Weed stocks are ripping right now and have been climbing for a few weeks now…
Traders are excited about the news that “U.S. health officials want to loosen marijuana restrictions.”
There’s also more recent news that the Senate Banking Committee Chairman wants a bill that includes the Secure and Fair Enforcement (SAFE) Banking Act to be a top priority this fall.
You might’ve thought you were late to the party yesterday…
The stock had already had big moves since the initial news.
And I wasn’t around yesterday morning to give traders my thoughts and plans in my morning webinar or Pre-Market Prep. My hotel Wi-Fi was too horrible to go live…
And because I’m biased and don’t like weed stocks, I didn’t include any on my weekly watchlist or make one of them my number-one watch yesterday…
So if you wanted to trade them and take advantage of the momentum, you were on your own.
Or were you…?
Don’t Trade Alone
If you have the right trading tools, it doesn’t have to feel like you’re flying blind trying to navigate the market alone.
And tech tools can be even more valuable and reliable than any friend or mentor…
Because technology isn’t biased … It doesn’t get emotional. And it’s not fickle.
It just bases its picks and numbers on data.
Oracle is one of those technologies…
It’s not biased against weed stocks — it had all the big players on its watchlist yesterday morning … Tilray Brands, Inc. (NASDAQ: TLRY), Aurora Cannabis Inc. (NASDAQ: ACB), and Canopy Growth Corporation (NASDAQ: CGC).
And it doesn’t give you stocks and entries because it loves the news, the sector, or the hype on social media…
It picks the top stocks daily based on Fibonacci retracement levels, VWAP, volume profile, and other factors to determine whether a stock’s bullish or bearish.
Then it gives you price levels that can signal a trade — long or short.
So until we can trade completely emotionless and without bias like a computer (probably not going to happen) — use Oracle.
Oracle’s long signal for CGC was $1.12.
Its long signal for ACB was 62 cents.
And Oracle’s long signal for TLRY was $3.28.
It gives traders entry signals right near the market open.
And from those signals, all three stocks had nice percentage gains…
CGC hit a high of $1.57 yesterday for a 41% move from Oracle’s signal.
CGC chart: 1-day, 2-minute candle — courtesy of StocksToTrade.com
ACB hit a high of 94 cents for a 51% move from Oracle’s signal…
ACB chart: 1-day, 2-minute candle — courtesy of StocksToTrade.com
And TLRY was the least volatile of the group with a 2% move from Oracle’s signal.
TLRY chart: 1-day, 2-minute candle — courtesy of StocksToTrade.com
And while getting entries for your trade ideas is helpful, you still need to make the rest of your trading plan including a risk level and a goal.
Oracle can help you with those too…
Look at the charts how closely the stocks followed Oracle’s support and resistance levels.
You can use those levels as entry, your risk level, or your goal for your trades.
Our Oracle support and resistance indicator comes standard on StocksToTrade. So you can start using it as soon as today.
But if you want the full Oracle algorithm working for you — attend one of our live training webinars to see it in action and learn how to get it working for you.
Have a great day everyone. See you back here tomorrow.
Tim Bohen
Lead Trainer, StocksToTrade