Millionaire Trader Reveals Top Trade Idea Each Week

RagingBull.com CEO, Jeff Bishop, shares his top pick for the week each Monday, straight to your inbox.

“My strategy aims to help you pull one winner out of the market each week, regardless of market conditions!” – Jeff Bishop

Trading ahead of a Fed announcement is a fool’s game. I learned that lesson years ago. That’s why I kept trading light this week.

Ironically, there were several juicy setups ready to be traded. And believe it or not, I have three trade ideas I really like going into the next week.

One of them, I’m already in. And two, that are really getting close for me to pull the trigger.

You see, on Monday  Weekly Money Multiplier subscribers were looped in when I flagged a beautiful setup in ROKU.  

And if you’ve read my newsletters long enough, you won’t be surprised that ROKU happens to be one of my picks.

When you know a stock like the back of your hand, it becomes easier to pick quick winners like this.

A small but effective Weekly Money Multiplier trade during Fed week!

But that’s not the only thing I believe has some room to run. In fact, I’m eyeing two right now that could set up to be monster winners.

Fortinet (FTNT)

This isn’t a stock that I’ve played all too often. Shame on me for ignoring it. FTNT falls right into the sweet spot of stocks that I like to play.

My TPS setups work best with momentum play stocks. These tend to trade similarly to the QQQ, which is why I use that index as my market barometer. I want stocks with enough volume that they get good option activity…roughly over 400,000 shares traded per day.

I absolutely need reasonable spreads on the options. Trying to trade an option with a bid-ask spread that you could fly a 747 won’t work. It doesn’t have to be as tight as SPY options, but something reasonable.

Monday, I scanned through stocks for the Weekly Money Multiplier members. While I didn’t get much, this stock popped off the chart. It’s a fantastic TPS setup on the 195-minute chart.

FTNT 195-minute chart

As a reminder, my TPS setups work with three elements: trends, patterns, and squeezes.

FTNT clearly displayed a nice, strong uptrend that rolled into a sideways consolidation. That consolidation formed a lovely triangle pattern. You can see the upper trendline that connects the tops of the candles, and the one connecting the bottoms of the candles coming together.

The last element – my squeeze. I use an indicator built into my platform. It shows red dots when the squeeze is underway, green when it releases. The squeeze happens when the Bollinger Band indicator trades inside the Keltner Channel indicator.

I’m actually already in this trade, and I expect there will be time to add to the position this week.

Roku (ROKU)

I’m not 100% sure, but I believe I’ve traded ROKU at least once a week since the beginning of September. Learning one stock intimately gives you an edge that others can’t replicate. That doesn’t mean you need to watch it intraday. Rather, just review it every day.

ROKU swung around a lot, finishing last week near the lows. However, it’s at a critical juncture.

ROKU daily chart

Price came back down to the previous swing low, which also coincides with the midway retracement between the swing points. That provides a great spot to play against for a quick trade.

While I think it could take a rocket ride higher, it could break down if we get a selloff in the market. That’s why I prefer to work with put spreads on this trade to limit my risk. I’d go with a shorter time-frame and pay myself at a partial profit.

You can learn more about spread trades in this free article from Jason Bond.

Burlington Coat Factory (BURL)

Here’s another great TPS setup to start your week with. I’ve been in and out of this trade a few times in the last week or two. The stock will certainly test your patience.

Take a look at the 195-minute chart here.

BURL 195-minute chart

Look back at the previous run. Then notice all the little squeezes (red dots) that faked me out. The last one finally pushed the stock up into its next run.

There is still a lot of positive momentum in BURL. The problem is this stock can take a while to play out finally. That makes option trading a bit tricky since option buyers lose money over time.

But, this is one that I want to scale into and time my entries. Other retailers continue to perform exceptionally poorly. If they start to get a boost, that could really light a fire under BURL.

Get the actual prices I play these trades

Weekly Money Multiplier Members get alerts with all the prices and ways I plan to play these charts in real-time. You can still get in on the action before the opening bell.

Click here to join Weekly Money Multiplier.

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