It's finally Friday. What's the best way to spot that great overnight trade that's gonna help grow your account? Tim Bohen, lead trainer of StocksToTrade, is here to talk about Friday afternoon strategies.
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Friday afternoons are one of the best times to trade, especially as a new or part-time trader. So why is Friday significant? There are a few reasons.
Number one, you quite often see what's called the Friday short squeeze. Short sellers are heavy in these momentum stocks, these big runners… and short sellers do not want to stay short over the weekend. It's very dangerous. Most of the time, these stocks that have spiked up and held throughout the week - especially if they're pushing those highs - short sellers want out! They want out because they don't want that weekend risk. They don't want to worry about what's coming Monday morning.
Companies really like to time their press releases, announcements, and contract wins. They like to release that news on Monday morning when everybody's back for the new week, everybody's rested and ready to buy some stocks. That's why shorts don't want stay in. They know that a stock's been holding up all week and there's a good chance there's a follow up press release or news coming out Monday morning.
So look for those heavily shorted stocks, positive price action, particularly the low float stocks with news.
The next one you want to look at is what you would call an OTC gapper. This is a chart pattern. It’s a stock that is at a multi-month, multi-week, or maybe even multi-year high on growing volume. And then, it's breaking that key level, that new level, that brings in new buyers. People are all starting to crowd in on Friday afternoon. This particularly works with the OTC stock.
Look for those OTC stocks making those multi-month, multi-year breakouts. They tend to gap up on Monday as well.
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*Tim Bohen teaches skills others have used to make money. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed may be exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
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