Biggest play ytd and favorite play

Earnings season is in full swing right now and I am amazed every day at the ranges in so many names!  It is a bit challenging to not have some FOMO but at the end of the day what has been working for me is the same thing that has always worked.  Focus on a few and follow my rules.

Sweet, sweet AMAZON

This came courtesy of Nate in the Investors Live chatroom.  Absolute unreal trade!  It had been on my radar to watch for this setup, so when Nate posted, I didn’t hesitate to hit the sell button with my normal starter position on a stock with that pricing.  While I didn’t have the opportunity to add, I covered for unreal gains with a trailing stop on the 5 minute chart.  Just amazing…and incredibly happy I stayed focused and didn’t let my PNL shake me out.  Specifically not looking at my PNL has, without a doubt, been the largest contributor to some of my most successful trades this year, it enables me to trade the ticker and focus on the play, not the $$$$’s.

My favorite type of play and other large win this week came via FCX.  The daily produced a beautiful market candle that showed some serious conviction on the buy side and open air above on the daily, so I was on full alert for any washout buy opportunity.  It opened weak and I waited to see if my favorite setup would develop.  The market awarded my patience with a solid r/r setup and I took the trade for a solid payday.  Above anything else, both of these trades show the power of patience!  Not every trade goes this smoothly and there are times when being patience results in leaving some money on the table but when the market is showing conviction in its movement, it is truly invaluable to let the trades ride.

The trade:


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