{"id":50090,"date":"2020-08-31T15:01:00","date_gmt":"2020-08-31T19:01:00","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50090"},"modified":"2020-08-31T15:01:00","modified_gmt":"2020-08-31T19:01:00","slug":"how-to-use-tape-reading-to-enter-a-profitable-swing-trade","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade","title":{"rendered":"How to use Tape Reading to enter a profitable swing trade"},"content":{"rendered":"

In this video, learn how to use Tape Reading to enter a profitable swing trade. Two prop traders and Mike Bellafiore present an outstanding entry using the Level 2 (Tape Reading) for a profitable swing trade. Let\u2019s get to work on sharing these important trading lessons so you can grow your trading account.<\/p>\nView Video Transcript<\/strong><\/span>

\n
\n
\n
in this video learn how to use tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
breeding to enter a profitable swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
hi i’m mike bellafiore co-founder of smb<\/div>\n<\/div>\n<\/div>\n
\n
\n
capital and we’re a proprietary trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
firm located in midtown manhattan<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i’m also the author of trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
classic one good trade and the playbook<\/div>\n<\/div>\n<\/div>\n
\n
\n
in this video two prop traders and i<\/div>\n<\/div>\n<\/div>\n
\n
\n
present an outstanding entry<\/div>\n<\/div>\n<\/div>\n
\n
\n
using the level two tape reading for a<\/div>\n<\/div>\n<\/div>\n
\n
\n
profitable<\/div>\n<\/div>\n<\/div>\n
\n
\n
swing trade let’s get to work on sharing<\/div>\n<\/div>\n<\/div>\n
\n
\n
these important trading lessons<\/div>\n<\/div>\n<\/div>\n
\n
\n
so you can grow your trading account<\/div>\n<\/div>\n<\/div>\n
\n
\n
[Music]<\/div>\n<\/div>\n<\/div>\n
\n
\n
so this is going to be a consolidation<\/div>\n<\/div>\n<\/div>\n
\n
\n
breakout trade in big c from earlier<\/div>\n<\/div>\n<\/div>\n
\n
\n
this week<\/div>\n<\/div>\n<\/div>\n
\n
\n
this has been constantly breaking out to<\/div>\n<\/div>\n<\/div>\n
\n
\n
new all-time highs on really large<\/div>\n<\/div>\n<\/div>\n
\n
\n
volume<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it’s just really been in play the<\/div>\n<\/div>\n<\/div>\n
\n
\n
this past week as a<\/div>\n<\/div>\n<\/div>\n
\n
\n
major mover so you’ll see up here we’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
have the level two for big c<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the um five minute chart<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and this is what the one minute looks<\/div>\n<\/div>\n<\/div>\n
\n
\n
like before the trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
we should give a little bit of context<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
a bit of a mix between a breaking news<\/div>\n<\/div>\n<\/div>\n
\n
\n
play and a low flow trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
big c midday on tuesday announced that<\/div>\n<\/div>\n<\/div>\n
\n
\n
they were partnering with facebook<\/div>\n<\/div>\n<\/div>\n
\n
\n
and basically we’re going to offer them<\/div>\n<\/div>\n<\/div>\n
\n
\n
infrastructure such that<\/div>\n<\/div>\n<\/div>\n
\n
\n
anyone that was shopping on instagram<\/div>\n<\/div>\n<\/div>\n
\n
\n
could directly<\/div>\n<\/div>\n<\/div>\n
\n
\n
go through checkout on the app um<\/div>\n<\/div>\n<\/div>\n
\n
\n
so as well bixey is a recent ipo<\/div>\n<\/div>\n<\/div>\n
\n
\n
ipo at the beginning of august just<\/div>\n<\/div>\n<\/div>\n
\n
\n
under 30 million<\/div>\n<\/div>\n<\/div>\n
\n
\n
shares so it’s definitely going to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
able to put in some squeezes especially<\/div>\n<\/div>\n<\/div>\n
\n
\n
with news this significant and one more<\/div>\n<\/div>\n<\/div>\n
\n
\n
thing to recognize is all-time highs<\/div>\n<\/div>\n<\/div>\n
\n
\n
were put in<\/div>\n<\/div>\n<\/div>\n
\n
\n
on its second day at 104 so we’re going<\/div>\n<\/div>\n<\/div>\n
\n
\n
to be watching that<\/div>\n<\/div>\n<\/div>\n
\n
\n
as potential catalyst for for more<\/div>\n<\/div>\n<\/div>\n
\n
\n
squeezing this trade is a midday trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
a consolidation buy and then break out<\/div>\n<\/div>\n<\/div>\n
\n
\n
so you can see it’s about 11 45 big c<\/div>\n<\/div>\n<\/div>\n
\n
\n
had<\/div>\n<\/div>\n<\/div>\n
\n
\n
worked its way from 80 to 100 and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
we had this<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidation area you’ll see on the<\/div>\n<\/div>\n<\/div>\n
\n
\n
tape we’ll pointed out this 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
is a really big support level and<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s little support below it at like<\/div>\n<\/div>\n<\/div>\n
\n
\n
94.<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we’re really looking for a hold in<\/div>\n<\/div>\n<\/div>\n
\n
\n
this area of 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
some clear buying and hopefully a break<\/div>\n<\/div>\n<\/div>\n
\n
\n
out to the upside for new all-time highs<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i’ll start out the tape here and<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re really just going to point out for<\/div>\n<\/div>\n<\/div>\n
\n
\n
the start it’s going to be a little slow<\/div>\n<\/div>\n<\/div>\n
\n
\n
but this 95 area is going to really<\/div>\n<\/div>\n<\/div>\n
\n
\n
support<\/div>\n<\/div>\n<\/div>\n
\n
\n
and really spend some time there<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is a five minute chart now<\/div>\n<\/div>\n<\/div>\n
\n
\n
so you can just see we’re really slowing<\/div>\n<\/div>\n<\/div>\n
\n
\n
in this area<\/div>\n<\/div>\n<\/div>\n
\n
\n
so matt and i were going over this uh in<\/div>\n<\/div>\n<\/div>\n
\n
\n
real time because everyone was watching<\/div>\n<\/div>\n<\/div>\n
\n
\n
this with the breaking news<\/div>\n<\/div>\n<\/div>\n
\n
\n
and in my eyes i was watching this 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
