042: Patience will make you money



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Financial Movers Podcast: #042

(08/31/20)


PODCAST OUTLINE

Welcome to the Financial Movers Podcast. (today is, the time is e/t, and this is episode # …. , and I’m speaking to you from ...) No matter if you’ve been listening to this podcast since episode 1, or this is your first time listening, OR you’re somewhere in the middle of those two, I promise you'll finish this podcast today with more knowledge than you started it with. 


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Also, if you want a visual aid to better understand the strategies and indicators I'm using then you can follow along on my Youtube channel @FinancialMovers where I have this episode posted with a screen recording in video format of what I'm doing this entire episode. Similarly, I have all of today's notes posted on the Financial Movers website, so if you're a cliff notes type of person then the outline will serve you well. 


Today’s Agenda: 

  1. Last podcast follow ups: AMD and UPS

  2. Losing trades this past month: What should I have done differently?

  3. New Setups


1. Stock follow-ups from episode #041:

  • AMD

  • I said to make sure this was added to your PEG watchlist at the end of last episode, #041, and it was trading at $83.96

  • Now, it’s trading at $91.98, making new all time highs, and up +9.5%

  • It’s impossible to know where this is going because it doesnt have any previous resistance. I’m aiming for anywhere between $95/$100 and trailing with a stop


  • UPS

  • I said to make sure this was added to your PEG watchlist at the end of last episode, #041, and it was trading at $160.58

  • Now, its trading at $163.92, making new all time highs, and up +2.0%

  • Like AMD, It’s impossible to know where this is going because it doesn't have any previous resistance. It isn't breaking out like AMD and I’m trailing this one super tight at today’s low $161.26. I do believe it’s waiting on 20-day support before taking off. 

  • I said to add those to your PEG watchlist. If you’re new to my show and don’t know PEG then go back and listen to (episode #035) to find out how to trade PEG’s


2. Losing trades: I was impatient


Kellogg (K): (08/18/20):

  • I bought at $69.61 and was then stopped out at $68.67 for a (-1.35%) loss. What should have happened? I should have bought it on the 14th, not the 18th. I was chasing. 

  • Trading at $68.87 and riding 20-day EMA. Much better risk reward. I could have put a stop near that days low $68.45 and only have risk 0.6%


Newmont Mining (NEM): 8/26/20:

  • I bought at $65.53 and said, “A cup base has formed as higher lows have been made since June. The price is riding on the 50-day support and I suspect it’ll use it to go on to complete the handle on the cup. I have a stop slightly below yesterday's low at $63.15 and I'm targeting $72 for a risk reward 2.78/1 risk reward.”

  • The next day it opened above 20-day and was sold off, but it wasn't high volume. I got scared and sold. I should have left my stop where it was and not have touched anything. Instead I sold for a (-1.23%) loss.

  • I’d be up +3.6% right now if I wouldn't have touched it and let the computer work for me.


Take Two Interactive:

  • I bought at $173.11 and stopped out $170.53 for a (-1.49%) loss. 

  • I really shouldn't have bought where I did. It looked like a solid setup, but it could have been better. I was impatient. 

  • The 20-day wasn't riding the price and giving the support to the price how it needed to move up. 

  • The next day it moved up and then sold off because there was no near support. 

  • What should I have done? Waited to buy it until support was touching the price, like it is today!

  • I can buy it now as the price is on support. I can put a stop at $169.20 and I’m only risking 1.5%. Also, I know for certain that 20-day isn't supportive if it fails. 


3. NEW SETUPS: 

  • TTWO:

  • I’m not afraid to play the TTWO again as long as it has a close over the 20-day and I’ll be putting a stop at $169.20 like I said. 


ANOTHER PEG PLAY: TMUS

  • On (08/07/20) the stock gapped up +4.6% after reporting earning by

  • The stock is defending $115 as it waits for 20-day support and price becomes more relative.

  • A stop the last low, $113.30, is under 20-day support so gives it room. Only risking 2.4% and as 20-day gets closer this could help the price breakout to make new ATH’s


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