{"id":50116,"date":"2020-09-11T09:41:56","date_gmt":"2020-09-11T13:41:56","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50116"},"modified":"2020-09-11T09:41:56","modified_gmt":"2020-09-11T13:41:56","slug":"how-to-trade-a-market-sell-off","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-to-trade-a-market-sell-off","title":{"rendered":"How to Trade a Market Sell Off"},"content":{"rendered":"

In this video Steve discusses how to make the necessary adjustments to be profitable when volatility increases and how to trade that increased level of volatility.<\/p>\nView Video Transcript<\/strong><\/span>

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people are back after labor day there’s<\/div>\n<\/div>\n<\/div>\n
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some fireworks in the in the market<\/div>\n<\/div>\n<\/div>\n
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sometimes people get a little bit<\/div>\n<\/div>\n<\/div>\n
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frightened when volatility picks up<\/div>\n<\/div>\n<\/div>\n
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in today’s video we’re going to talk<\/div>\n<\/div>\n<\/div>\n
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about making the necessary adjustments<\/div>\n<\/div>\n<\/div>\n
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to be profitable when volatility<\/div>\n<\/div>\n<\/div>\n
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increases<\/div>\n<\/div>\n<\/div>\n
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and how to treat that increased level of<\/div>\n<\/div>\n<\/div>\n
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volatility those topics interest you<\/div>\n<\/div>\n<\/div>\n
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stick around<\/div>\n<\/div>\n<\/div>\n
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[Music]<\/div>\n<\/div>\n<\/div>\n
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hi i’m steven spencer i am a partner at<\/div>\n<\/div>\n<\/div>\n
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smb capital we are proprietary trading<\/div>\n<\/div>\n<\/div>\n
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firm<\/div>\n<\/div>\n<\/div>\n
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in new york city where we trade stocks<\/div>\n<\/div>\n<\/div>\n
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futures<\/div>\n<\/div>\n<\/div>\n
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and options so i just got back from a<\/div>\n<\/div>\n<\/div>\n
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vacation i’m sure a lot of you i’m<\/div>\n<\/div>\n<\/div>\n
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talking to have also<\/div>\n<\/div>\n<\/div>\n
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took off second half of august or the<\/div>\n<\/div>\n<\/div>\n
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week before labor day<\/div>\n<\/div>\n<\/div>\n
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took some time off and the market<\/div>\n<\/div>\n<\/div>\n
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actually going into labor day weekend<\/div>\n<\/div>\n<\/div>\n
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there was a shift<\/div>\n<\/div>\n<\/div>\n
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and that shift happened pretty quickly<\/div>\n<\/div>\n<\/div>\n
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and it’s continued in these these few<\/div>\n<\/div>\n<\/div>\n
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days<\/div>\n<\/div>\n<\/div>\n
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following labor day as well and what<\/div>\n<\/div>\n<\/div>\n
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we’ve found over the years<\/div>\n<\/div>\n<\/div>\n
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is we see traders struggle most<\/div>\n<\/div>\n<\/div>\n
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when the market conditions change we<\/div>\n<\/div>\n<\/div>\n
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like to call that<\/div>\n<\/div>\n<\/div>\n
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how a market is behaving a certain<\/div>\n<\/div>\n<\/div>\n
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regime i got that actually expression<\/div>\n<\/div>\n<\/div>\n
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from dr steenbarger who works with our<\/div>\n<\/div>\n<\/div>\n
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traders<\/div>\n<\/div>\n<\/div>\n
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certain market regimes require certain<\/div>\n<\/div>\n<\/div>\n
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types of trading setups<\/div>\n<\/div>\n<\/div>\n
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certain types of risk management and<\/div>\n<\/div>\n<\/div>\n
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certain types of trades if you look at<\/div>\n<\/div>\n<\/div>\n
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this longer term chart<\/div>\n<\/div>\n<\/div>\n
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on the s p via the spy chart<\/div>\n<\/div>\n<\/div>\n
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what you can see is after the crash in<\/div>\n<\/div>\n<\/div>\n