level we both were<\/div>\n<\/div>\n<\/div>\n
\n
\n
and if you’re looking for a short<\/div>\n<\/div>\n<\/div>\n
\n
\n
squeeze trade here there are really<\/div>\n<\/div>\n<\/div>\n
\n
\n
two ways you could look to approach it<\/div>\n<\/div>\n<\/div>\n
\n
\n
at least from my playbook<\/div>\n<\/div>\n<\/div>\n
\n
\n
one being 95 holds for another five or<\/div>\n<\/div>\n<\/div>\n
\n
\n
so minutes and just buy into it and risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
a wick below there or what we see in<\/div>\n<\/div>\n<\/div>\n
\n
\n
this case is that 95 breaks<\/div>\n<\/div>\n<\/div>\n
\n
\n
and quickly re-bids and that’s even a<\/div>\n<\/div>\n<\/div>\n
\n
\n
stronger buy signal<\/div>\n<\/div>\n<\/div>\n
\n
\n
in my opinion so first of all um you<\/div>\n<\/div>\n<\/div>\n
\n
\n
can’t see it as much on the five-minute<\/div>\n<\/div>\n<\/div>\n
\n
\n
chart but our initial<\/div>\n<\/div>\n<\/div>\n
\n
\n
move up in big c had 95 as resistance<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then it then broke through made<\/div>\n<\/div>\n<\/div>\n
\n
\n
another leg higher and<\/div>\n<\/div>\n<\/div>\n
\n
\n
same idea of resistance become support<\/div>\n<\/div>\n<\/div>\n
\n
\n
95 began holding again and now we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
forming about a<\/div>\n<\/div>\n<\/div>\n
\n
\n
30ish minute wedge against 95 as a<\/div>\n<\/div>\n<\/div>\n
\n
\n
bottom<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah we’re expecting if there’s going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
be a lower high in this for continuation<\/div>\n<\/div>\n<\/div>\n
\n
\n
that this lower high would hold this 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
area as that’s where we initially broke<\/div>\n<\/div>\n<\/div>\n
\n
\n
out from<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we saw a lot of volume trying to<\/div>\n<\/div>\n<\/div>\n
\n
\n
hold it down there so if they can hold<\/div>\n<\/div>\n<\/div>\n
\n
\n
it over this level then those shorts are<\/div>\n<\/div>\n<\/div>\n
\n
\n
potentially still underwater<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we can see a squeeze higher to new<\/div>\n<\/div>\n<\/div>\n
\n
\n
all-time highs<\/div>\n<\/div>\n<\/div>\n
\n
\n
so as graham said we were looking at<\/div>\n<\/div>\n<\/div>\n
\n
\n
this and we were saying all right we<\/div>\n<\/div>\n<\/div>\n
\n
\n
know 95 is a big level<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think the most attractive way for us<\/div>\n<\/div>\n<\/div>\n
\n
\n
to get long is to see<\/div>\n<\/div>\n<\/div>\n
\n
\n
a move under 95 and a quick rebid as<\/div>\n<\/div>\n<\/div>\n
\n
\n
graham said over 95.<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s actually what we’ll see come<\/div>\n<\/div>\n<\/div>\n
\n
\n
in here in a second<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we’re race below 95.<\/div>\n<\/div>\n<\/div>\n
\n
\n
holds in this 94 area<\/div>\n<\/div>\n<\/div>\n
\n
\n
v wap’s not is still back down to like<\/div>\n<\/div>\n<\/div>\n
\n
\n
90 dollars<\/div>\n<\/div>\n<\/div>\n
\n
\n
so this is still holding high we haven’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
really seen that follow through to the<\/div>\n<\/div>\n<\/div>\n
\n
\n
downside<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it’s important to recognize that at<\/div>\n<\/div>\n<\/div>\n
\n
\n
this point in the trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s big positions short and long<\/div>\n<\/div>\n<\/div>\n
\n
\n
deciding which way this thing is going<\/div>\n<\/div>\n<\/div>\n
\n
\n
to go<\/div>\n<\/div>\n<\/div>\n
\n
\n
and 95 is the obvious level for a bunch<\/div>\n<\/div>\n<\/div>\n
\n
\n
of longs to stop out<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the fact that we don’t actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
follow through the downside after it<\/div>\n<\/div>\n<\/div>\n
\n
\n
cracks and here we rebid it<\/div>\n<\/div>\n<\/div>\n
\n
\n
it shows a real sign of strength that<\/div>\n<\/div>\n<\/div>\n
\n
\n
buyers are willing to buy this<\/div>\n<\/div>\n<\/div>\n
\n
\n
even down in 93.<\/div>\n<\/div>\n<\/div>\n
\n
\n
so if this can hold up here my ideal<\/div>\n<\/div>\n<\/div>\n
\n
\n
entry our ideal entry would be if this<\/div>\n<\/div>\n<\/div>\n
\n
\n
can consolidate<\/div>\n<\/div>\n<\/div>\n
\n
\n
up above 95 again for two or three<\/div>\n<\/div>\n<\/div>\n
\n
\n
minutes and really hammer in long<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i believe this was about near our<\/div>\n<\/div>\n<\/div>\n
\n
\n
long signal entry<\/div>\n<\/div>\n<\/div>\n
\n
\n
because we had just bid under 95 again<\/div>\n<\/div>\n<\/div>\n
\n
\n
but it was a lot shallower this time it<\/div>\n<\/div>\n<\/div>\n
\n
\n
only gets like 94<\/div>\n<\/div>\n<\/div>\n
\n
\n
60s and then it quickly pulls back up to<\/div>\n<\/div>\n<\/div>\n
\n
\n
95<\/div>\n<\/div>\n<\/div>\n
\n
\n
again really showing us people are<\/div>\n<\/div>\n<\/div>\n
\n
\n
buying this under 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
for for certain because we’ve seen this<\/div>\n<\/div>\n<\/div>\n
\n
\n
happen three times now<\/div>\n<\/div>\n<\/div>\n
\n
\n
and remember this is breaking news with<\/div>\n<\/div>\n<\/div>\n
\n
\n
facebook obviously<\/div>\n<\/div>\n<\/div>\n
\n
\n
a massively strong company especially in<\/div>\n<\/div>\n<\/div>\n
\n
\n
this market environment<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and it’s only an hour into the news<\/div>\n<\/div>\n<\/div>\n
\n
\n
breaking so this thing should certainly<\/div>\n<\/div>\n<\/div>\n
\n
\n
have some<\/div>\n<\/div>\n<\/div>\n
\n
\n
some legs forward so i want to pose a<\/div>\n<\/div>\n<\/div>\n
\n
\n
question to you guys so when it pulled<\/div>\n<\/div>\n<\/div>\n
\n
\n
into 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
did you bid in front of 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
before you saw anything on the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
before you saw the strength on the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
