{"id":1645,"date":"2009-08-03T17:39:30","date_gmt":"2009-08-03T22:39:30","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1645"},"modified":"2009-08-03T17:39:30","modified_gmt":"2009-08-03T22:39:30","slug":"repeating-patterns-to-exploit","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/repeating-patterns-to-exploit","title":{"rendered":"Repeating Patterns to Exploit"},"content":{"rendered":"

One of our new traders in the June class asked me about what I review when I watch my trading video. \u00a0The short answer: patterns that offer clean trades<\/a> where I can be aggressive. \u00a0 When I review my work and I see patterns that offer these clean trades I brand that opportunity in my head. \u00a0 Let’s take a look at just the first hour of SVNT and discuss such plays.<\/p>\n

Here was the news:<\/p>\n

03-Aug-09 01:29 ET – Savient Pharma receives complete response letter from FDA for KRYSTEXXA; FDA can not at this time approve the co’s BLA for KRYSTEXXA (pegloticase) as a treatment for chronic gout in patients refractory (15.59 )<\/p>\n

Patterns I like:<\/p>\n

1) There was a battle at 10.65 after SVNT gapped down. \u00a0It was difficult to tell if there was more to buy or sell at 10.65. \u00a0But then SVNT failed at 10.65 and ticked into the mid 50’s. \u00a0I like this trade. \u00a0I like this trade a lot. \u00a0This is a short for me.<\/p>\n

2) At 10.10 a seller stepped down and repeated on the offer. \u00a0SVNT had gapped down. \u00a0It had a steep downmove from 10.65 on the Open. \u00a010.20 sold aggressively on the offer into the downmove. \u00a0And now 10.10 was selling lower and more than I had anticipated. \u00a0Also there was protection at 13c, 15c, if the 10c offer lifted. \u00a0 Short Bella (this trade would not have worked).<\/p>\n

3. There was a ton of volume done at 10.10. \u00a0The most volume was done here on the Open. \u00a0The buyer seemed to win at the 10.10 level. \u00a0But then 10.20 held the offer firmly. \u00a0Finally 10.20 lifted.<\/p>\n

GMan proclaimed,”Oh it’s on. \u00a0I am long SVNT.”<\/p>\n

I love this long. \u00a010 was premarket support. \u00a0The 10.10 buyers won. \u00a0And now the 10.20 buyers overwhelmed the 10.20 sellers. \u00a0The stock had gapped down. \u00a0The first move down was steep. \u00a0SVNT had potential for significant upside. \u00a0Bella long. \u00a0And I am not selling until there is a reason to sell.<\/p>\n

So when I review my work I search for these clean trades where I can be aggressive. \u00a0These trades will work for the intraday trader. \u00a0Our win rate is at least 60 percent. \u00a0Our risk\/reward is better than 1X5.<\/p>\n

What patterns work best for you? \u00a0When you review your work brand these trades into your trading memory bank. \u00a0Feed your brain with these set ups. \u00a0The next time they reappear you will trade them even better.<\/p>\n

Best of luck with your trading. Don’t forget to follow us on Twitter!<\/a><\/p>\n

\"SVNT<\/p>\n","protected":false},"excerpt":{"rendered":"

One of our new traders in the June class asked me about what I review when I watch my trading video. \u00a0The short answer: patterns that offer clean trades where I can be aggressive. \u00a0 When I review my work and I see patterns that offer these clean trades I brand that opportunity in my head. \u00a0 Let’s take a … 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":[1,10],"tags":[30,18,301],"class_list":["post-1645","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-mike-bellafiore-bellas-blogs","tag-prop-trading","tag-smb-capital","tag-trading-blog","no-post-thumbnail"],"yoast_head":"\nRepeating Patterns to Exploit | 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\/repeating-patterns-to-exploit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Repeating Patterns to Exploit | SMB Training\" \/>\n<meta property=\"og:description\" content=\"One of our new traders in the June class asked me about what I review when I watch my trading video. \u00a0The short answer: patterns that offer clean trades where I can be aggressive. \u00a0 When I review my work and I see patterns that offer these clean trades I brand that opportunity in my head. \u00a0 Let’s take a ... 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