{"id":13052,"date":"2011-07-08T19:46:41","date_gmt":"2011-07-08T23:46:41","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=13052"},"modified":"2011-07-12T15:17:45","modified_gmt":"2011-07-12T19:17:45","slug":"if-its-in-play-you-will-get-another-chance","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/if-its-in-play-you-will-get-another-chance","title":{"rendered":"If It&#8217;s In Play You Will Get Another Chance"},"content":{"rendered":"<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/opening-range-july-8th-2011.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-13054\" title=\"opening range july 8th 2011\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/opening-range-july-8th-2011.png\" alt=\"\" width=\"97\" height=\"346\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/opening-range-july-8th-2011.png 135w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/opening-range-july-8th-2011-84x300.png 84w\" sizes=\"auto, (max-width: 97px) 100vw, 97px\" \/><\/a>As the market opened I made a couple of trades in the SPY. Both shorts. Neither worked. Then I caught a quick up move in TGT from 31 to 31.40. The stocks I was watching weren&#8217;t really doing much. So I looked to the monitor on my left, the one that has my SMB Radar lists and quickly scanned for better opportunity. Both A and AAPL caught my attention.<\/p>\n<p>A was at the top of &#8220;Opening Range&#8221; and AAPL was at the top of &#8220;Strong Today&#8221;. It was around 9:50 and neither stock offered me an entry that I was comfortable with so I just watched. Watching and waiting is mainly what traders do. A was down about 3 points so I wanted to give it a chance to retrace before getting short.<\/p>\n<p>When A popped about 40 cents I initiated a small short position. It then quickly ran another 30 cents and I was stopped out. But two minutes later an economic number was released and a large seller appeared at 49.98. I re-shorted. This is important. I didn&#8217;t give up on the stock despite the fact that I took a large rip. I wasn&#8217;t making a specific technical play where I might only have one chance to be right. I was in a stock that had unusual order flow and most likely there would be several chances to make money. It went down and I made back my losses and then some. (A chart below here shows my executions)<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/a-july-8th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-13060\" title=\"a july 8th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/a-july-8th-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/a-july-8th-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/a-july-8th.png 1000w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Let&#8217;s discuss AAPL. I rarely trade it any longer. Just because a stock has a high ATR doesn&#8217;t mean there is a lot of good opportunity. \u00a0AAPL is the HFT king and rarely is a good stock to trade intraday. But its trading activity was unusual today. Big players wanted in. It was atop the &#8220;Strong Today&#8221; on the Radar. By the way today&#8217;s move in AAPL foreshadows a move to 400 very soon. And if you are having trouble getting your head around that idea stay tuned for a future post on how to view higher priced stocks and their moves.<\/p>\n<p>AAPL topped out after running about 7 points. I bought into a 2.5 point pullback. It was an experience trade. What I mean is there was no clearly established support area for protection. My goal was to pick it up 25 cents lower around the prior day&#8217;s closing price but some buyers slowed its descent and I didn&#8217;t want to risk missing the quick two point reversal. So I through in my bid at 357.47 and got hit. I don&#8217;t think I was ever more than a few cents out of the money. But when AAPL couldn&#8217;t hold above 357.70 I sold. Two minute later it was 1.5 points higher. Oops! Of course I was off the desk for the rest of the day except during StockTwits show where it was being accumulated exactly where I bought it on the Open. If you are a pro trader and you were watching AAPL today you should be ashamed if you didn&#8217;t buy some in the afternoon at 357.50. You were rewarded with a 2+ point move into the close on a trade that offered 20 cents of risk.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/aapl-july-8th.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-13068 aligncenter\" title=\"aapl july 8th\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/aapl-july-8th.png\" alt=\"\" width=\"461\" height=\"323\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/aapl-july-8th.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/aapl-july-8th-300x210.png 300w\" sizes=\"auto, (max-width: 461px) 100vw, 461px\" \/><\/a><\/p>\n<p style=\"text-align: center;\">\n<p><a href=\"http:\/\/twitter.com\/sspencer_smb\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><br \/>\nMike Bellafiore<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the market opened I made a couple of trades in the SPY. Both shorts. Neither worked. Then I caught a quick up move in TGT from 31 to 31.40. The stocks I was watching weren&#8217;t really doing much. So I looked to the monitor on my left, the one that has my SMB Radar lists and quickly scanned for &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/if-its-in-play-you-will-get-another-chance\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[1376],"class_list":["post-13052","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-p","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>If It&#039;s In Play You Will Get Another Chance | 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\/if-its-in-play-you-will-get-another-chance\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If It&#039;s In Play You Will Get Another Chance | SMB Training\" \/>\n<meta property=\"og:description\" content=\"As the market opened I made a couple of trades in the SPY. Both shorts. Neither worked. Then I caught a quick up move in TGT from 31 to 31.40. The stocks I was watching weren&#8217;t really doing much. So I looked to the monitor on my left, the one that has my SMB Radar lists and quickly scanned for ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/if-its-in-play-you-will-get-another-chance\" \/>\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=\"2011-07-08T23:46:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2011-07-12T19:17:45+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/opening-range-july-8th-2011.png\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\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=\"sspencer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/if-its-in-play-you-will-get-another-chance#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/if-its-in-play-you-will-get-another-chance\"},\"author\":{\"name\":\"sspencer\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27\"},\"headline\":\"If It&#8217;s In Play You Will Get Another 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