Hey 5-Star Trader,
“Tuesday Trade” Journal: One of the most important concepts in trading is to review your work, and learn from the good and the bad. Identifying what is working is critical — to do more of it. So, to lead by example, each Tuesday, you’ll get a trade from my trading journal, in which I explain my thought process from start to finish. Trading is all about finding something that works and applying it over and over again. That’s how you find trading success. So study up on this “Tuesday Trade” and let’s get to work.
For this week’s “Tuesday Trade,” I want to outline my trade in Upstart Holdings Inc. (NASDAQ: UPST).
Upstart is a consumer lending company that hit the market as a new initial public offering (IPO) last December. With a little less than a year under its belt, the company took shares from a beginning price of $20 per share to over $300 at one point! For that reason, I always like to check on this ticker when earnings season begins.
Upstart is set to report its earnings on November 9 so I began my research by running it through the *Hot Zone, pictured below.
Note: The Hot Zone is a tool that I created to add overlays and time frames that give a trader a visual plus statistical backing for trades. This is the first step for my “run into earnings” setups.
Image Sourced from Pixabay
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