Qullamaggie: Stream 46 - 50 Review [Jan 2020] - Stop Deviating From Your Methodology
A Review of Kristjan Kullamägi's Livestreams (Stream 46 to 50)
Over the months I have gone through every stream that Kristjan Kullamägi (@Qullamaggie), a prolific momentum swing trader, has ever posted. Below I have categorized my notes into topics relating to his streams. Comments made by me, on my thoughts on a particular note, are italicized.
For reference, the chart below shows the overall market (SPY 0.00%↑) KK was trading in, at the time of the streams (Jan 10, 2020 to Jan 16, 2020):
Description of January 2020 Market Environment: The markets continue to grind higher. The 10-day SMA is above the 20-day SMA.
Stream #46: “Lets finish the week big! Jan 10, 2020”
Breakout Setups:
Referring to LMT 0.00%↑: LMT broke out of it’s flag here at $401. It was a really nice flag breakout.
Stream #47: “$30K loss on CPAH 0.00%↑ in MINTUES. Jan 13, 2020”
Breakout Setups:
Referring to MOMO 0.00%↑: Breaking higher, coming out of a very nice range, built higher lows all of last year.
Referring to SNX 0.00%↑: It’s not a breakout type of stock. This is a pullback type of stock. You see it on the chart, breakouts are not working well on this thing and it’s a very slow mover. There are much better stocks out there.
For breakout setups, KK is always looking for fast-moving stocks that have consolidated in tight ranges. SNX is not one of those stocks.
Stream #48: “Almost $150K in profits out of the gate! CRAZY open today! Jan 14, 2020”
Swing Trading Wisdom:
I traded well today, I didn’t really deviate from my plan or methodology in any way, that’s the most important thing. I’ve had days where I miss my main watches because there are so many things on my watchlist and I start focussing on the second-tier stuff, so I miss the first-tier stuff. That’s happened to me so many times so that’s why I said 90% of my attention is gonna be on BYND 0.00%↑ and TSLA 0.00%↑ today because I need to focus. You just need to focus especially on days like these with so many potential setups setting up.
Parabolic Short Setup:
Referring to BYND 0.00%↑: BYND keeps going higher that’s good, the higher it goes the better the short will be. BYND is approaching this $139 area, which was a big support area for the stock last year and could be a major resistance area for the stock.
Shorted 7,000 shares. Let’s see if it can have any kind of downside. So what I’m seeing is BYND is starting to break this 5min candle low; it’s really the first sign of weakness. I anticipated it but now it’s taken out the previous 5min candle to the downside, holding up so far but that’s really the first sign of weakness. I kinda had to get in there. I’ll short more if it sets up later, quite a big risk on it.
Stream #49: “Markets just keep grinding higher. Jan 15, 2020”
Overbought Markets:
This is not a market to be aggressive on the long side right now. Every indicator is overbought, put/call ratios, and the number of stocks over the 200-day Moving Average. Everything is very overbought, but I think certain stocks could work, you have to be very selective though, especially microcap names which are usually the ones that run last, when everyone has missed the rally they want to buy into these pump stocks.
Breakout Setups:
Referring to FCEL 0.00%↑: FCEL is not going away, so tight flagging so nicely here. It looks so good, just coming out of this range, tempted to add more.
Stream #50: “TSLA 0.00%↑ trades like a smallcap pump. UNLIMITED liquidity to trade around in it. Jan 16, 2020”
Market Sentiment:
We’re in a market (2020) where it’s almost impossible to lose money, I’ve only seen these types of markets maybe 3 to 4 times since I started trading in 2011.
General Wisdom:
You’ll get there, you’ll get to your first million, you’ll get there trust me. And after you get your first million, the second million will be easy, trust me on that one, as long as you don’t f*ck it up, it all depends on you. Just focus on price action, focus on what the market is doing, what the market is trying to tell you.
-F4VS
Index:
Stream 46 - 50 [Jan 2020] - Notes