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march of 2020<\/div>\n<\/div>\n<\/div>\n
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we had that recovery period volatility<\/div>\n<\/div>\n<\/div>\n
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started to contract a little bit<\/div>\n<\/div>\n<\/div>\n
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and then about two or three months<\/div>\n<\/div>\n<\/div>\n
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following<\/div>\n<\/div>\n<\/div>\n
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that rally volatility had another<\/div>\n<\/div>\n<\/div>\n
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contraction again<\/div>\n<\/div>\n<\/div>\n
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and if you see on the right side of that<\/div>\n<\/div>\n<\/div>\n
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spy chart<\/div>\n<\/div>\n<\/div>\n
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kind of after where i’ve marked it up in<\/div>\n<\/div>\n<\/div>\n
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the middle there with a bunch of support<\/div>\n<\/div>\n<\/div>\n
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and resistance lines<\/div>\n<\/div>\n<\/div>\n
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it got the ranges compressed compressed<\/div>\n<\/div>\n<\/div>\n
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compressed<\/div>\n<\/div>\n<\/div>\n
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and we started to grind higher and<\/div>\n<\/div>\n<\/div>\n
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higher and<\/div>\n<\/div>\n<\/div>\n
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in that type of regime what we’re<\/div>\n<\/div>\n<\/div>\n
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looking for is very different<\/div>\n<\/div>\n<\/div>\n
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than when volatility is expanded and we<\/div>\n<\/div>\n<\/div>\n
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have larger intraday ranges<\/div>\n<\/div>\n<\/div>\n
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when the market was just grinding up<\/div>\n<\/div>\n<\/div>\n
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like that in june and july<\/div>\n<\/div>\n<\/div>\n
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the types of trades i would look for<\/div>\n<\/div>\n<\/div>\n
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even in the spy itself were very<\/div>\n<\/div>\n<\/div>\n
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different<\/div>\n<\/div>\n<\/div>\n
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for example as the market was grinding<\/div>\n<\/div>\n<\/div>\n
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higher if we would gap down in the<\/div>\n<\/div>\n<\/div>\n
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morning<\/div>\n<\/div>\n<\/div>\n
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i would simply look for a support level<\/div>\n<\/div>\n<\/div>\n
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from the prior afternoon or the prior<\/div>\n<\/div>\n<\/div>\n
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morning<\/div>\n<\/div>\n<\/div>\n
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put in a bid get long and look for it to<\/div>\n<\/div>\n<\/div>\n
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close at the high<\/div>\n<\/div>\n<\/div>\n
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and that basically was really the only<\/div>\n<\/div>\n<\/div>\n
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type of trade<\/div>\n<\/div>\n<\/div>\n
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for the most part that i was doing in<\/div>\n<\/div>\n<\/div>\n
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the spy when the market was like that<\/div>\n<\/div>\n<\/div>\n
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now remember when the market’s grinding<\/div>\n<\/div>\n<\/div>\n
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higher<\/div>\n<\/div>\n<\/div>\n
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that is not an invitation to actually<\/div>\n<\/div>\n<\/div>\n
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get short the market in fact<\/div>\n<\/div>\n<\/div>\n
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generally people who try to do that will<\/div>\n<\/div>\n<\/div>\n
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lose so much money<\/div>\n<\/div>\n<\/div>\n
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trying to catch the top as we’re<\/div>\n<\/div>\n<\/div>\n
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grinding up then we finally do get a<\/div>\n<\/div>\n<\/div>\n
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change like we’ve had in the last week<\/div>\n<\/div>\n<\/div>\n
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they won’t even make back the money<\/div>\n<\/div>\n<\/div>\n
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they’ve lost when the market’s grinding<\/div>\n<\/div>\n<\/div>\n
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higher<\/div>\n<\/div>\n<\/div>\n
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we’re not looking to lay in on the short<\/div>\n<\/div>\n<\/div>\n
