{"id":29610,"date":"2013-07-31T23:06:38","date_gmt":"2013-08-01T03:06:38","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=29610"},"modified":"2023-04-25T17:36:23","modified_gmt":"2023-04-25T21:36:23","slug":"the-round-tripper","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-round-tripper","title":{"rendered":"The Round Tripper"},"content":{"rendered":"

It is not every day that you are able to catch a trend in both directions in a stock. FB has been a short term trader’s delight for the past five trading days. Media coverage hit a fever pitch today with FB tagging its otherwise meaningless “IPO price” of $38. The fact that it has been moving higher since last Thursday without a decent pull back and the roar from the broadcast financial media had me on high alert for a possible reversal.<\/p>\n

Technically it setup well on the Open as it strongly rejected the 38 level after trading above. I initiated a short. I was stopped out twice when it spiked above 38 two more times. As they say the third time was the charm. See the chart below for my trade trade management. From a big picture perspective FB is in a super strong uptrend and so my short trade was intended to be intra-day only. After covering I got long and caught the one point reversal and am holding overnight.<\/p>\n

As always my thoughts on how I would trade FB were discussed in our AM Meeting<\/a> and members of SMB Real Time<\/a> watched as I got short on the Open and later flipped to long in the afternoon.<\/p>\n

\"facebook<\/a><\/p>\n

\"\"<\/a><\/p>\n

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

Mr. Spencer is currently long FB<\/p>\n","protected":false},"excerpt":{"rendered":"

It is not every day that you are able to catch a trend in both directions in a stock. FB has been a short term trader’s delight for the past five trading days. Media coverage hit a fever pitch today with FB tagging its otherwise meaningless “IPO price” of $38. The fact that it has been moving higher since last … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":29611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[3269,1193],"class_list":["post-29610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-day-trading-facebook","tag-trader-education"],"yoast_head":"\nThe Round Tripper | 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-round-tripper\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Round Tripper | SMB Training\" \/>\n<meta property=\"og:description\" content=\"It is not every day that you are able to catch a trend in both directions in a stock. 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