{"id":12989,"date":"2011-07-07T15:48:26","date_gmt":"2011-07-07T19:48:26","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=12989"},"modified":"2011-07-12T15:13:08","modified_gmt":"2011-07-12T19:13:08","slug":"the-thoughts-of-a-professional-trader-ovti","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-ovti","title":{"rendered":"The Thoughts of a Professional Trader (OVTI)"},"content":{"rendered":"<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/OVTI1min.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-13005\" title=\"OVTI1min\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/OVTI1min-e1310068035458.png\" alt=\"\" width=\"600\" height=\"300\" \/><\/a><\/p>\n<p>Here are my thoughts trading OVTI on the Open 7\/6\/2001.<\/p>\n<p>1. Opening Drive Play. \u00a0OVTI gaps down with fresh news. \u00a0During our SMB AM Meeting Steve mentioned OVTI starting to move that he found from the SMB Scanner. \u00a0This is a very cool new tool which we built for our desk that shows the stocks we want to consider\u00a0before the Open. \u00a0It shrinks your preparation time considerably.<\/p>\n<p>We have a stock gapping down and then there is the above\/below around the 32 level on the Open. \u00a0Finally 32 holds the offer and the sellers appear in control. \u00a0SHORT. \u00a0Short and play for the downside momentum. \u00a0Do the best you can holding on but lighten up when the downside momentum wanes. \u00a0Remember on the Open we play the momentum and do not play for a swing trade on most\u00a0occasions. \u00a0Stocks do not trend in the first 15 minutes of the day. \u00a0They move. \u00a0But they do not trend.<\/p>\n<p>2. Breaking News Play. \u00a0From our Squawk we hear news about an analyst defending OVTI. \u00a0There was too much buying on the bid at 25c and 20c. \u00a0Now the news. \u00a0I am lightening up to 1\/3 of a core and watching to see the reaction to the breaking chirp. \u00a0OVTI spikes. \u00a0Short 80c, short some more 90c into the intraday resistance of 32. \u00a0Stopped out 32.01, 32.06, 32.11. \u00a0Good trade here. \u00a0 When a stock crumbles from a level and returns to that level quickly we short and play for the move back towards the low and perhaps even lower. \u00a0This is an excellent technical trade.<\/p>\n<p>3. Unusual Hold on the Bid. \u00a0After the spike above 32, will OVTI hold at these higher levels? \u00a0Did I just short too early and now OVTI will fail above the 32 after stopping out the smart shorts just below 32? \u00a0What the heck is the buyer doing at 32? \u00a0He will not drop. \u00a0He is tested hard and the buyer(s) will not drop one penny. \u00a0In this day of all things algos a buyer at the same price and repeating may foreshadow a large buy order to follow. \u00a0Why wouldn&#8217;t he just drop and go buy OVTI lower?<\/p>\n<p>Buy, buy as much as you can and responsibly exit if the level does not hold, and hold. \u00a0This is a Trade2Hold. \u00a0Do not sell at 32.30 when there is some intraday resistance on the offer. \u00a0Let OVTI breathe. \u00a0Play for the real move. \u00a0Play for the bigger move. \u00a0Sell when there is a Reason2Sell.<\/p>\n<p><a href=\"http:\/\/twitter.com\/smbcapital\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><br \/>\nMike Bellafiore<\/p>\n<p>Author, <a href=\"http:\/\/www.amazon.com\/gp\/product\/0470529407\/ref=s9_simh_gw_p14_d9_i1?pf_rd_m=ATVPDKIKX0DER&amp;pf_rd_s=center-3&amp;pf_rd_r=0G3M8FV6Y2NVJTXQHJHF&amp;pf_rd_t=101&amp;pf_rd_p=470938811&amp;pf_rd_i=507846\">One Good Trade<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are my thoughts trading OVTI on the Open 7\/6\/2001. 1. Opening Drive Play. \u00a0OVTI gaps down with fresh news. \u00a0During our SMB AM Meeting Steve mentioned OVTI starting to move that he found from the SMB Scanner. \u00a0This is a very cool new tool which we built for our desk that shows the stocks we want to consider\u00a0before the &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-ovti\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[1854,1193,653,1354,1349,1855],"class_list":["post-12989","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-ovti","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","tag-trading-play","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Thoughts of a Professional Trader (OVTI) | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-ovti\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Thoughts of a Professional Trader (OVTI) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Here are my thoughts trading OVTI on the Open 7\/6\/2001. 1. Opening Drive Play. \u00a0OVTI gaps down with fresh news. \u00a0During our SMB AM Meeting Steve mentioned OVTI starting to move that he found from the SMB Scanner. \u00a0This is a very cool new tool which we built for our desk that shows the stocks we want to consider\u00a0before the ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-ovti\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2011-07-07T19:48:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2011-07-12T19:13:08+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/OVTI1min-e1310068035458.png\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-ovti#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-ovti\"},\"author\":{\"name\":\"Bella\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/80500a901d0e5ce0a27fa996bb1b9161\"},\"headline\":\"The Thoughts of a Professional Trader 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