i did not either i waited till we saw<\/div>\n<\/div>\n<\/div>\n
\n
\n
the hold over 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
after the test below just because i knew<\/div>\n<\/div>\n<\/div>\n
\n
\n
if it starts holding below 95 and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
quickly gives out<\/div>\n<\/div>\n<\/div>\n
\n
\n
this thing could give out another two or<\/div>\n<\/div>\n<\/div>\n
\n
\n
three points right back to v-wop<\/div>\n<\/div>\n<\/div>\n
\n
\n
really giving some tough bursts to<\/div>\n<\/div>\n<\/div>\n
\n
\n
reward until<\/div>\n<\/div>\n<\/div>\n
\n
\n
what i felt like was confirmation that<\/div>\n<\/div>\n<\/div>\n
\n
\n
we can hold over 95<\/div>\n<\/div>\n<\/div>\n
\n
\n
because we tested below previously and<\/div>\n<\/div>\n<\/div>\n
\n
\n
really couldn’t break down<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and also we just squeezed up about<\/div>\n<\/div>\n<\/div>\n
\n
\n
35 percent<\/div>\n<\/div>\n<\/div>\n
\n
\n
in about 30 minutes so i’m imagining<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is going to need some time to<\/div>\n<\/div>\n<\/div>\n
\n
\n
breathe<\/div>\n<\/div>\n<\/div>\n
\n
\n
and also we haven’t seen 95 tests<\/div>\n<\/div>\n<\/div>\n
\n
\n
several times so i want to confirm that<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s a real level that’s being watched<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and like matt said this can slip<\/div>\n<\/div>\n<\/div>\n
\n
\n
out really far under you if you just<\/div>\n<\/div>\n<\/div>\n
\n
\n
blindly go in before it confirms<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you want to learn three real world<\/div>\n<\/div>\n<\/div>\n
\n
\n
setups that our traders use<\/div>\n<\/div>\n<\/div>\n
\n
\n
including the simple setup that we teach<\/div>\n<\/div>\n<\/div>\n
\n
\n
all of our new traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the setup that turned one of our<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders into a seven figure big money<\/div>\n<\/div>\n<\/div>\n
\n
\n
earner<\/div>\n<\/div>\n<\/div>\n
\n
\n
check out the free webinar that we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
currently running just go ahead and<\/div>\n<\/div>\n<\/div>\n
\n
\n
click the link that should be appearing<\/div>\n<\/div>\n<\/div>\n
\n
\n
right now at the top right hand corner<\/div>\n<\/div>\n<\/div>\n
\n
\n
of your screen<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s going to open up this free<\/div>\n<\/div>\n<\/div>\n
\n
\n
registration page in the new window<\/div>\n<\/div>\n<\/div>\n
\n
\n
so don’t worry you’re not going to lose<\/div>\n<\/div>\n<\/div>\n
\n
\n
this video you’re going to learn more<\/div>\n<\/div>\n<\/div>\n
\n
\n
in a couple of hours from this trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
workshop than from<\/div>\n<\/div>\n<\/div>\n
\n
\n
years of online education so one thing<\/div>\n<\/div>\n<\/div>\n
\n
\n
for you guys to consider<\/div>\n<\/div>\n<\/div>\n
\n
\n
is and that makes perfect sense<\/div>\n<\/div>\n<\/div>\n
\n
\n
one thing for you guys to consider with<\/div>\n<\/div>\n<\/div>\n
\n
\n
your strategies<\/div>\n<\/div>\n<\/div>\n
\n
\n
as you get a little bit more advanced is<\/div>\n<\/div>\n<\/div>\n
\n
\n
to allocate some risk just based on<\/div>\n<\/div>\n<\/div>\n
\n
\n
price<\/div>\n<\/div>\n<\/div>\n
\n
\n
a minority of the risk just based on<\/div>\n<\/div>\n<\/div>\n
\n
\n
price but<\/div>\n<\/div>\n<\/div>\n
\n
\n
some risk just based on prices so for<\/div>\n<\/div>\n<\/div>\n
\n
\n
example<\/div>\n<\/div>\n<\/div>\n
\n
\n
you might if you<\/div>\n<\/div>\n<\/div>\n
\n
\n
really like the breaking news you you<\/div>\n<\/div>\n<\/div>\n
\n
\n
have some<\/div>\n<\/div>\n<\/div>\n
\n
\n
edge with breaking news<\/div>\n<\/div>\n<\/div>\n
\n
\n
as a pattern and of itself meaning<\/div>\n<\/div>\n<\/div>\n
\n
\n
the news should make the stock finish<\/div>\n<\/div>\n<\/div>\n
\n
\n
high of day<\/div>\n<\/div>\n<\/div>\n
\n
\n
you could allocate 20<\/div>\n<\/div>\n<\/div>\n
\n
\n
of your risk per trade based on price<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then wait for the confirmation<\/div>\n<\/div>\n<\/div>\n
\n
\n
to add another 80 that you’re going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
risk on this particular trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m not saying you should do that i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
saying that<\/div>\n<\/div>\n<\/div>\n
\n
\n
there are traders that build their<\/div>\n<\/div>\n<\/div>\n
\n
\n
system around<\/div>\n<\/div>\n<\/div>\n
\n
\n
putting a percentage of risk based on<\/div>\n<\/div>\n<\/div>\n
\n
\n
price<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then a percentage of risk based on<\/div>\n<\/div>\n<\/div>\n
\n
\n
when they see it<\/div>\n<\/div>\n<\/div>\n
\n
\n
when they feel like they have a good<\/div>\n<\/div>\n<\/div>\n
\n
\n
grasp<\/div>\n<\/div>\n<\/div>\n
\n
\n
that this is a special situation and<\/div>\n<\/div>\n<\/div>\n
\n
\n
that this thing could really run to high<\/div>\n<\/div>\n<\/div>\n
\n
\n
of day<\/div>\n<\/div>\n<\/div>\n
\n
\n
i actually like at the beginning of your<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading career<\/div>\n<\/div>\n<\/div>\n
\n
\n
as you’re developing as a trader for you<\/div>\n<\/div>\n<\/div>\n
\n
\n
to<\/div>\n<\/div>\n<\/div>\n
\n
\n
keep that percentage at zero or for you<\/div>\n<\/div>\n<\/div>\n
\n
\n
to keep that percentage really low<\/div>\n<\/div>\n<\/div>\n
\n
\n
and for you to be able to see the turn<\/div>\n<\/div>\n<\/div>\n
\n
\n
so to see the pulling and the pull and<\/div>\n<\/div>\n<\/div>\n
\n
\n
stop or to see<\/div>\n<\/div>\n<\/div>\n
\n
\n
it turn back up or to see the strength<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’d like for you for you to be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
see it<\/div>\n<\/div>\n<\/div>\n
\n
\n
that that that area that you can risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
off of so in this case<\/div>\n<\/div>\n<\/div>\n
\n
\n
the signal from the from the level two<\/div>\n<\/div>\n<\/div>\n
