Trade Plan for 11/11
The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to The Week Ahead
I did a separate post with a video (above the paywall) for BA 0.00%↑ which can be seen at this link Is BA Going to Zero?!
The re-launch of the course content is official and is now available to anyone. Course Announcement
Bitcoin:
Congratulations to crypto bulls. I know a number of you have made absolutely life-changing money and I hope our BTC entry and my conviction that it was the entry for new all-time highs helped give you the conviction to hold whatever positions you have had.
I’ve called for 82-86k as a major target for this move and we are getting close to that now on an absolutely massive move so feel free to manage your profit taking as you see fit. I’ve posted where my take profit will be so I’m sure you’ll all front run it. 😂
So far, the dip has been bought at the first dip buy area since Monday night. Once this stops, we will have our first clue that perhaps the active trend phase has ceased. Friday’s action gave us a bit of a warning sign that perhaps bulls are nearing short term exhaustion but so far it is a very short time frame signal.
Thus far it produced a 20-handle pullback which is just barely more than half of Friday’s range.
We’ll have a few individual names and ETFs on watch for this week as well. See below after the commentary.
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Levels - Note not all weekly levels will be used each day but they could all present as part of an “active sequence” within a given day(s). Focus on the bold levels in general and certainly on high time frames
See Weekly Levels for Higher
6078
6061
6049
6036.75-6040.5 Friday’s excess high
6027-6030
6020
6010.5-6013
6004.75 reference Friday’s low. Eligible for a LBAF (6002 for example could do it)
5993.25
5984-5985.5 Eligible for LBAF as per weekly plan
5976-5977 Thursday’s low and open
5964.5-5967 11/6 spike
See weekly levels for lower
NQ Levels/ranges for Monday in addition to the weekly levels
21287
21236-21243
21197-21200
21181
21132
21121.75 reference Friday premarket low
COMMENTARY:
It will be interesting to see how we open given what crypto is doing today. This isn’t uncommon when both equities and crypto are technically bullish but only crypto is open to trade on the weekend. Animal spirits are certainly running strong right now. If you are bearish for whatever reason, I would implore you to have some patience and at least sit on your hands if you choose not to participate in upside. We know what needs to happen before any shorts are likely to bear more fruit than a scalp.
For Sunday night and Monday bulls would ideally maintain 6020 (or a quick look below and fail) in order to see direct continuation. I’ll just come right out and say it, so we all know what to do. “This trade doesn’t interest me much; I would prefer to see lower.”
The 6010.5-6013 range (maybe as high as 14) is of more interest to me.
A look below and fail of Friday’s low (6004.75) is also a valid long and I would be just a bit quicker to take profit and tighten stops (assuming there isn’t an obvious and massive rally off it) since sellers would have accomplished taking out a prior day low.
Basing back above 6020 after either of these brings 6027-6030 which would include another SPX 6000 test.
We know that a true gap up (above Friday’s high) is a long and we will play it according to the usual rules of true gaps.
If we get an inside gap up, then I would like to see 6027-6030 become firm support to consider getting long on an inside gap up. I’m generally not a fan of doing so.
Please add to your watchlist for this week:
XBI 0.00%↑ 105C or 110C for Jan
JOBY 0.00%↑ Jan 2026 $5C Played commons the first go around and like this play more the 2nd time around Please note this is 2026
EWZ 0.00%↑ PBR 0.00%↑ VALE 0.00%↑ (ugh I guess) Brazil them All commons plays for now. EWZ I will likely take a partial commons position Monday 2.5-3% weighting and plan to add if/when I see what I need to see from BRLUSD
HOOD 0.00%↑ $33C for Dec
COIN 0.00%↑ 290C for Dec or 300C for Jan
It is very unlikely that I will have to bandwidth to monitor or execute on all of these so if you see an entry on constructive action feel free. Certainly HOOD and COIN are likely to be the most volatile
hey pharm, just curious how you got the 82k-86k btc target. Thank you.