$JNUG: Nailing it Long and Short 

Gold recently had a major, multi-year breakout over the $1370 resistance level.  Gold miner ETF’s like JNUG have started to find high relative volume and range, making them amazing vehicles for day trading. JNUG is a 3x leveraged gold miner’s ETF, and it is one of my favorite instruments to day trade when Gold starts to trend and find momentum. 

It is a leveraged ETF, so it is great for day trading, but not what you want to swing trade or invest in long-term. Yesterday I hit JNUG long and then flipped short during the market open: 

Let’s take a look at its intraday chart and I’ll breakdown my thought process and trading plan:

JNUG yesterday was gapping down from its prior close. This is the ideal scenario for a R/G (red to green) setup. JNUG had a strong day on Thursday and went up about 20%. It had demonstrated that there were momentum and trend in the name. At the open once it tested its VWAP (Volume Weighted Price Average) and held I got long at $83.50, with tight risk under LOD (low of day). I scaled out into strength (took most of it off too soon in hindsight!) in the $84-$86 range. 

Recognizing the Fizzle Potential

 But after such a big move the day before, it needs to have a pullback to offer a high probability long trade. The gap down was the pullback that was needed, and what gave me conviction for the long bias at the open. But you can also see by its daily that it had two big up days prior. It would be hard to expect a long to follow through much beyond yesterday’s HOD (high of day).   

Once it started to reject yesterday’s HOD and fail to hold over the level,  it was signaling to me that it was about to pullback. Once it cracked VWAP and could barely find a bounce, I knew that the backside was in. I got short when it pulled back to retest VWAP and scaled out into the next flushes. 

$CRWD Trade Recap

CRWD was gapping up big in response to a strong earnings report. It was at all-time highs, so my bias was to the long side, especially since it was a recent IPO with a strong uptrend. Here is a look at its intraday chart:

My thought process was that the selloff at the open would get bought up eventually. Sell-offs at the open are actually a good thing sometimes when you are looking to long something, as it offers you better risk vs reward entries, and an opportunity to get in at lower prices.

I got long at $82.74 once it started to settle a bit and work out the sellers. My plan was to scale out into strength. I took out 1/3 at $84.70, and my plan was to hold the rest for a pushover HOD. We were never able to get enough momentum to break HOD, so I took off the rest of my shares once it broke back under VWAP. This will be on the top of my watch list next week for more momentum to the long side.

Summary: Biggest Take-Aways

1. Have a Nimble Bias: Price Action is King
2. Mark Out Key Levels on the Daily BEFORE Taking the Trade (Knowing where JNUG’s HOD is, and understanding the potential for it to act as resistance)
3. Have a Trading Plan and STICK to It: Entry, Stop, $ Risk, First Target, Exit Strategy

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The post BOWS Day Trading Recap 7/19: $JNUG and $CRWD Analysis appeared first on Bulls on Wall Street.

Over the last 10 years of teaching our students and receiving your feedback over the years, we have done an entire re-haul of our website & educational services to ensure that you guys get exactly what you want, in the most efficient fashion.

Below, you will find the features included with our new BOWS swing trader package. The essentials consist of our brand new trading room with mobile capabilities, our on-demand swing trading bootcamp, bi-weekly swing trading mentorships with Paul Singh, along with access to our swing trading reports, daily market updates, and more! Here are all the features:

New  Discord Chatroom

Chatroom with 100’s of active swing traders sharing trade ideas 24/7. This means you can access our chat from your phone, share trading ideas, and get all of your trading questions answered by experienced traders. Have the ability to post charts and images, so you can match your trading ideas to a visual projection for the rest of the traders. We also run a tight ship in terms of our chatroom code of conduct. We want to mimic our room much as a professional trading desk. We do not tolerate any vulgar language, spam, or harassment. Repeat offenses after a warning will result in either being muted or deactivated from our service.

We want to ensure that our chatroom is efficient and useful for all traders, whether you are new and wanting to see how we navigate the markets in real-time, or you are an experienced trader who wants to join a community of like-minded traders that match your trading style.

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All chatroom members will have access we are also creating an On-Demand Swing Trading Bootcamp to help new and struggling traders get educated and become profitable. Some of the topics of this boot camp include:

We will also be updating the video library every month with new videos of the topics of the members choice. This will ensure the boot camp will always have up to date information, and you have the knowledge you need to thrive in the current market environment.  

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Paul Singh will send out a trading report every day filled with market analysis, trade ideas, and the status of current trading positions he is in. Here is an example of what they look like:

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2 live webinars a week with veteran trader Paul Singh. Get up-to-date market analysis and all of your trading questions answered.

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Chatroom members will get market recaps three times a week from Kunal as well. In these recaps, you will get Kunal’s market analysis, see his trades, and get all of your questions answered about the boot camp material. Members will always have up to date market analysis and know what stocks are in play. 

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All chatroom members will get my TC2000 charting layouts and scans. We will also provide videos for members showing you how to use the platform and a breakdown of all its relevant features. 

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Get a personal invitation to attend one of our upcoming live events for free when you sign up with an annual subscription. Meet  Paul, Kunal, and other top traders in person and learn live.

Chatroom Code of Conduct

Our new chatroom will have a new code of conduct to ensure all members will have productive trading experience. There will be channels for different trading-related topics and an off-topic channel.  There will be strict enforcement that the relevant content is being put in the correct channel. Members that don’t abide by the chatroom code of conduct will get muted.

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For the next two weeks, we are offering a 50% LIFETIME discount off all chatroom subscriptions. Instead of paying $199 per month for either of our chatrooms, you will only pay $99 for as long as you are a BOWS member! The same applies to annual subscriptions!

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Deal expires on July 18th!

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