COIN Calls – My Top Idea of the DAY 🚀

COIN Calls – My Top Idea of the DAY 🚀

Good morning!

I will be live in the Alpha Chamber @ 9:20am EST to discuss what I see in the markets, review recent trades and lay out my game plan for today’s new trade.

I keep hearing more and more frustration from traders who “think” the market should pullback again soon.

Remember, don’t ever rely on your thoughts and feelings with trading.  If you are a short-term trader like me, it is best to follow price action.  Look for trends in your favor that you can capitalize on for a short period of time.

This worked out very nicely on LEN (yesterday’s Bullseye stock), also HOOD, CVNA, ARM, etc from last week.

While the uptrends have been favorable, it is very prudent to prepare for a pullback in the market.  As we have seen, that can be violent and come when most traders least expect it.

I’m closely monitoring the 20-hour moving averages, and I’ll let you know when I start to get bearish again.  

Today, I am looking to jump on another trend that has been building but hasn’t quite made a powerful move higher.  I think it is coming soon though.

My top idea for today is to buy (COIN) calls.

I also had several “backup” ideas that were very close today I’ll share with you in the Alpha Chamber Room – so make sure you’re in there at some point today!

My plan is to get started near the open today and buy both stock and options, hopefully near my target entry price, which I list below.

COIN has been grinding higher over the past two weeks, and I think it is ready to make a significant move soon.

If this doesn’t work out, I am planning to use a closing price under $200 as my stop limit on the trade.  I will add a few times to my position prior to that though.

If it does work out, then I think we could see a move to $220, or even $230 as target #2.

As always, I aim to lock in 30-50% on my trades and ensure I secure a winner when possible. If the trend holds up, I also want to let some positions ride for a bigger win.

My Trade Plan Details:

• COIN Aug 30 $220 calls near $4.40

• Stop: COIN closes below $200 

• Target 1: $220

• Target 2: $230

Keep in mind that I don’t know precisely where the stock or options prices will open. I am trying to get in the ballpark with my estimates.

Don’t forget – you can actually trade stocks!  (I always try to buy stock and options on my Bullseye ideas each week)

Just because I love options doesn’t mean that I can’t just buy the stock when there is a trade I like a lot.  Trading stock is much easier than buying options, especially when day trading.

NOTE:  I will send out app alerts when I trade the options I listed above.  If I make day trades, those will only be posted in the room, so make sure to drop in there during the day if those short-term trades are of interest to you.

📊Open Positions:

LEN Aug 23 $175 calls @ $2.90 (small size).   Now, $2.90

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