\n
\n
from tape reading<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you can trade off of<\/div>\n<\/div>\n<\/div>\n
\n
\n
there are going to be traders and you’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
see this with shark you saw this today<\/div>\n<\/div>\n<\/div>\n
\n
\n
with shark<\/div>\n<\/div>\n<\/div>\n
\n
\n
in hlf uh how he was allocating a<\/div>\n<\/div>\n<\/div>\n
\n
\n
certain percentage of risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
after breaking news into a pop<\/div>\n<\/div>\n<\/div>\n
\n
\n
after the stock had dipped a bunch<\/div>\n<\/div>\n<\/div>\n
\n
\n
without actually seeing it turn<\/div>\n<\/div>\n<\/div>\n
\n
\n
that is again that’s more advanced topic<\/div>\n<\/div>\n<\/div>\n
\n
\n
but something to be thinking about<\/div>\n<\/div>\n<\/div>\n
\n
\n
i i do really prefer<\/div>\n<\/div>\n<\/div>\n
\n
\n
for you guys to see the turn i i think<\/div>\n<\/div>\n<\/div>\n
\n
\n
that<\/div>\n<\/div>\n<\/div>\n
\n
\n
is better for your development that<\/div>\n<\/div>\n<\/div>\n
\n
\n
makes sense how people could use that<\/div>\n<\/div>\n<\/div>\n
\n
\n
system to get a better price<\/div>\n<\/div>\n<\/div>\n
\n
\n
just get their feet wet get a little<\/div>\n<\/div>\n<\/div>\n
\n
\n
more information<\/div>\n<\/div>\n<\/div>\n
\n
\n
what you give up by waiting to<\/div>\n<\/div>\n<\/div>\n
\n
\n
always see it and to leave all of your<\/div>\n<\/div>\n<\/div>\n
\n
\n
risk to after you see it is the times<\/div>\n<\/div>\n<\/div>\n
\n
\n
when it pulls in<\/div>\n<\/div>\n<\/div>\n
\n
\n
it stops and it just runs to highs it<\/div>\n<\/div>\n<\/div>\n
\n
\n
pulls in it doesn’t really<\/div>\n<\/div>\n<\/div>\n
\n
\n
have a tremendous amount of volume the<\/div>\n<\/div>\n<\/div>\n
\n
\n
sellers stop<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then people chase chase chase higher<\/div>\n<\/div>\n<\/div>\n
\n
\n
and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you you miss that pulling based on price<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can study how much you’re going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
miss overall with your<\/div>\n<\/div>\n<\/div>\n
\n
\n
particular breaking news strategies and<\/div>\n<\/div>\n<\/div>\n
\n
\n
whether or not you you should even worry<\/div>\n<\/div>\n<\/div>\n
\n
\n
about that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i suspect you probably don’t i suspect<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you save full risk for after you see<\/div>\n<\/div>\n<\/div>\n
\n
\n
it<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re going to make plenty and be able<\/div>\n<\/div>\n<\/div>\n
\n
\n
to trade that bigger and have a better<\/div>\n<\/div>\n<\/div>\n
\n
\n
risk reward on a breaking news trade or<\/div>\n<\/div>\n<\/div>\n
\n
\n
a polling trade or a high volatility<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
but i want you you guys to be exposed to<\/div>\n<\/div>\n<\/div>\n
\n
\n
how some of the experienced traders will<\/div>\n<\/div>\n<\/div>\n
\n
\n
divide up their risk and then the other<\/div>\n<\/div>\n<\/div>\n
\n
\n
thing is when you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
in a position when you buy the pollen<\/div>\n<\/div>\n<\/div>\n
\n
\n
based on price for a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you have that position you do tend<\/div>\n<\/div>\n<\/div>\n
\n
\n
to watch it better<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you have risk on when you have a<\/div>\n<\/div>\n<\/div>\n
\n
\n
little bit of a small position it does<\/div>\n<\/div>\n<\/div>\n
\n
\n
help you to track that<\/div>\n<\/div>\n<\/div>\n
\n
\n
particular opportunity better definitely<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i think that price based risk it<\/div>\n<\/div>\n<\/div>\n
\n
\n
makes a lot more sense<\/div>\n<\/div>\n<\/div>\n
\n
\n
for breaking news trades like this and i<\/div>\n<\/div>\n<\/div>\n
\n
\n
feel like<\/div>\n<\/div>\n<\/div>\n
\n
\n
at least for me personally i was<\/div>\n<\/div>\n<\/div>\n
\n
\n
treating it more as a low float short<\/div>\n<\/div>\n<\/div>\n
\n
\n
squeeze setup when in reality it’s it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
kind of a combination of the two<\/div>\n<\/div>\n<\/div>\n
\n
\n
but in my own personal trading right now<\/div>\n<\/div>\n<\/div>\n
\n
\n
one of my main<\/div>\n<\/div>\n<\/div>\n
\n
\n
variables that i look for to take the<\/div>\n<\/div>\n<\/div>\n
\n
\n
trigger to actually enter into these<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades is what we see here<\/div>\n<\/div>\n<\/div>\n
\n
\n
with this 95 rebid um so once i see that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m willing to put on big size but i do<\/div>\n<\/div>\n<\/div>\n
\n
\n
hear you that’s that’s a good thing to<\/div>\n<\/div>\n<\/div>\n
\n
\n
be looking forward to<\/div>\n<\/div>\n<\/div>\n
\n
\n
so right here we’ll see the 95 rebid<\/div>\n<\/div>\n<\/div>\n
\n
\n
signaling us long<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then we’ll see some nice<\/div>\n<\/div>\n<\/div>\n
\n
\n
continuation<\/div>\n<\/div>\n<\/div>\n
\n
\n
once this level really holds so we<\/div>\n<\/div>\n<\/div>\n
\n
\n
hit on 95 really hold it we get long<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think it was like 95 10 was my entry<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and now matt and i are talking over<\/div>\n<\/div>\n<\/div>\n
\n
\n
audio chat and we’re saying you know the<\/div>\n<\/div>\n<\/div>\n
\n
\n
idea for this trade we’re still putting<\/div>\n<\/div>\n<\/div>\n
\n
\n
on some risk given how much this could<\/div>\n<\/div>\n<\/div>\n
\n
\n
fall out<\/div>\n<\/div>\n<\/div>\n
\n
\n
the idea of this trade is really to see<\/div>\n<\/div>\n<\/div>\n
\n
\n
high of day and for this thing to really<\/div>\n<\/div>\n<\/div>\n
\n
\n
squeeze<\/div>\n<\/div>\n<\/div>\n
\n
\n
up towards uh all-time highs at 104.<\/div>\n<\/div>\n<\/div>\n
\n
\n
so that’ll pick up in a sec here means<\/div>\n<\/div>\n<\/div>\n
\n
\n
they were in the 96s<\/div>\n<\/div>\n<\/div>\n
\n
\n
