Hey there, fellow market enthusiasts, it's Meta Matt here again! It's time to put on our financial detective hats and dive into the intriguing world of trading. Our guide for this adventure is none other than Jay, who's lined up some directional plays that could shape the third week of August in the QQQ-sector, tech, and crypto realm. So, let's break down Jay's master plan and get ready to ride these waves! Let's break down Jay's analysis of the week!!
Tesla (TSLA) - The Waiting Game
First up on Jay's radar is the electric giant, Tesla (TSLA). It seems TSLA has come knocking on the door of a significant level at $217.65. But here's the catch – it hasn't quite made itself at home yet with a 4-hour candle closure above this level. So, no trade signals are flashing just yet.
Jay's looking at two potential paths to the downside, grounded in weekly fair value:
- $195.12
- $181.95
How to Play the Tesla Game? The entry strategy is the same for both levels:
- Wait for a drop below your chosen price (listed above).
- The moment you spot the first 4-hour candle closing back above that support, that's your green light for a long position.
- Your safety net? Place your stop order just below the lowest point made below the support, right before that comforting 4-hour candle close above it.
- Target? Jay's eyeing a juicy 2-to-1 and 4-to-1 risk-reward ratio. Sweet!
AMD - Reaching for the Stars
Next, we have Advanced Micro Devices, Inc. (AMD). This tech giant recently kissed the previous yearly high at $102.43. And guess what? It was a move predicted by none other than Jay himself in the blue chips channel in our discord a month ago. Talk about foresight!
Jay's already long on AMD (from the discord). His criteria? Simple:
- Keep your guard up slightly below today's low, marked at $101.35.
What's the AMD Target? Jay's looking for a promising pit stop at $113-114, and then he'll reassess. This is the journey of a patient trader who knows when to ride the wave and when to hit the brakes. Keep checking our blog for his next update on this one!
META - Playing the Bollinger Bands
Our next stop is META, and it's on a mission to catch up with the median line of the weekly Bollinger Bands. Jay dropped this hint in his last week's thesis, and it's unfolding just as he foresaw.
Going Long on META:
- Entry Point: $268.75
- Safety Net (Stop): $262.75
- Target: At least $280 once again.
META's moving up in the world, and Jay's ready to ride the ascent. Keep an eye on those Bollinger Bands, folks!
BTBT - Spotting the Hidden Bull
Lastly, let's dive into Bit Digital, Inc. (BTBT). Jay's eagle eye has detected some significant hidden BULLISH divergence on the daily timeframe. What's that? It's when price makes higher lows while the RSI (Relative Strength Index) makes much lower lows. A classic sign that the bulls might be stirring.
Swinging with BTBT:
- Entry Point: Wait for the first 4-hour candle to close above $2.50, but only after it's cleared this level like a champ.
- Target: Aiming for at least $3.
- Safety Net (Stop): Place it below that low made below $2.50, but only before the 4-hour candle graciously closes back above it.
And there you have it – Jay's playbook for the third week of August. Remember, in the world of trading, patience, strategy, and adaptability are key. So, whether you're riding the Tesla wave or navigating the crypto currents with BTBT, may your trades be profitable and your strategies sound. Stay tuned for more market adventures! 🚀📈
Check out our FREE Trading Discord for more updates, as well as over 75 FREE Trading Classes!! https://discord.gg/pennybois