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side we’re actually looking to trade<\/div>\n<\/div>\n<\/div>\n
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that bigger picture trend<\/div>\n<\/div>\n<\/div>\n
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but at the same time when the trend<\/div>\n<\/div>\n<\/div>\n
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starts to accelerate to the upside<\/div>\n<\/div>\n<\/div>\n
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we will look for some sort of top and so<\/div>\n<\/div>\n<\/div>\n
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my timing wasn’t great this year in<\/div>\n<\/div>\n<\/div>\n
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terms of vacation because we had<\/div>\n<\/div>\n<\/div>\n
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actually started to accelerate<\/div>\n<\/div>\n<\/div>\n
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to the upside got to around 350 352 on<\/div>\n<\/div>\n<\/div>\n
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the spies<\/div>\n<\/div>\n<\/div>\n
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i thought that was a spot to look to buy<\/div>\n<\/div>\n<\/div>\n
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some puts and if we had a change<\/div>\n<\/div>\n<\/div>\n
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in an intraday change what does that<\/div>\n<\/div>\n<\/div>\n
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look like that looks like a one percent<\/div>\n<\/div>\n<\/div>\n
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down move maybe on a 30 minute chart or<\/div>\n<\/div>\n<\/div>\n
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something like that<\/div>\n<\/div>\n<\/div>\n
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one plus percent down move in an hour<\/div>\n<\/div>\n<\/div>\n
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something very<\/div>\n<\/div>\n<\/div>\n
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different and if we actually zoom in<\/div>\n<\/div>\n<\/div>\n
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what you can see is<\/div>\n<\/div>\n<\/div>\n
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here’s the multi-day chart and you can<\/div>\n<\/div>\n<\/div>\n
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kind of see that uptrend channel<\/div>\n<\/div>\n<\/div>\n
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started to accelerate towards the top of<\/div>\n<\/div>\n<\/div>\n
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that channel pushing through the top of<\/div>\n<\/div>\n<\/div>\n
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the channel<\/div>\n<\/div>\n<\/div>\n
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and then there was a change and i’ve<\/div>\n<\/div>\n<\/div>\n
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actually labeled the 30 minute for you<\/div>\n<\/div>\n<\/div>\n
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here so i actually want to go through<\/div>\n<\/div>\n<\/div>\n
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some of the thought processes when the<\/div>\n<\/div>\n<\/div>\n
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market does change how to think about it<\/div>\n<\/div>\n<\/div>\n
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from playing it on the short side and<\/div>\n<\/div>\n<\/div>\n
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then eventually potentially looking for<\/div>\n<\/div>\n<\/div>\n
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a balance<\/div>\n<\/div>\n<\/div>\n
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and so as i just said my timing wasn’t<\/div>\n<\/div>\n<\/div>\n
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great i actually was on vacation when<\/div>\n<\/div>\n<\/div>\n
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that change happened<\/div>\n<\/div>\n<\/div>\n
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and i didn’t really check in<\/div>\n<\/div>\n<\/div>\n
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with the market so much and so i was not<\/div>\n<\/div>\n<\/div>\n
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positioned<\/div>\n<\/div>\n<\/div>\n
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short when we ran from 352 to 358. did<\/div>\n<\/div>\n<\/div>\n
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catch my attention and was talking to<\/div>\n<\/div>\n<\/div>\n
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one of the senior traders on the desk<\/div>\n<\/div>\n<\/div>\n
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last thursday night at 3 58 and we kind<\/div>\n<\/div>\n<\/div>\n
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of joked like probably just should buy<\/div>\n<\/div>\n<\/div>\n
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some puts in the morning<\/div>\n<\/div>\n<\/div>\n
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because of the acceleration of the trend<\/div>\n<\/div>\n<\/div>\n
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so remember you’re moving higher you’re<\/div>\n<\/div>\n<\/div>\n
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moving higher<\/div>\n<\/div>\n<\/div>\n
