Hey traders, it’s Bryce here.
Every Friday, traders in our community are watching for a very specific setup.
Let this be the only trade you focus on right now!
All it takes is one good trade a week …
Plus, there’s no need to complicate things as we approach Friday.
The incoming weekend inspires a certain price action that can manifest on the market’s hottest stocks. Watch the video below for more details:
Last week we saw a stock follow this pattern perfectly.
I’ll share that example with you today …Â
You don’t need to trade all day every day. Sometimes the simplest approaches are the best!
Friday Trade Example
Last week our trading mentor, Tim Sykes executed this trade perfectly.
The goal is to find a strong spiker on Friday that’s consolidating into the close.
A trader buys shares before the market closes. Then ideally they sell into the spike on Monday morning.
Here’s Sykes’ trade notes from last weekend’s trade …Â
Source: Profit.ly
You can see the price action on the chart below, every candle represents one trading minute:
MRIN chart multi-day, 1-minute candles Source: StockToTrade
You can also see that Sykes is trading with several thousand dollars for his position size.
Don’t feel pressured to trade with a lot of money at first.
The most important thing is understanding the process. A trader can scale up their position size as they gain consistency.
Plus, MRIN didn’t even spike above $3 … You could have traded this stock with $10 in your account.
Study the price action in the chart above and compare it to the price action that Sykes outlines in the video below:
It’s Thursday today … Which means you’ve got A TON of time to prepare for Friday’s biggest trade opportunity.
Keep it simple and focus on a single setup this week.
Cheers,
Bryce Tuohey
*Past performance does not indicate future results