now speed on the tapes kind of picking<\/div>\n<\/div>\n<\/div>\n
\n
\n
up a bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
i just want to clarify for some of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
younger guys watching<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you see a level we have this 95 as<\/div>\n<\/div>\n<\/div>\n
\n
\n
a level<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we see a stock leak below that level<\/div>\n<\/div>\n<\/div>\n
\n
\n
can’t hold below that level and then we<\/div>\n<\/div>\n<\/div>\n
\n
\n
bid to that level<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s a signal from our tape reading<\/div>\n<\/div>\n<\/div>\n
\n
\n
skills from our level 2<\/div>\n<\/div>\n<\/div>\n
\n
\n
indicator that this could be a sign of<\/div>\n<\/div>\n<\/div>\n
\n
\n
strength<\/div>\n<\/div>\n<\/div>\n
\n
\n
that our our reading the tape skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
are giving us a signal in of themselves<\/div>\n<\/div>\n<\/div>\n
\n
\n
that there is strength at this level<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re not going to make lots of trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
just<\/div>\n<\/div>\n<\/div>\n
\n
\n
with reading the tape we’re putting<\/div>\n<\/div>\n<\/div>\n
\n
\n
variables together<\/div>\n<\/div>\n<\/div>\n
\n
\n
but we want to get used to understanding<\/div>\n<\/div>\n<\/div>\n
\n
\n
the signals that come from reading the<\/div>\n<\/div>\n<\/div>\n
\n
\n
tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
that are more important and that’s a<\/div>\n<\/div>\n<\/div>\n
\n
\n
more important signal<\/div>\n<\/div>\n<\/div>\n
\n
\n
leak below a support level that we<\/div>\n<\/div>\n<\/div>\n
\n
\n
suspect can’t really hold below that<\/div>\n<\/div>\n<\/div>\n
\n
\n
level<\/div>\n<\/div>\n<\/div>\n
\n
\n
re-bid to that level some volume done<\/div>\n<\/div>\n<\/div>\n
\n
\n
around that level<\/div>\n<\/div>\n<\/div>\n
\n
\n
not trading below that level<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s a signal you know so we get that<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we saw that the other day with<\/div>\n<\/div>\n<\/div>\n
\n
\n
dick’s sporting goods<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the short side 54 was the resistance<\/div>\n<\/div>\n<\/div>\n
\n
\n
level it leaked above that level<\/div>\n<\/div>\n<\/div>\n
\n
\n
it couldn’t hold above that level there<\/div>\n<\/div>\n<\/div>\n
\n
\n
was some volume done around that level<\/div>\n<\/div>\n<\/div>\n
\n
\n
it held below that level just couldn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade above that<\/div>\n<\/div>\n<\/div>\n
\n
\n
that triple intraday top and so you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
seeing the mirror image<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re seeing not quite the mirror image<\/div>\n<\/div>\n<\/div>\n
\n
\n
but<\/div>\n<\/div>\n<\/div>\n
\n
\n
a subset of what that looks like on the<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the long side all right i just wanted<\/div>\n<\/div>\n<\/div>\n
\n
\n
to point that out<\/div>\n<\/div>\n<\/div>\n
\n
\n
sorry guys so i’ll speed this up a<\/div>\n<\/div>\n<\/div>\n
\n
\n
little bit um like we said our plan is<\/div>\n<\/div>\n<\/div>\n
\n
\n
really this should make new all-time<\/div>\n<\/div>\n<\/div>\n
\n
\n
highs<\/div>\n<\/div>\n<\/div>\n
\n
\n
so in terms of selling some risk um<\/div>\n<\/div>\n<\/div>\n
\n
\n
we only or i only sold one fourth into<\/div>\n<\/div>\n<\/div>\n
\n
\n
like 101<\/div>\n<\/div>\n<\/div>\n
\n
\n
just in case it rejected at that new<\/div>\n<\/div>\n<\/div>\n
\n
\n
high but we’re really holding the core<\/div>\n<\/div>\n<\/div>\n
\n
\n
of our position for a new all-time high<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think that’s part of why team trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
is really nice because it’s very hard to<\/div>\n<\/div>\n<\/div>\n
\n
\n
sit on your hands while this thing is<\/div>\n<\/div>\n<\/div>\n
\n
\n
working in your favor but we’re both<\/div>\n<\/div>\n<\/div>\n
\n
\n
just kind of keeping ourselves<\/div>\n<\/div>\n<\/div>\n
\n
\n
accountable<\/div>\n<\/div>\n<\/div>\n
\n
\n
like we you know we owe it to ourselves<\/div>\n<\/div>\n<\/div>\n
\n
\n
to hold on to this position towards hive<\/div>\n<\/div>\n<\/div>\n
\n
\n
day<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly that’s kind of what we were<\/div>\n<\/div>\n<\/div>\n
\n
\n
saying we were like the amount of<\/div>\n<\/div>\n<\/div>\n
\n
\n
information we gathered and the risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re taking<\/div>\n<\/div>\n<\/div>\n
\n
\n
we really should give ourselves the<\/div>\n<\/div>\n<\/div>\n
\n
\n
opportunity to get paid and see this<\/div>\n<\/div>\n<\/div>\n
\n
\n
really good breakout because the<\/div>\n<\/div>\n<\/div>\n
\n
\n
variables we were looking for<\/div>\n<\/div>\n<\/div>\n
\n
\n
are playing out in front of our eyes so<\/div>\n<\/div>\n<\/div>\n
\n
\n
clearly we’re seeing<\/div>\n<\/div>\n<\/div>\n
\n
\n
something um on the tape and in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
stock that could work in our favor so we<\/div>\n<\/div>\n<\/div>\n
\n
\n
really want to let that work for us<\/div>\n<\/div>\n<\/div>\n
\n
\n
when it’s a good entry price as we saw<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i’ll skip ahead here to kind of where<\/div>\n<\/div>\n<\/div>\n
\n
\n
we start to<\/div>\n<\/div>\n<\/div>\n
\n
\n
break out and what i love about this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
matt and graham is so often when people<\/div>\n<\/div>\n<\/div>\n
\n
\n
think about reading the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
level two trading they think of scalping<\/div>\n<\/div>\n<\/div>\n
\n
\n
they think about the only reason<\/div>\n<\/div>\n<\/div>\n
\n
\n
why we read the tape is to make scallop<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is a perfect example of how you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
using your reading the tape skills to<\/div>\n<\/div>\n<\/div>\n
\n