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the trend accelerates to the upside um<\/div>\n<\/div>\n<\/div>\n
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at that point we don’t blindly get short<\/div>\n<\/div>\n<\/div>\n
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because there is an uptrend channel but<\/div>\n<\/div>\n<\/div>\n
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what we might do<\/div>\n<\/div>\n<\/div>\n
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is look at that acceleration from 352 to<\/div>\n<\/div>\n<\/div>\n
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358 and say<\/div>\n<\/div>\n<\/div>\n
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if we do turn how much could we pull<\/div>\n<\/div>\n<\/div>\n
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back over the next<\/div>\n<\/div>\n<\/div>\n
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two to three days general rule of thumb<\/div>\n<\/div>\n<\/div>\n
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is you’ll look for like a quick three to<\/div>\n<\/div>\n<\/div>\n
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five percent pullback<\/div>\n<\/div>\n<\/div>\n
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and so for if we topped out at 358 five<\/div>\n<\/div>\n<\/div>\n
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percent pullback from there<\/div>\n<\/div>\n<\/div>\n
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is the low 340s so in that case the next<\/div>\n<\/div>\n<\/div>\n
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morning when it gaps<\/div>\n<\/div>\n<\/div>\n
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lower to 356 i might buy some 345 puts a<\/div>\n<\/div>\n<\/div>\n
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few days out<\/div>\n<\/div>\n<\/div>\n
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345 346. and then if it pulls into the<\/div>\n<\/div>\n<\/div>\n
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low 340s<\/div>\n<\/div>\n<\/div>\n
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i can either get along the market um i<\/div>\n<\/div>\n<\/div>\n
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could take off half of the puts i have a<\/div>\n<\/div>\n<\/div>\n
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lot of a lot of things that i can<\/div>\n<\/div>\n<\/div>\n
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i can do there now accelerates to the<\/div>\n<\/div>\n<\/div>\n
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upside that’s part of<\/div>\n<\/div>\n<\/div>\n
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what we’re looking for in terms of<\/div>\n<\/div>\n<\/div>\n
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putting out a play position the next<\/div>\n<\/div>\n<\/div>\n
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thing that we would like to do<\/div>\n<\/div>\n<\/div>\n
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ideally is see a gap down in the next<\/div>\n<\/div>\n<\/div>\n
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morning so for example i’m just looking<\/div>\n<\/div>\n<\/div>\n
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here at the chart<\/div>\n<\/div>\n<\/div>\n
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if 358 was the high in the spies and we<\/div>\n<\/div>\n<\/div>\n
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gapped down the next morning i’m not<\/div>\n<\/div>\n<\/div>\n
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exactly sure where we got to on friday<\/div>\n<\/div>\n<\/div>\n
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but let’s say it’s in the 350 6 357 area<\/div>\n<\/div>\n<\/div>\n
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if i’m buying puts you know for this<\/div>\n<\/div>\n<\/div>\n
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wednesday<\/div>\n<\/div>\n<\/div>\n
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um 345’s they’re going to be extremely<\/div>\n<\/div>\n<\/div>\n
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cheap because again it’s a small gap<\/div>\n<\/div>\n<\/div>\n
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down<\/div>\n<\/div>\n<\/div>\n
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we’re still in an uptrend channel but<\/div>\n<\/div>\n<\/div>\n
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we’ve gapped lower and the reason why we<\/div>\n<\/div>\n<\/div>\n
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want to buy the puts is the number one<\/div>\n<\/div>\n<\/div>\n
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they’re cheap<\/div>\n<\/div>\n<\/div>\n
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we also know that the priority is high<\/div>\n<\/div>\n<\/div>\n
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is an area that would if we get above<\/div>\n<\/div>\n<\/div>\n
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we can take those puts off and we can<\/div>\n<\/div>\n<\/div>\n
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also use that as a level<\/div>\n<\/div>\n<\/div>\n
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potential to watch to see if it fails so<\/div>\n<\/div>\n<\/div>\n
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that’s on the option side<\/div>\n<\/div>\n<\/div>\n
