Hello, and good morning, traders. This is Jake from jakethestockguy.com. Let’s get right into today’s charts. We’re going to be going over what I’m looking at this morning pre-market. Let me pull up my list.
Here [00:35] is a list of potential day trades I like for today. Then we’ll talk a little bit about some swing trades. I hope you are having a great Wednesday, hump day. We’re getting after it. Rocket was a good trade yesterday. Let’s go just down the line.
BA, Boeing, nice breakout yesterday. The feel good rally continues. I need a little bit of a pullback here [01:18] on BA to enter, but I did like the 220 calls. I’m just going to exercise a lot of patience today. I’m going to wait for a good dip buy opportunity. I’ll be watching for it. You never know where it could dip to. Sometimes these previous highs right here [01:42] at 213 that were resistance, we broke through it. Now that previous resistance becomes support.
The 213.25 area is a good level of support for BA and also a potential good entry. You can make a case for the 220 if we draw some lines right here [02:16]. Then if we go out to the year-to-date, we can see some historical areas. Getting a little stretched here [02:31] on the daily time frame. RSI hasn’t really peaked yet. We’re starting to get up in this area right here [02:46].
We might be on our way up. Here’s [02:50] some good resistance on BA, and then do some charting. It’s good to do your charts. It’s good, while you’re trading, to see these things. You have a visual representation of where when you’re coming up to some big resistance.
Where is this? This [03:18] is another area. I like this line right here [03:28]. I think these are all zeroed out. I’m going to go back to the five-day on the ten-minute time frame and zoom out a little bit. Today, we could hit this [03:53] 223; 235 could be in the cards. I’m going to wait for a good dip buy opportunity on BA.
Next is FSLY. These are day trades, not swing trades. I don’t know how I feel right now about swing trades because we’re getting close to the end of February. We’re still in February, but I have a funny, weird, hunch, suspicion that SPY could have a pull back towards the end of this month. I’m not trying to take too many long trades or swing trades.
I want to check TLRY real quick. Why is weed so hot right now? Go to the five-day ten-minute time frame, wow. Look at that [05:11], nice move. Wow, would have loved to have gotten in on this one [05:17]. This is a good swing trade this week. Would have gotten the 40 calls with that gap up. Just have to work on holding it a little longer. It’s not one of my strong suits. When I’m up 100, 200%, take the profits. Then you see something like this [05:47] and you’re just like, yeah, that’s a lot more money I could have made, a lot more money. You never know. It’s really hard to predict the future. When you’re up 100, 200%, one thing you can do is sell maybe 50% of your position and let the rest of it run to see where it can go. That’s a good practice because this could have easily gone right back down. You don’t know.
A lot of times it does go right back down. You’re like, dang, I should have taken my 100 to 200%. Now I’m at a loss or break even. A good practice, if you have a big enough position, is to just sell maybe 50% and let the other 50% ride. At 100%, 50%, you’ve covered your initial investment. The rest is just playing with profits. Even if it goes to zero, you lose nothing. That’s what I had to say about that.
Back to FSLY, and I’m not going to be able to get through all these charts this morning. We’ve got some resistance right here [07:23] on FSLY. I try not to FOMO into things. If it’s a day trade, I really just try and wait for a good entry. I’ve been psyched out so many times in my career.
I get this fear of FOMO, of missing out. I expect this [07:56] to go all the way to this resistance. I’m going to miss this huge burst at the open like it did here [08:04]. Then it pulled back. Then it went back up. Here’s [08:11] another great example. It pushed up. and then down the rest of the day, and then yesterday, just monster move. I wish I had caught that. We still caught a lot of great trades.
The point is, it starts going up. You think, it broke these pre-market highs. It’s even broke yesterday’s high. It’s going to go for it. Then it only goes a little bit more. Then it just takes you to the cleaners, just completely slams you down into the ground. For me, I don’t know. You could have got in that morning because the stochastic was here [08:57] towards the 20, rode it up, and then paying attention to the RSI for the exit.
I talk a lot about this in my e-course that I’m going to be releasing this month. I talk a lot about how these two indicators work and they’re intertwined. Right here [09:20], I can’t buy it. I don’t care if it shoots up all the way to this 222 out of the open. I just can’t do it. I have to buy low, sell high. I don’t buy high sell low for a loss. It’s just not me. Sorry, I can’t do it.
Somebody told me to look at DD yesterday. What is DD doing? I forgot to look at this stock, Dupont. I don’t know. It doesn’t look like much.
Disney, I’m going to blow through this really quick. Again, I just can’t buy up here [10:34], this trend line, resistance, year-to-date. Disney is so extended right now. It could go higher. Our RSI hasn’t kissed the 80. I’m always looking for patterns. I see something like that [11:31] back to the five-day. I don’t want to be a sucker. I don’t want to get caught. I just don’t want to buy.
GM had some good earnings. We can play with Disney. I think it can hit 200. It’s pretty close, and 200 is a psychological round number. I talk a lot about that if you guys pay attention, 100, 150, 200, or 100, 125, 150, 175, 200. I think BYND on the daily time frame has a little bit more selling. Maybe not, but it needs to fill this [12:49] gap window. I guess it did.
I would like an entry on the daily time frame a little bit more down here [12:58] and go out a month. Imagine you bought here [13:01] and went out a month, trade of the year. If you go out maybe a month or two, it could be okay. I’d have to check the options chain to give me an idea of what people are looking at. Super choppy action. It had that huge run-up and then just chop, or down, and then sideways. I might try and take a long position today as a day trade. Where’s 175? Here’s [14:10] your support.
Last one, SQ, [14:21]. I like the 270, as a matter of fact. Markets willing, we can get there today or tomorrow. Like I said, I need a good entry.
That’s what I’m looking at for today. I hope you got some value. I’m already in Clove, been in Clove. I’m not trading SNDL or TLRY today. It’s not on my watch list. Thanks so much for being a member. I really do appreciate it. God bless. I’ll see you on the charts and in the Slack.