\n
enter for something that’s going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
become a swing trade for you guys<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re looking for a shorter term swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
an intraday swing trade you’re looking<\/div>\n<\/div>\n<\/div>\n
\n
\n
for hey<\/div>\n<\/div>\n<\/div>\n
\n
\n
where do i buy this at support and try<\/div>\n<\/div>\n<\/div>\n
\n
\n
and hold this for<\/div>\n<\/div>\n<\/div>\n
\n
\n
a run and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re going to look at a level that you<\/div>\n<\/div>\n<\/div>\n
\n
\n
identify on your chart<\/div>\n<\/div>\n<\/div>\n
\n
\n
as a thesis for where this may pull into<\/div>\n<\/div>\n<\/div>\n
\n
\n
but then you’re really going to zero in<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the tape near those levels<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re really going to use your reading<\/div>\n<\/div>\n<\/div>\n
\n
\n
the tape skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
to see where you can enter<\/div>\n<\/div>\n<\/div>\n
\n
\n
effectively for a swing trade and when<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can do that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know essentially you’re using your<\/div>\n<\/div>\n<\/div>\n
\n
\n
reading the tape skills to get in at the<\/div>\n<\/div>\n<\/div>\n
\n
\n
best prices<\/div>\n<\/div>\n<\/div>\n
\n
\n
for your swing trade ideas that’s going<\/div>\n<\/div>\n<\/div>\n
\n
\n
to make your swing trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
much more profitable that’s going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
make your swing trading have<\/div>\n<\/div>\n<\/div>\n
\n
\n
a much better roi<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s going to enable you to take on<\/div>\n<\/div>\n<\/div>\n
\n
\n
much more risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
with your swing trading because<\/div>\n<\/div>\n<\/div>\n
\n
\n
your risk reward is is so much better<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the idea of all of this<\/div>\n<\/div>\n<\/div>\n
\n
\n
is for you guys to be able to trade with<\/div>\n<\/div>\n<\/div>\n
\n
\n
a lot<\/div>\n<\/div>\n<\/div>\n
\n
\n
of size and when you can enter at better<\/div>\n<\/div>\n<\/div>\n
\n
\n
prices<\/div>\n<\/div>\n<\/div>\n
\n
\n
and when you can enter at a much better<\/div>\n<\/div>\n<\/div>\n
\n
\n
risk reward<\/div>\n<\/div>\n<\/div>\n
\n
\n
that means you can size up significantly<\/div>\n<\/div>\n<\/div>\n
\n
\n
more<\/div>\n<\/div>\n<\/div>\n
\n
\n
agreed those are the trades to<\/div>\n<\/div>\n<\/div>\n
\n
\n
definitely build a career off of that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can scale them up because your risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
is so<\/div>\n<\/div>\n<\/div>\n
\n
\n
defined and the tape reading is<\/div>\n<\/div>\n<\/div>\n
\n
\n
definitely one of<\/div>\n<\/div>\n<\/div>\n
\n
\n
in my trading the biggest positives in<\/div>\n<\/div>\n<\/div>\n
\n
\n
helping me really define that risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the levels so going back to the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
um<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’ll see here we just broke out um to<\/div>\n<\/div>\n<\/div>\n
\n
\n
a new high<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we’re gonna be slowly scaling out<\/div>\n<\/div>\n<\/div>\n
\n
\n
into strength but we’re really holding<\/div>\n<\/div>\n<\/div>\n
\n
\n
our core<\/div>\n<\/div>\n<\/div>\n
\n
\n
for a real reason to exit<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and again this is somewhat of a<\/div>\n<\/div>\n<\/div>\n
\n
\n
short squeeze trade there’s going to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
a bunch of shorts that have piled in<\/div>\n<\/div>\n<\/div>\n
\n
\n
over the last 15<\/div>\n<\/div>\n<\/div>\n
\n
\n
30 minutes against that 101.50 or<\/div>\n<\/div>\n<\/div>\n
\n
\n
whatever the high was<\/div>\n<\/div>\n<\/div>\n
\n
\n
um so a lot of them are getting stopped<\/div>\n<\/div>\n<\/div>\n
\n
\n
out right now and we want to be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
see that short squeeze kind of die down<\/div>\n<\/div>\n<\/div>\n
\n
\n
before we take our profits<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we can see the bids are stepping up<\/div>\n<\/div>\n<\/div>\n
\n
\n
slowly but then we really pick up speed<\/div>\n<\/div>\n<\/div>\n
\n
\n
here<\/div>\n<\/div>\n<\/div>\n
\n
\n
into 103. so this is important<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we’re thinking all right this should<\/div>\n<\/div>\n<\/div>\n
\n
\n
really break out here tapes picking up<\/div>\n<\/div>\n<\/div>\n
\n
\n
this should be a strong breakout<\/div>\n<\/div>\n<\/div>\n
\n
\n
nothing no really levels above to like<\/div>\n<\/div>\n<\/div>\n
\n
\n
100 i think five<\/div>\n<\/div>\n<\/div>\n
\n
\n
it is 104 is the all-time high 104 is<\/div>\n<\/div>\n<\/div>\n
\n
\n
the all-time high so we’re really<\/div>\n<\/div>\n<\/div>\n
\n
\n
expecting this to go through 104<\/div>\n<\/div>\n<\/div>\n
\n
\n
at this new all-time high but we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to see<\/div>\n<\/div>\n<\/div>\n
\n
\n
soon we’re going to get over this 103<\/div>\n<\/div>\n<\/div>\n
\n
\n
make a huge up move<\/div>\n<\/div>\n<\/div>\n
\n
\n
and instantly reject so right there we<\/div>\n<\/div>\n<\/div>\n
\n
\n
just went to 103<\/div>\n<\/div>\n<\/div>\n
\n
\n
70 and instantly pulled back to 102.70<\/div>\n<\/div>\n<\/div>\n
\n
\n
so that’s not anything crazy but to us<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
signaling all right this really should<\/div>\n<\/div>\n<\/div>\n
\n
\n
have broke out to new all-time highs<\/div>\n<\/div>\n<\/div>\n
\n
\n
might be some some sellers stepping in<\/div>\n<\/div>\n<\/div>\n
\n
\n
here we really thought it would go<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we’re taking off some more risk here<\/div>\n<\/div>\n<\/div>\n
\n
\n
then we’ll see here again we’re watching<\/div>\n<\/div>\n<\/div>\n