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i’ve labeled four points for you here<\/div>\n<\/div>\n<\/div>\n
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the first one<\/div>\n<\/div>\n<\/div>\n
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is we gap lower we have that hard down<\/div>\n<\/div>\n<\/div>\n
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move i’ve talked about in that first 30<\/div>\n<\/div>\n<\/div>\n
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minutes to the first hour of the morning<\/div>\n<\/div>\n<\/div>\n
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i want to see that one plus percent down<\/div>\n<\/div>\n<\/div>\n
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move<\/div>\n<\/div>\n<\/div>\n
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and then i’ll look for a level to<\/div>\n<\/div>\n<\/div>\n
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retrace so the first hard down move<\/div>\n<\/div>\n<\/div>\n
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actually took it<\/div>\n<\/div>\n<\/div>\n
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into the mid 340s so that’s actually<\/div>\n<\/div>\n<\/div>\n
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pretty extreme<\/div>\n<\/div>\n<\/div>\n
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um so in that case what i’ll do is it’s<\/div>\n<\/div>\n<\/div>\n
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come off about eight dollars<\/div>\n<\/div>\n<\/div>\n
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i’ll look for like a four dollar<\/div>\n<\/div>\n<\/div>\n
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retracement and from an intraday<\/div>\n<\/div>\n<\/div>\n
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perspective<\/div>\n<\/div>\n<\/div>\n
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i’ll look to short that and what i’m<\/div>\n<\/div>\n<\/div>\n
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always thinking is anytime the market<\/div>\n<\/div>\n<\/div>\n
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has a large leg down<\/div>\n<\/div>\n<\/div>\n
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is will it retrace 30 to 50 percent on<\/div>\n<\/div>\n<\/div>\n
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the time frame that i’m looking at<\/div>\n<\/div>\n<\/div>\n
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and i will look too short into that<\/div>\n<\/div>\n<\/div>\n
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retracement and the key there is<\/div>\n<\/div>\n<\/div>\n
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shorting into that retracement is<\/div>\n<\/div>\n<\/div>\n
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because there’s a change<\/div>\n<\/div>\n<\/div>\n
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when we look at that uptrend channel<\/div>\n<\/div>\n<\/div>\n
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each pullback<\/div>\n<\/div>\n<\/div>\n
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was modest it was inside the uptrend<\/div>\n<\/div>\n<\/div>\n
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channel it wasn’t until<\/div>\n<\/div>\n<\/div>\n
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friday when it actually broke down to<\/div>\n<\/div>\n<\/div>\n
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the first time<\/div>\n<\/div>\n<\/div>\n
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and remember one of the things that will<\/div>\n<\/div>\n<\/div>\n
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happen<\/div>\n<\/div>\n<\/div>\n
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when we have this first potential of a<\/div>\n<\/div>\n<\/div>\n
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regime change we don’t know<\/div>\n<\/div>\n<\/div>\n
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this can sometimes be a one day wonder<\/div>\n<\/div>\n<\/div>\n
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if you go back over the last three or<\/div>\n<\/div>\n<\/div>\n
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four months<\/div>\n<\/div>\n<\/div>\n
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sometimes you’ll just have that one day<\/div>\n<\/div>\n<\/div>\n
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hard down the next morning you come in<\/div>\n<\/div>\n<\/div>\n
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maybe it gaps down a little bit<\/div>\n<\/div>\n<\/div>\n
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boom or right back up and it resumes we<\/div>\n<\/div>\n<\/div>\n
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don’t know on that first day<\/div>\n<\/div>\n<\/div>\n
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if this is going to lead to a week’s<\/div>\n<\/div>\n<\/div>\n
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volatility or two weeks of volatility<\/div>\n<\/div>\n<\/div>\n
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all we know at this point is with the<\/div>\n<\/div>\n<\/div>\n
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market was behaving a certain way<\/div>\n<\/div>\n<\/div>\n
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and in the first 30 to 60 minutes<\/div>\n<\/div>\n<\/div>\n
