{"id":25423,"date":"2013-03-20T23:37:17","date_gmt":"2013-03-21T03:37:17","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=25423"},"modified":"2023-04-25T17:51:25","modified_gmt":"2023-04-25T21:51:25","slug":"i-am-a-simpleton","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/i-am-a-simpleton","title":{"rendered":"I am a Simpleton"},"content":{"rendered":"<p><strong>AM Meeting Synopsis<\/strong>: FDX is gapping lower on reduced guidance. Looks like it is going to open around 82.50, which is longer term support. Look to trade short below that level but if supports there look to trade long above 103.<\/p>\n<p><strong>The Open:<\/strong> FDX opens just below 102.50 so initiate a short. Maintain the position until the downtrend is broken.<\/p>\n<p><strong>Conversation with experienced trader<\/strong>: &#8220;Why are you long FDX?&#8221; &#8220;It always bounces after a gap down.&#8221; &#8220;Really? You keep statistics on that?&#8221; &#8220;No. Just from experience.&#8221;<\/p>\n<p><strong>The Close:<\/strong> FDX finishes at LOD<\/p>\n<p><strong>Moral of Story? <\/strong>You decide.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/fdx-gaps-below-support.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-25424\" title=\"fdx gaps below support\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/fdx-gaps-below-support.png\" alt=\"\" width=\"540\" height=\"378\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/fdx-gaps-below-support.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/fdx-gaps-below-support-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/fdx-gaps-below-support-250x175.png 250w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/a><br \/>\n<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 17 years. His email is sspencer@smbcap.com.<\/p>\n<p>For this and other brilliant trading ideas please sign up for a trial to the <a href=\"https:\/\/www.smbtraining.com\/blog\/trader-90-trader-365\">AM Meeting<\/a>.<\/p>\n<p>No relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AM Meeting Synopsis: FDX is gapping lower on reduced guidance. Looks like it is going to open around 82.50, which is longer term support. Look to trade short below that level but if supports there look to trade long above 103. The Open: FDX opens just below 102.50 so initiate a short. Maintain the position until the downtrend is broken. &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/i-am-a-simpleton\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":25424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[2820,63],"class_list":["post-25423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-simpleton","tag-trading-patterns"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>I am a Simpleton | 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\/i-am-a-simpleton\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I am a Simpleton | SMB Training\" \/>\n<meta property=\"og:description\" content=\"AM Meeting Synopsis: FDX is gapping lower on reduced guidance. Looks like it is going to open around 82.50, which is longer term support. Look to trade short below that level but if supports there look to trade long above 103. The Open: FDX opens just below 102.50 so initiate a short. Maintain the position until the downtrend is broken. ... 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