\n
\n
all right if we get over this 103 again<\/div>\n<\/div>\n<\/div>\n
\n
\n
we should really get to 104 make a new<\/div>\n<\/div>\n<\/div>\n
\n
\n
high<\/div>\n<\/div>\n<\/div>\n
\n
\n
a point’s not that crazy of a move for<\/div>\n<\/div>\n<\/div>\n
\n
\n
this especially if it is squeezing<\/div>\n<\/div>\n<\/div>\n
\n
\n
shorts<\/div>\n<\/div>\n<\/div>\n
\n
\n
another point yeah so i still actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
have all that core left because<\/div>\n<\/div>\n<\/div>\n
\n
\n
we really might need more than one try<\/div>\n<\/div>\n<\/div>\n
\n
\n
to break through 104<\/div>\n<\/div>\n<\/div>\n
\n
\n
but if we’re still struggling yeah it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
time to readjust<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah so like that time we got through<\/div>\n<\/div>\n<\/div>\n
\n
\n
103 again<\/div>\n<\/div>\n<\/div>\n
\n
\n
but then came back under the level um<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then you can see sorry i skipped<\/div>\n<\/div>\n<\/div>\n
\n
\n
that a little too far<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m gonna pull from 103 i think right<\/div>\n<\/div>\n<\/div>\n
\n
\n
back into 101.<\/div>\n<\/div>\n<\/div>\n
\n
\n
yep and this is where i got out yeah we<\/div>\n<\/div>\n<\/div>\n
\n
\n
really were expecting it to hold this<\/div>\n<\/div>\n<\/div>\n
\n
\n
103 up here<\/div>\n<\/div>\n<\/div>\n
\n
\n
hold over that 101.50 and when we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
pulling back into that<\/div>\n<\/div>\n<\/div>\n
\n
\n
because it’s already made about an atr<\/div>\n<\/div>\n<\/div>\n
\n
\n
move up from where we were in<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s gone up almost um<\/div>\n<\/div>\n<\/div>\n
\n
\n
what was that 15 points i think the atr<\/div>\n<\/div>\n<\/div>\n
\n
\n
was like<\/div>\n<\/div>\n<\/div>\n
\n
\n
10 or 11.<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so that was our real exit when it<\/div>\n<\/div>\n<\/div>\n
\n
\n
just like stalls up here can’t really<\/div>\n<\/div>\n<\/div>\n
\n
\n
hold this 10150 which was the initial<\/div>\n<\/div>\n<\/div>\n
\n
\n
breakout<\/div>\n<\/div>\n<\/div>\n
\n
\n
you see you get back under and then pull<\/div>\n<\/div>\n<\/div>\n
\n
\n
back 200 and that’s actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
the high for the morning there so it<\/div>\n<\/div>\n<\/div>\n
\n
\n
didn’t end up to be able to be a huge<\/div>\n<\/div>\n<\/div>\n
\n
\n
swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
but still the risk to reward on a setup<\/div>\n<\/div>\n<\/div>\n
\n
\n
like this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
great and we want to take this every<\/div>\n<\/div>\n<\/div>\n
\n
\n
time whether we get<\/div>\n<\/div>\n<\/div>\n
\n
\n
brand new all-time highs or just a nice<\/div>\n<\/div>\n<\/div>\n
\n
\n
breakout like this you’re still going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
get paid<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i’ll skip ahead just for the morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can kind of see just becomes like a<\/div>\n<\/div>\n<\/div>\n
\n
\n
chop zone<\/div>\n<\/div>\n<\/div>\n
\n
\n
for the afternoon um we know a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
volume is done on both sides we’re in<\/div>\n<\/div>\n<\/div>\n
\n
\n
the range so we’re not touching it in<\/div>\n<\/div>\n<\/div>\n
\n
\n
range<\/div>\n<\/div>\n<\/div>\n
\n
\n
and kind of just seeing how prices<\/div>\n<\/div>\n<\/div>\n
\n
\n
develop into the afternoon<\/div>\n<\/div>\n<\/div>\n
\n
\n
to maybe trade this the next day and<\/div>\n<\/div>\n<\/div>\n
\n
\n
to use those levels we saw today into an<\/div>\n<\/div>\n<\/div>\n
\n
\n
opening drive potentially the next day<\/div>\n<\/div>\n<\/div>\n
\n
\n
because we don’t always want to trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
these consolidations into the close<\/div>\n<\/div>\n<\/div>\n
\n
\n
hey go ahead and click our subscribe<\/div>\n<\/div>\n<\/div>\n
\n
\n
button so you don’t miss any of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
videos they were producing for you and<\/div>\n<\/div>\n<\/div>\n
\n
\n
the trading community and please take<\/div>\n<\/div>\n<\/div>\n
\n
\n
the time to add your feedback<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the comments section for what videos<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’d like for us to produce next<\/div>\n<\/div>\n<\/div>\n
\n
\n
and what you found helpful from this<\/div>\n<\/div>\n<\/div>\n
\n
\n
video from all of us at smb<\/div>\n<\/div>\n<\/div>\n
\n
\n
train and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\"\"<\/a><\/p>\n

* no relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"

In this video, learn how to use Tape Reading to enter a profitable swing trade. Two prop traders and Mike Bellafiore present an outstanding entry using the Level 2 (Tape Reading) for a profitable swing trade. Let\u2019s get to work on sharing these important trading lessons so you can grow your trading account. * no relevant positions<\/p>\n","protected":false},"author":290,"featured_media":50092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[4189],"tags":[],"class_list":["post-50090","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-free-daily-trading-video","post_format-post-format-video"],"yoast_head":"\nHow to use Tape Reading to enter a profitable swing trade | 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\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to use Tape Reading to enter a profitable swing trade | SMB Training\" \/>\n<meta property=\"og:description\" content=\"In this video, learn how to use Tape Reading to enter a profitable swing trade. Two prop traders and Mike Bellafiore present an outstanding entry using the Level 2 (Tape Reading) for a profitable swing trade. Let\u2019s get to work on sharing these important trading lessons so you can grow your trading account. * no relevant