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something changed<\/div>\n<\/div>\n<\/div>\n
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and i want to take advantage hopefully<\/div>\n<\/div>\n<\/div>\n
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you know on the gap down you threw in<\/div>\n<\/div>\n<\/div>\n
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some flyer puts<\/div>\n<\/div>\n<\/div>\n
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um you know three to five percent lower<\/div>\n<\/div>\n<\/div>\n
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you got them cheap<\/div>\n<\/div>\n<\/div>\n
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when we actually go down as much as we<\/div>\n<\/div>\n<\/div>\n
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did there on that first leg<\/div>\n<\/div>\n<\/div>\n
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perhaps you’re going to take some off um<\/div>\n<\/div>\n<\/div>\n
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because they’ve quadrupled in value or<\/div>\n<\/div>\n<\/div>\n
\n
\n
something like that<\/div>\n<\/div>\n<\/div>\n
\n
\n
take off 25 percent it pays for the<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade and then we’ll see over the next<\/div>\n<\/div>\n<\/div>\n
\n
\n
couple of days<\/div>\n<\/div>\n<\/div>\n
\n
\n
is the more downside follow through the<\/div>\n<\/div>\n<\/div>\n
\n
\n
second point that i’ve highlighted in<\/div>\n<\/div>\n<\/div>\n
\n
\n
this<\/div>\n<\/div>\n<\/div>\n
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\n
on the multi-day here in the 30 minute<\/div>\n<\/div>\n<\/div>\n
\n
\n
is when it came into a support when the<\/div>\n<\/div>\n<\/div>\n
\n
\n
market kind of came into a support area<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i was looking at going back over<\/div>\n<\/div>\n<\/div>\n
\n
\n
the prior couple of weeks and so<\/div>\n<\/div>\n<\/div>\n
\n
\n
one of the things that i always look for<\/div>\n<\/div>\n<\/div>\n
\n
\n
is when the market breaks down on day<\/div>\n<\/div>\n<\/div>\n
\n
\n
one<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then on day two comes off really<\/div>\n<\/div>\n<\/div>\n
\n
\n
hard the next morning i’m always looking<\/div>\n<\/div>\n<\/div>\n
\n
\n
for a balance<\/div>\n<\/div>\n<\/div>\n
\n
\n
and again this in this case this is the<\/div>\n<\/div>\n<\/div>\n
\n
\n
last day of my vacation<\/div>\n<\/div>\n<\/div>\n
\n
\n
i wasn’t trading i can tell by looking<\/div>\n<\/div>\n<\/div>\n
\n
\n
at the chart that most likely i would<\/div>\n<\/div>\n<\/div>\n
\n
\n
have been buying one to two dollars<\/div>\n<\/div>\n<\/div>\n
\n
\n
before that morning low<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m just based on the psychological<\/div>\n<\/div>\n<\/div>\n
\n
\n
psychological levels coming into that<\/div>\n<\/div>\n<\/div>\n
\n
\n
that that area and based on the prior<\/div>\n<\/div>\n<\/div>\n
\n
\n
support now this is this can be very<\/div>\n<\/div>\n<\/div>\n
\n
\n
tricky because<\/div>\n<\/div>\n<\/div>\n
\n
\n
just looking at the way that the balance<\/div>\n<\/div>\n<\/div>\n
\n
\n
happened it was<\/div>\n<\/div>\n<\/div>\n
\n
\n
crash into support vertical move there<\/div>\n<\/div>\n<\/div>\n
\n
\n
those are the hardest moves to capture<\/div>\n<\/div>\n<\/div>\n
\n
\n
generally speaking that next morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
when it comes down<\/div>\n<\/div>\n<\/div>\n
\n
\n
you want to see a one to two dollar pop<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the spy<\/div>\n<\/div>\n<\/div>\n
\n
\n
either a sideways consolidation a retest<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the morning low<\/div>\n<\/div>\n<\/div>\n
\n
\n
or something like that that gives you<\/div>\n<\/div>\n<\/div>\n
\n
\n
something to trade against as traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
we always want to have levels to trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
against in the same way that i talked<\/div>\n<\/div>\n<\/div>\n
\n
\n
about putting on puts<\/div>\n<\/div>\n<\/div>\n
\n
\n
on that initial gap down on day one i<\/div>\n<\/div>\n<\/div>\n
\n
\n
know the level that i’m thinking that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m trading against is the high from the<\/div>\n<\/div>\n<\/div>\n
\n
\n
prior day<\/div>\n<\/div>\n<\/div>\n
\n
\n
where i can take those puts off on day<\/div>\n<\/div>\n<\/div>\n
\n
\n
two after we’ve had one day of down in<\/div>\n<\/div>\n<\/div>\n
\n
\n
the gap lower<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the morning yes i’m looking i’m going<\/div>\n<\/div>\n<\/div>\n
\n
\n
back over the last week or two looking<\/div>\n<\/div>\n<\/div>\n
\n
\n
for a support area to buy<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s how i’m doing it but the more<\/div>\n<\/div>\n<\/div>\n
\n
\n
conservative approach is once you put in<\/div>\n<\/div>\n<\/div>\n
\n
\n
that morning low and you start to bounce<\/div>\n<\/div>\n<\/div>\n
\n
\n
we want to see some type of<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidation in under a dollar range<\/div>\n<\/div>\n<\/div>\n
\n
\n
even under a 50 cent range on the spy<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then some type of balance that<\/div>\n<\/div>\n<\/div>\n
\n
\n
looked like it was pretty<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty tricky there but the good news<\/div>\n<\/div>\n<\/div>\n
