterday. A lot more people are gonna be focusing on it. The stock traded a lot smoother today, and we'll see if we get a little bit more downside and we just kind of fade this move tomorrow. All right. Now let's get to Tesla. It stings when I look at it, guys. I got stopped out right there. Mm, right there. Literally right there. And then was just explosion all afternoon. Are you kidding me? This is the move I was looking for, guys. I got long Tesla yesterday right there for a swing trade. Okay? Right there was my entry for a swing. And my stop on this was around that 316 level, which I really thought was enough room. I really thought this was enough room. So this line was my, is essentially where I stopped out. You can see here, it was previously an area of support that once we broke below it, you can see on this day, we kind of, you know, had some trouble here, some structure resistance right here. After we got above it, you can see we start holding well above this level. Okay? You see this support level was the support level is more around 317, 317.50. Then I said I was going to give this all the way down to 316. I really thought I gave this enough room. And then you can see right here, bang, we broke through that level. And I said, man, I have to stick to my stop-loss. I got to get out of this. I acted right there at 360. And two guys, my chair in Athens, you can see I sold out Tesla through 16 from yesterday's entry and realized that loss because my next support level, guys, your next support level's not going to be until down at this 310 area. And I was not prepared to risk all the way down to that 310. Okay? I just wasn't. I wasn't gonna hold this all the way down to 310. That was just too much risk that I was comfortable with. So I just had to stick to my stop-loss, manage my risk, take the loss while it's still a controlled loss, and not let anything get out of hand. But it still stings to then, you know, to then as soon as that happens, you know, see the stock do this again. There was some news there, the SP changing its rating from negative to positive on Tesla. That had a lot to do with this rally back. You know, if we don't get that news, does Tesla make this move? Maybe not. Okay? I probably gonna say maybe not. So I think just a little bit of bad luck, bad timing, and I just had to eat this loss. And that's why today could have been much better. But I did have to realize that loss. Otherwise, could have been a home run day here with this Nxtc short. So still short, got 25% position still on, guys. Final take profit I'm looking for in the mid-50s. We'll see if we got it tomorrow. All right. Take care of guys. We'll see you at.