positions\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade\" \/>\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=\"2020-08-31T19:01:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"smbcapital\" \/>\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=\"smbcapital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"18 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade\"},\"author\":{\"name\":\"smbcapital\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/57cc9affbbb6763e0012594ad884b25a\"},\"headline\":\"How to use Tape Reading to enter a profitable swing trade\",\"datePublished\":\"2020-08-31T19:01:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade\"},\"wordCount\":3821,\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg\",\"articleSection\":[\"Free Daily Trading Video\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade\",\"name\":\"How to use Tape Reading to enter a profitable swing trade | SMB Training\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg\",\"datePublished\":\"2020-08-31T19:01:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg\",\"contentUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.smbtraining.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to use Tape Reading to enter a profitable swing trade\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"name\":\"SMB Training Blog\",\"description\":\"Lessons from the trading desk\",\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\",\"name\":\"SMB Training\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"contentUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"width\":230,\"height\":81,\"caption\":\"SMB Training\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/smbcap\/\",\"https:\/\/x.com\/smbcapital\",\"https:\/\/www.youtube.com\/user\/smbcapital\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/57cc9affbbb6763e0012594ad884b25a\",\"name\":\"smbcapital\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/smbcapital\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to use Tape Reading to enter a profitable swing trade | SMB Training","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade","og_locale":"en_US","og_type":"article","og_title":"How to use Tape Reading to enter a profitable swing trade | SMB Training","og_description":"In this video, learn how to use Tape Reading to enter a profitable swing trade. Two prop traders and Mike Bellafiore present an outstanding entry using the Level 2 (Tape Reading) for a profitable swing trade. Let\u2019s get to work on sharing these important trading lessons so you can grow your trading account. * no relevant positions","og_url":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade","og_site_name":"SMB Training Blog","article_publisher":"https:\/\/www.facebook.com\/smbcap\/","article_published_time":"2020-08-31T19:01:00+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg","type":"image\/jpeg"}],"author":"smbcapital","twitter_card":"summary_large_image","twitter_creator":"@smbcapital","twitter_site":"@smbcapital","twitter_misc":{"Written by":"smbcapital","Est. reading time":"18 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#article","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade"},"author":{"name":"smbcapital","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/57cc9affbbb6763e0012594ad884b25a"},"headline":"How to use Tape Reading to enter a profitable swing trade","datePublished":"2020-08-31T19:01:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade"},"wordCount":3821,"publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage"},"thumbnailUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg","articleSection":["Free Daily Trading Video"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade","url":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade","name":"How to use Tape Reading to enter a profitable swing trade | SMB Training","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage"},"thumbnailUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg","datePublished":"2020-08-31T19:01:00+00:00","breadcrumb":{"@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#primaryimage","url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg","contentUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/08\/tape-reading-for-swing-trade-1.jpg","width":1280,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-enter-a-profitable-swing-trade#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.smbtraining.com\/blog"},{"@type":"ListItem","position":2,"name":"How to use Tape Reading to enter a profitable swing trade"}]},{"@type":"WebSite","@id":"https:\/\/www.smbtraining.com\/blog\/#website","url":"https:\/\/www.smbtraining.com\/blog\/","name":"SMB Training Blog","description":"Lessons from the trading desk","publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.smbtraining.com\/blog\/#organization","name":"SMB Training","url":"https:\/\/www.smbtraining.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","contentUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","width":230,"height":81,"caption":"SMB Training"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/smbcap\/","https:\/\/x.com\/smbcapital","https:\/\/www.youtube.com\/user\/smbcapital"]},{"@type":"Person","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/57cc9affbbb6763e0012594ad884b25a","name":"smbcapital","url":"https:\/\/www.smbtraining.com\/blog\/author\/smbcapital"}]}},"_links":{"self":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/50090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/users\/290"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/comments?post=50090"}],"version-history":[{"count":2,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/50090\/revisions"}],"predecessor-version":[{"id":50094,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/50090\/revisions\/50094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media\/50092"}],"wp:attachment":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media?parent=50090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/categories?post=50090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/tags?post=50090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}