\n
\n
was kind of the next morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
we actually gapped down from a bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
picture perspective the next morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you gap down<\/div>\n<\/div>\n<\/div>\n
\n
\n
you want to look to buy into the<\/div>\n<\/div>\n<\/div>\n
\n
\n
priority is low or you want to flush<\/div>\n<\/div>\n<\/div>\n
\n
\n
through the prior day’s low in a quick<\/div>\n<\/div>\n<\/div>\n
\n
\n
balance<\/div>\n<\/div>\n<\/div>\n
\n
\n
so the next morning what i’m looking for<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then you can see in the in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
pre-market<\/div>\n<\/div>\n<\/div>\n
\n
\n
we actually did have a decent bounce it<\/div>\n<\/div>\n<\/div>\n
\n
\n
was it looks like a couple of dollars or<\/div>\n<\/div>\n<\/div>\n
\n
\n
so<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the free market um and then when the<\/div>\n<\/div>\n<\/div>\n
\n
\n
market opens at the level holds<\/div>\n<\/div>\n<\/div>\n
\n
\n
it actually goes up a few dollars but<\/div>\n<\/div>\n<\/div>\n
\n
\n
then in the afternoon it takes it out<\/div>\n<\/div>\n<\/div>\n
\n
\n
um closes at the low this is bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
picture<\/div>\n<\/div>\n<\/div>\n
\n
\n
bearish for the market the idea that we<\/div>\n<\/div>\n<\/div>\n
\n
\n
broke the trend on day one<\/div>\n<\/div>\n<\/div>\n
\n
\n
came off hard day two we were weak and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then bounced and on day three we took<\/div>\n<\/div>\n<\/div>\n
\n
\n
out that low and closed below it<\/div>\n<\/div>\n<\/div>\n
\n
\n
now i’m starting to think wow we close<\/div>\n<\/div>\n<\/div>\n
\n
\n
below<\/div>\n<\/div>\n<\/div>\n
\n
\n
the day too low even if we bounce the<\/div>\n<\/div>\n<\/div>\n
\n
\n
next couple of days<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m thinking out over the next week to<\/div>\n<\/div>\n<\/div>\n
\n
\n
two weeks<\/div>\n<\/div>\n<\/div>\n
\n
\n
we could have another down leg in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
market and that’s just because<\/div>\n<\/div>\n<\/div>\n
\n
\n
the sellers weren’t satisfied um after<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you know move from we went from 356<\/div>\n<\/div>\n<\/div>\n
\n
\n
to 334 over the course of a couple of<\/div>\n<\/div>\n<\/div>\n
\n
\n
days you would think that<\/div>\n<\/div>\n<\/div>\n
\n
\n
after we have a big bounce like we did<\/div>\n<\/div>\n<\/div>\n
\n
\n
on day two<\/div>\n<\/div>\n<\/div>\n
\n
\n
that worst case we would come in we’d<\/div>\n<\/div>\n<\/div>\n
\n
\n
get a re-test we’d close strong<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so that’s point number three is what<\/div>\n<\/div>\n<\/div>\n
\n
\n
i highlighted which was we closed at the<\/div>\n<\/div>\n<\/div>\n
\n
\n
low<\/div>\n<\/div>\n<\/div>\n
\n
\n
we actually went down to 3 30 in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
after hours we went down another three<\/div>\n<\/div>\n<\/div>\n
\n
\n
dollars from the clues<\/div>\n<\/div>\n<\/div>\n
\n
\n
so my thought process there was take<\/div>\n<\/div>\n<\/div>\n
\n
\n
some overnight<\/div>\n<\/div>\n<\/div>\n
\n
\n
because even if we had another down leg<\/div>\n<\/div>\n<\/div>\n
\n
\n
into the 320s<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re going to to to have some sort of<\/div>\n<\/div>\n<\/div>\n
\n
\n
balance<\/div>\n<\/div>\n<\/div>\n
\n
\n
was i thinking we were going to bounce<\/div>\n<\/div>\n<\/div>\n
\n
\n
the next day back above 340 absolutely<\/div>\n<\/div>\n<\/div>\n
\n
\n
not<\/div>\n<\/div>\n<\/div>\n
\n
\n
markets just don’t go up and down they<\/div>\n<\/div>\n<\/div>\n
\n
\n
go don’t it’s not go up or down they go<\/div>\n<\/div>\n<\/div>\n
\n
\n
they’re going to go up and down so even<\/div>\n<\/div>\n<\/div>\n
\n
\n
on a day like today<\/div>\n<\/div>\n<\/div>\n
\n
\n
there was some strength in the morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
we came off really hard in the afternoon<\/div>\n<\/div>\n<\/div>\n
\n
\n
we had a couple of one to two dollar<\/div>\n<\/div>\n<\/div>\n
\n
\n
bounces i think as we closed<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think we’re probably going to close<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe a dollar and a half off of the low<\/div>\n<\/div>\n<\/div>\n
\n
\n
or something like that<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so what we’re looking at now is<\/div>\n<\/div>\n<\/div>\n
\n
\n
today’s chart this is the intraday<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you can see yesterday we had this<\/div>\n<\/div>\n<\/div>\n
\n
\n
big bounce we gapped up above 336<\/div>\n<\/div>\n<\/div>\n
\n
\n
we went all the way back to 342. and the<\/div>\n<\/div>\n<\/div>\n
\n
\n
reason why i tweeted<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you wanted to short the retracement<\/div>\n<\/div>\n<\/div>\n
\n
\n
this would be a good spot to short at<\/div>\n<\/div>\n<\/div>\n
\n
\n
342<\/div>\n<\/div>\n<\/div>\n
\n
\n
is because based on the the action that<\/div>\n<\/div>\n<\/div>\n
\n
\n
we just discussed<\/div>\n<\/div>\n<\/div>\n
\n
\n
we broke the trend a few days ago we<\/div>\n<\/div>\n<\/div>\n
\n
\n
came off really hard the second day<\/div>\n<\/div>\n<\/div>\n
