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All Star Charts

Expert technical analysis of financial markets by JC Parets

My Squad is Delicious

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These cookies were made by a member of my Trader’s Meetup group. She brought them to our gathering last night and made plenty to share with everyone.

Where else can one bring cookies with Japanese candlesticks and receive a rousing ovation from all in attendance?

This is how you know you’re with your people.

Eventually, our spouses get tired of hearing about our “failed breakouts” and “doji reversals.” Our non-trading friends look sideways at us for complaining about “the never-ending bull market that’s overdue for a correction” talk. Our relatives have no friggin’ idea what you’re talking about when you mention phrases like “delta-neutral” or “backwardation.” And your neighbor has no idea what it means when you bring up “the overhead resistance at $74,000.” [Read more…]

[Options] Straight Gamblin’

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I came into today’s Flow Show not having much of an appetite for any aggressively bullish bets. But by the show’s end, I’m putting on a straight gamble! How the hell did that happen? Watch the video above to find out.

The chart and setup that piqued my interest is this one in Riot Platforms $RIOT:

Now that the Bitcoin “halving” is out of the way, will the prior RIOT/Bitcoin correlation that was strong until the last three-ish months reassert itself?

And if it does, will $RIOT catch up to Bitcoin? Or will Bitcoin catch down to $RIOT?

Judging by the basing action we’ve witnessed in Bitcoin in recent weeks, I think the next big move is higher. And if $RIOT “catches up”? It could be a monster winner in a hurry.

Bonus kicker: Riot Platforms announces earnings on May 8th. That could be the big push we need.

Here’s the Play: [Read more…]

[Options Premium] Buying a Leader During a Broad Market Dip

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During this recent stock market pullback, one stock that has stood out for its strength against the tide of selling is Google.

And with earnings slated for next week, the options market is pricing in some extra premiums that make some kind of short premium play advantageous.

We’re going to use this premium to get positioned for a resumption of the upward trend in $GOOGL. [Read more…]

[Options] Pruning the Garden

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Whoa! What a week for pruning the garden!

I closed out eleven positions in five trading days. Unfortunately, many of them were losers. But the good news is all the losers were small (less than 1% of my portfolio capital each). Losers are never fun. But when they’re small, we will survive to trade again.

And the better news is that some of the exits this week represent the harvesting of large open profits. The size of the wins, while fewer in number, more than offset the sting of the losses.

When I’m doing it right, that’s how it’s supposed to work!

Check out my thoughts on the current market environment and the action among open trades in All Star Options in today’s Jam Session: [Read more…]

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