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Saturday, April 04, 2020 

Trade Ideas for next week, Trading rules and some good FREE sources of information

Dearest followers, 

We are living in difficult times, waging a war against a faceless enemy and, although far from each other, we need to be more united than ever respecting the rules of health. The situation is very serious and people need to stay at home. Remember to wash your hands several times a day a day for at least 20 seconds to stop the spread of infectious diseases and encourage others to do the same.

Over the last days, I have received many emails, from  people asking me which books or sites I would recommend to learn about trading. To be transparent and direct, i cant find any book that could help you in this environment of uncertainity. In reality, there is no such thing as a perfect trading model, simply because the market is so dynamic and unpredicatable. Thats a good one for daytraders with experience (that doesnt mean they cant lose money) but not for newbies. However, i can share with you my trading rules and some good FREE sources. 

First the charts to watch next week, then the rules and sources.

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Co-Diagnostics Inc (NASDAQ:CODX) caught my attention on Friday afternoon few minutes before the close because of the price action and volume. Plus, the daily technical set-up was so perfect that could be a great trading idea for the coming week. So, i decided to enter and tweeted my entry. Few hours later i was surprised with the price action in after-hours. The stock shot up beautifully for a quick and easy 30% gains. Congrats to those who jumped into the game. Call luck, or whatever you want, but the bottom line is that i detected significant buy interest, something that caught my attention so i decided to enter. Luck is part of the experience.

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Ocean Bio-Chem, Inc. (NASDAQ:OBCI) bounced beautifully off the uptrend line on the hourly chart so I bought back my shares on Friday. The stock has been trading up in a clear bullish pattern (higher highs, and higher lows) since establishing a bottom support around $3. This company reported recently good EPS and revenue numbers. Both Records - 2019 Net Income of $3.5 Million and Net Sales of $42.3 Million. Its a Coronavirus play. They sells "Performacide" an EPA-registered disinfectant and sanitizer that is proven to kill previously known strands of human Coronavirus, and meets EPA criteria for use against the new, SARS-CoV-2, the cause of COVID-19. They reported an expansion of Production Capacity for Performacide last month. Chart shows a stock under accumulation. If the stock can take out the $4.5 level, the measured move of this pattern is $6+

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Ritter Pharmaceuticals Inc (NASDAQ:RTTR) is starting to turn back up and hourly indicators are giving the first bullish signs. On Friday it closed just slightly below its 50-hourly EMA, which if broken could accelerate the stock toward its June highs around the 50c area. Plus, the stock also closed abv the upper line of the descending channel. A volatility squeeze seems eminent. You want to watch the stock closely as RTTR can move quickly and you want to be ready for this move once it happens. As you know, timing is everything with these types of monster plays.

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Bio-Path Holdings Inc (NASDAQ:BPTH) has been in a nice uptrend over the past 2 weeks and volume appears to be picking up as well. For investors who are interested in this stock could watch for the breakout at $5.50 since the breach of this critical resistance is a sign of reversal from a down trend. Currently prices are supported by the rising short-term Hourly EMAs and the uptrend. The stock has plenty of room to run.

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Walmart (NYSE:WMT) broke out of a small consolidation pattern on high volume on the hourly chart and could eventually rally up to test its recent high around $126. Looking at the technical chart the near-term outlook is positive. The Relative Strength Index is moving higher, which is a sign of growing strength in the stock and MACD is also giving a positive indication. Long setup on watch.

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OPKO Health (NASDAQ:OPK) has achieved a boost during Friday’s market as traders witnessed the oversold position, driving shares up 0.87%. I would like to see a break over yesterdays high of 1.29 to indicate possible bounce is on deck. I feel that fundamentally, the stock looks attractive at least for the short term. I would like to point out that CEO is buying shares like crazy now on a daily basis. Generally when insiders buy shares, especially in large amount like we have been seen it is a sign that positive things are coming. Im long.

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Aikido Pharma Inc (NASDAQ:AIKI) is showing signs of bottoming out on the charts along with the MACD giving positive signals and CMF is showing positive buying pressure. Significant jump above 61c can take the stock northwards to 80c or even to 1 

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As I have been mentioned in a few tweets over the past couple of days, I keep holding my long position in MARK waiting for something BIG. The stock seems to be forming a bullish flag formation on the technical chart and is on the cusp of a move higher that could take it to the 60c area pretty easily.

Based on my experience over the years, here are some basic trading rules that should be taken always in consideration for trading in order to become a successful trader in the stock market. 

1 - The trend is your friend, so never go against the trend. 
2 - Keep your losses small. Golden rule: Cut losses short. Let profits run. 
3 - Use stops. The stop loss should be placed few cents below the supports and not at the same level (i dont use SLs for low float or penny stocks). 
4 - Learn the basics of fundamentals, charts and technical indicators. 
5 - The good trader is one who makes consistent gains, so don’t be a greedy trader, appreciate the small and the big gains. 
6 - Do not fear the market. Be always confident in your trade decisions. 
7 - Never buy what you do not want, because you think it is cheap. 
8 - Always be conscious that the loss may arise and you should be prepared for that to happen. Open mind. 
9 - For large positions, you must to have total control of the market never losing sight 
10 -Volume is a leading indicator, so play the breakouts using the volume as support of your decision. 
11 - Chart breaks without volume could be a trap and the probabilities of succeeding are low 
12 - Do not be hasty to buy or sell a stock, every day there are new opportunities to make money. Be patient is the key of success of any trader. 
13 - Only believe fundamentals as long as the technical signals follow. 
14 - Trading very speculative stocks is a frequent mistake. 
15 - Do not trade positions too large relative to your available capital. 
16 - Do not invest all your money in one company. Your portfolio must be diversified. 
17 - The Greed to pick tops or bottoms is a usual error. Wait for the perfect and confirmed signal. 
18 - Do not make trading decisions based on a story you saw in the morning paper. The market many times has already discounted the information. 
19 - Review your missteps to improve your skills 

With patience and discipline, you can take much more from the stock market than you ever gave. Trading stocks is not easy for beginners or professionals, it is really very hard and requires lot of attention and knowledge. If stock trading was easy, everyone would be doing it. You can be successful at the stock market, with patience, discipline and a good trade set-up. The key objective is to make money and not lose it.

Good FREE Sources of information to learn about trading (Google it) Investopedia, FDA Calendar, Secform4, Finzv, Stockcharts, Shortsqueeze, Benzinga, Stocktwits, Openinsider, Shortvolume, Fintel.
 
During the day I tweet many times to my readers. I encourage everybody to subscribe AC Investor Blog twitter and newsletter, so you can receive my trade ideas and stock news in real time.

Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

Thanks for visiting AC Investor Blog.

AC

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  • I'm a 46 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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