Day Trading Game Plan | Memorial Weekend | May 22

How to Day Trade Before a 3 Day Weekend

Day trading game plan, list of stocks, whatever you want to call it…

Today it needs to be very definitive.

There are certain days to trade, when everything lines up. Before a 3 day weekend is usually not one of them.

An integral part of learning to trade like a pro, is learning how to not lose money. It’s easier to NET money month-after-month when you have losses under control. There will always be losing trades, but controlling them is the key to gaining to the bank each month.

Trading ahead of a 3 day weekend is usually spotty at best. Volume is light and price action can be “whippy.” You feel like you are trying to grab a balloon with one hand wearing mittens.

A few years ago it was practically a trading rule to work a half-day on summer Friday’s. Not so much anymore, I think because we are trading with computers filling orders now, instead of a specialist or market-maker who wants to get out of the city for the weekend.

The worst thing you can do today is get caught with size as the day unwinds. It will be very difficult to trade out of it.

Day Trading Game Plan: Tough to find A+ ideas today…

day trading game plan

The Transports ETF IYT continues to be weak and hover at a major support level.

Many say Dow Theory isn’t relevant anymore. I don’t agree. You need to be aware of this chart. It should affect your bias if we crack with volume.

If the support holds, and we rally, the stock market averages could explode. Be a professional trader and build a solid if/then scenario using this outline.

Stocks to Trade |Friday May 22, 2015

Pete’s Notes:

  • TMUS a very good call by one of the members in the Game Plan meeting yesterday. Not a large ATR (average true range) but we are more concerned with spotting great technical set ups.
  • YOKU and BABA should be on your watch-list.
  • AAPL seems to finally be out of the $125-$129 trading range. Next target is $133.

Interesting Chart Lessons:

  • IBM remains on the list for a second day with an inside day.
  • BABA showing perfect technical signals on a breakout.

day trading game plan

Earnings in play today > 1M avg shares: ANN, CPB, DE, FL

Bullish Ideas ATR/Volume/Price: CBI, GPRO, BABA, TSLA, YUM, AMZN, SWKS, AET, ESRX, AAPL, UNH>122

Bearish Ideas ATR/Volume/Price: wynn, ual, kss, qihu, apa, wdc, ua, cost<143

Weak Stock Weak Close: X, SRC, DDR TCK

Strong Stock Weak Close: [none today]

Weak Stock Strong Close: apc, ntap

Strong Stock Strong Close: YOKU, BABA, , VOD, ESRX, FSL, CVS

20 day Breakdown: bax,

20 Day Breakout: BABA, CAT, CVS, TMUS, VOD, YOKU

2x Normal Volume: NTAP, YOKU, BBY, DLR, VOD, ESRX, LL, QCOM, CRM, BABA, LUV, YHOO

Watch List Longs: ADM>53.50, AET, PRU, COF, HON, WFC, BK, VLO, CVS, ABT, JNPR, ADBE, INTU, BRCM, AKAM

Watch List Short: sun, cvx, wynn, ual, luv, wmt

Inside days: IBM, TSLA, UTX, SNDK (not an inside day but certainly looking for a trend day)


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