Thoughts Only & Next Stock

Today I won't dive deep into anything technical other than going over some thoughts.

I monitored $NKE today briefly, and I saw that it reached a high of $66.47 when the market first opened. For a moment I thought to myself, should I have let it ride until it expired? These kind of thoughts are definitely some things I want to start abandoning for different reasons:

• I already observed a channel break-out, and I should respect that.
• Although I exited the contract 2 days before its expiration date, not much change can be expected. Sure, the loss may be reduced, but the prospect didn't seem promising.
• I don't want regrets. I think getting away from regrets will keep me safe from revenge trades and bad decisions.

I think the way I want to move is, learning from the mistakes, adjusting, and then moving on as opposed to having regrets. So, let's move on to my next target and reasoning behind it.

First, I was doomscrolling the other day and watched a video about the sleeping giant (lithium). Why lithium? Lithium is the only resource that can power the next generation of artificial intelligence. As we move along in time, we see the AI initiatives progressing, taking over mundane tasks for automation, and overall becoming more sophisticated. So, I researched some lithium companies, and the first one I'm looking at is Albemarle ($ALB).

As I mentioned in some of the previous post and my rules, I will be looking at the volume and the 3 month, 1 month, and 5 day chart to identify the channel. So let's start with 5 days:

We can see that for the last 5 days, a channel is most definitely defined. Our support sitting at ~$162.50 and the resistance ~$178. Now that's a significant jump, and if we look at the volume for January 21, we see a high volume in buyers, which supports the jump from $178 to $188 today in 2 days.

Let's visit the one month:

The channel has remained the same for a month. If we look at the beginning of January, the $162 was the original resistance until we see a breakout occur around January 12. I think this is a solid stock, we also see the trading volume around January 8, which supports the jump in price to the resistance.

Let's zoom out to 3 months:

I think this is pretty telling. I zoomed out as much as the platform would allow me, I can see the price has gone up exponentially and I don't wanna waste too much time.

What am I gonna do now?

• Following my rules, I've looked at the 3 months, 1 month, and 5 days. And I am SOLD. BUT, I will monitor it tomorrow before placing a contract, so that I can see if it closes within the channel, maybe ~$178 becomes the new support.
• I will also buy shares from my Charles Schwab, these are for long term and not just trading.
• I feel 80% confident that the $ALB will close out higher than $178 tomorrow Friday, and when this happens, I'm opening more than one contract.

I'm excited. This is a gut feeling, and while everything in me is telling me to just go for it, I need to stick to my rules and monitor it for one more day. PATIENCE. I need to be patient for one whole day and then the weekend. It's true what they say, once you get into the stock market, the weekend seems long, you want it to be over, and more importantly, YOU HAVE TO BE PATIENT.

Let's see what happens tomorrow!