Market Analysis for Aug 10th, 2021


Friendly reminder, enjoy some more actionable and timely setups 👇 

AMD -  this is a good spot to add back partial longs given the R/R 

If you recall, whatever sizing we took profits at last week's high of $118-119 when it reached our target. Last scale was +35% on partial.

Now, $105. Likely dead wrong if goes below $98 so manage your size properly.

ADSK - scale out more profits here at $329-330, rubber band getting a little stretched so being careful in case it quickly backtests into daily 20EMA 316-320. Personally, holding 50% longs left. Initially shared in this room at $296 on July 20th. Now, 330.  +11% on last partial

Context: https://www.elliottwavetrader.net/trading-room/thread/7115285

TSLA - still holding most of my Aug +Sept call spreads left, risk has already been financed out since the Aug 4 scale out at 100+%. Know your sizing/risk factors here.

Aug 4 context on partial exits +adjusting risk: https://www.elliottwavetrader.net/trading-room/thread/7146026

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.