Tuesday, October 22, 2024

♟ Why Sideways Action is Good for This Buying Signal

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"When the markets go sideways, opportunities are still there if you know where to look."

Nate Bear, Lead Technical Tactician, Monument Traders Alliance

The SPY has been going sideways for about a week now.

And while this kind of movement can be frustrating for traders, it also means squeezes are building.

So in today's video, I'm showing readers a beautiful looking chart on a streaming company with earnings coming up.

Click the image below to get that setup.

Let's Go Long! - Spotify
 

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YOUR ACTION PLAN

Spotify (SPOT) has a juicy looking chart according to my S.A.M. Scanner. With earnings coming up on Nov. 12, I'll be using the $390 11/15 calls with an entry as close as possible to $171 and a stop under $365. The target will be $396 and then $400+.

Spotify (SPOT)
(Click to enlarge)

If you're interested in seeing a lot more trade ideas like this, I recommend checking out Daily Profits Live. Every week members can follow along as I find the best trade setups using my TPS system and S.A.M. scanner. Last week I closed 12 of 16 trades for winners, including a 182.56% return on UPST in 6 trading days.

Click here to learn more about Daily Profits Live.


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TESTIMONIAL TUESDAY

"COST in 18 Oct 900 calls @ $3.08. Out @ $6.68 for a 116% gain in 1 trading day. Thanks Nate."
- tlee9999

"In (MARA) at 1.90 and out at 2.60. 37% gain (in 13 days). Thanks Karim!"
- DeacNJax

"I closed the 2 Shares/Contracts I opened at $5 for $5.80. STC (CAT) @$5.80 x 2 good for a 16% overnight gain!! Thank you Bryan B!!!"
- BoomerMC


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