David Green was back live trading on Benzinga TV on Monday morning. Here's a recap of what he traded and discussed.
Big Winners Of The Day
Green's best trade on Monday was Moderna Inc MRNA, which he traded several times. He first put in a buy order at $308 when MRNA shares dropped $3 right off the open. Green was looking for the stock to bounce off what he calls a "far from moving average trade."
"MRNA did this last Friday. It was down like 30 points and then had a 20 point rally at some point," he said.
Sure enough, Moderna shares soon bounced up to $312 within five minutes, prompting Green to sell out.
The "far from moving average trade" involves waiting until a stock gets $1.50-$2.00 below its closest moving average. From there, Green will look at the Relative Strength Index. If relative strength is going down, Green will enter a market order to buy upon seeing the first green candle on the 1-minute chart, with a stop loss at the low of that candle.
"When a stock is far from its closest moving average and relative strength is going down, then you will get a bounce," he said.
Other Stocks Discussed On The Show
In addition to Green also discussed or made trades in Upstart Holdings Inc UPST, Casava Sciences Inc SAVA, BioNTech BNTX, Novavax, Inc NVAX, and Facebook Inc FB. Green said he liked SAVA for a short if it got up to $62.44. The stock never saw that on Monday morning, but got as low as $57.28. On Facebook, Green made another "far from moving average trade with an order at $332.50 and a stop loss at $331.50.
Green mostly executes quick day trades, both on the long and short side. When a stock hits one of his pivot points he initiates a buy order with a tight stop loss.
Watch the full episode in the clip below, or click here to watch.
About The Show:
Benzinga’s Wall Street Global Trading Academy follows Wall Street Veteran David Green as he live trades at the market open breaks down what he is trading today. The show streams live Monday-Wednesday at 9:25 am ET on Benzinga's Youtube, Twitter, and Twitch.
About The Host
David Green is a 30-year veteran of Wall Street, including 13 years as a specialist on the floor of the New York Stock Exchange. Since retiring from the floor, Green spends his time helping retail traders. Green built a full-fledged trading course, Wallstreet Global Trading Academy, with fellow floor trader Peter Tuchman. To learn more about the course, click here or follow it on Facebook.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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