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Drive for 35 10/8/20


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I just looked it up. It's a biotech. Came up on my screens yesterday. I liked the setup on the 30 minute chart, and then this morning I like the 2 minute.  The sell trigger line on this chart is the thin dark blue line. It's blowing off here. 

 

Screenshot 2020-10-08 172054.png

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Seriously, right now, I'm just engaged in developing a workable day trading system that suits my personality. Not something I've done before. So I've only carried a max of 8 positions of 50-300 shares each. If I can get something that works more or less on autopilot, I'll bulk up the size of the trades. Seems like 5-6 trades at a time are about optimal for me in front of a screen.  

 

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Here's on a 30 min bars.  Nice base breakout. I'd expect it to pull back to top of base this afternoon. My trigger line on the 2 min bars is trailing the price by about a nickel and has held all morning. 

 

 

Screenshot 2020-10-08 173837.png

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Tax collections have leveled off at a negative year to year rate. The Fed has gone to Congress begging for fiscal support for the US economy, as a result.  Without a deal to raise spending, the economy will continue to languish, and the Fed will continue to print money to support the markets.

Ironically, if and when a new pandemic relief spending program is enacted, that would be bearish.

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