{"id":24883,"date":"2013-03-06T23:57:31","date_gmt":"2013-03-07T04:57:31","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=24883"},"modified":"2023-05-23T16:41:39","modified_gmt":"2023-05-23T20:41:39","slug":"a-trade-idea-clf","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/a-trade-idea-clf","title":{"rendered":"A Trade Idea: $CLF"},"content":{"rendered":"<p>I look at the weekly and monthly charts in CLF and it looks like death! Maybe another 40% of downside. But as a lower time frame trader I see a long set up. I <a href=\"http:\/\/stocktwits.com\/sspencer_smb\/message\/12419459\">tweeted<\/a> earlier today that CLF looked to be bottoming as it was being supported at 24.50. That was a good spot to initiate a small position.<\/p>\n<p>I like the idea of picking some up there tomorrow if the price area is tested again with a stop around 24.35. If it trades above 24.75 and consolidates above that price for 25+ minutes I think it is time to put on a full position and look for a move to the Target Zone highlighted in the chart below.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/clf-bottoming.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-24884\" title=\"clf bottoming\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/clf-bottoming.png\" alt=\"\" width=\"480\" height=\"336\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/clf-bottoming.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/clf-bottoming-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/clf-bottoming-250x175.png 250w\" sizes=\"auto, (max-width: 480px) 100vw, 480px\" \/><\/a><\/p>\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><\/p>\n<p>Steven Spencer is the co-founder of SMB Capital and SMB University and has traded professionally for 16 years. His email is sspencer@smbcap.com.<\/p>\n<p>No relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I look at the weekly and monthly charts in CLF and it looks like death! Maybe another 40% of downside. But as a lower time frame trader I see a long set up. I tweeted earlier today that CLF looked to be bottoming as it was being supported at 24.50. That was a good spot to initiate a small position. &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/a-trade-idea-clf\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":24884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,453],"tags":[4676,2555],"class_list":["post-24883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-steven_spencer_steves_blogs","category-trading_ideas","tag-day-trading","tag-trading-mentor-trading-education"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Trade Idea: $CLF | 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\/a-trade-idea-clf\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Trade Idea: $CLF | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I look at the weekly and monthly charts in CLF and it looks like death! Maybe another 40% of downside. But as a lower time frame trader I see a long set up. I tweeted earlier today that CLF looked to be bottoming as it was being supported at 24.50. That was a good spot to initiate a small position. ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/a-trade-idea-clf\" \/>\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=\"2013-03-07T04:57:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-23T20:41:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/clf-bottoming.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/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 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