\n
\n
after we had a bounce<\/div>\n<\/div>\n<\/div>\n
\n
\n
on day three we failed um to hold those<\/div>\n<\/div>\n<\/div>\n
\n
\n
levels from day two<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we closed at the low so my<\/div>\n<\/div>\n<\/div>\n
\n
\n
expectation is we’re going to have some<\/div>\n<\/div>\n<\/div>\n
\n
\n
sort of retracement<\/div>\n<\/div>\n<\/div>\n
\n
\n
from the low 330s maybe back up to 340<\/div>\n<\/div>\n<\/div>\n
\n
\n
to 342<\/div>\n<\/div>\n<\/div>\n
\n
\n
based on prior support resistance i<\/div>\n<\/div>\n<\/div>\n
\n
\n
don’t look at multi-day review ops i<\/div>\n<\/div>\n<\/div>\n
\n
\n
don’t look at bollinger bands<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i don’t look at moving averages so<\/div>\n<\/div>\n<\/div>\n
\n
\n
the 342 level was strictly based<\/div>\n<\/div>\n<\/div>\n
\n
\n
on looking at the size of the down move<\/div>\n<\/div>\n<\/div>\n
\n
\n
the the<\/div>\n<\/div>\n<\/div>\n
\n
\n
size of retracement you would spec<\/div>\n<\/div>\n<\/div>\n
\n
\n
expect from that that down move<\/div>\n<\/div>\n<\/div>\n
\n
\n
um you know approximately<\/div>\n<\/div>\n<\/div>\n
\n
\n
a you know 30 to 50 percent retracement<\/div>\n<\/div>\n<\/div>\n
\n
\n
from the<\/div>\n<\/div>\n<\/div>\n
\n
\n
from that that three day down move and<\/div>\n<\/div>\n<\/div>\n
\n
\n
using levels<\/div>\n<\/div>\n<\/div>\n
\n
\n
um based on the the the uptrend channel<\/div>\n<\/div>\n<\/div>\n
\n
\n
that we had over the last<\/div>\n<\/div>\n<\/div>\n
\n
\n
couple of weeks and so we got 342<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so i tweeted out you know if you<\/div>\n<\/div>\n<\/div>\n
\n
\n
wanted the shorter retracement thinking<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe we’ll retest the recent lows maybe<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’ll go into the 320s<\/div>\n<\/div>\n<\/div>\n
\n
\n
which seems like a very good possibility<\/div>\n<\/div>\n<\/div>\n
\n
\n
over the coming days<\/div>\n<\/div>\n<\/div>\n
\n
\n
um this is a good risk reward spot to do<\/div>\n<\/div>\n<\/div>\n
\n
\n
it and<\/div>\n<\/div>\n<\/div>\n
\n
\n
one of the biggest mistakes you’ll see<\/div>\n<\/div>\n<\/div>\n
\n
\n
when the market gets volatile like this<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the market comes off from the 350s<\/div>\n<\/div>\n<\/div>\n
\n
\n
down to the 330s<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we gap up the next morning to 336<\/div>\n<\/div>\n<\/div>\n
\n
\n
337<\/div>\n<\/div>\n<\/div>\n
\n
\n
is less experienced traders won’t give<\/div>\n<\/div>\n<\/div>\n
\n
\n
the market a chance to bounce<\/div>\n<\/div>\n<\/div>\n
\n
\n
think about how larger players are<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking and institutions are playing<\/div>\n<\/div>\n<\/div>\n
\n
\n
wow the market just sold off from the<\/div>\n<\/div>\n<\/div>\n
\n
\n
mid 350s to the low 330s in a few days<\/div>\n<\/div>\n<\/div>\n
\n
\n
i should put some money to work we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
gapping up this morning we’re above 336.<\/div>\n<\/div>\n<\/div>\n
\n
\n
seems like the selling’s done and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
you get this move<\/div>\n<\/div>\n<\/div>\n
\n
\n
a lot of people are thinking that so<\/div>\n<\/div>\n<\/div>\n
\n
\n
instead of us gapping from 333 to 336<\/div>\n<\/div>\n<\/div>\n
\n
\n
and going up another dollar or two we<\/div>\n<\/div>\n<\/div>\n
\n
\n
end up going up<\/div>\n<\/div>\n<\/div>\n
\n
\n
six dollars because a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
institutions a lot of larger players are<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking the same thing<\/div>\n<\/div>\n<\/div>\n
\n
\n
we came off from all the way from here<\/div>\n<\/div>\n<\/div>\n
\n
\n
to here we’re gapping up this morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
selling’s probably done let’s start<\/div>\n<\/div>\n<\/div>\n
\n
\n
buying a bunch of people buy<\/div>\n<\/div>\n<\/div>\n
\n
\n
we end up going up two percent we<\/div>\n<\/div>\n<\/div>\n
\n
\n
overshoot to the upside<\/div>\n<\/div>\n<\/div>\n
\n
\n
so there’s a good restaurant you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
shorting at 342<\/div>\n<\/div>\n<\/div>\n
\n
\n
your risk is a dollar or less and if we<\/div>\n<\/div>\n<\/div>\n
\n
\n
end up<\/div>\n<\/div>\n<\/div>\n
\n
\n
failing at 342 and holding below 340<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe we’ll come back down to the mid<\/div>\n<\/div>\n<\/div>\n
\n
\n
330s<\/div>\n<\/div>\n<\/div>\n
\n
\n
so if we look at the right side of this<\/div>\n<\/div>\n<\/div>\n
\n
\n
chart here i’ve circled i’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
circled three points for you so i want<\/div>\n<\/div>\n<\/div>\n
\n
\n
you to think about this<\/div>\n<\/div>\n<\/div>\n
\n
\n
what we talked about in the morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
meeting today was okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
342 failed yesterday we came off two<\/div>\n<\/div>\n<\/div>\n
\n
\n
three dollars<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a good pullback we don’t know like<\/div>\n<\/div>\n<\/div>\n
\n
\n
if that’s going to be it we pulled back<\/div>\n<\/div>\n<\/div>\n
\n
\n
to 338 in the pre-market<\/div>\n<\/div>\n<\/div>\n
\n
\n
nice it was actually a pretty good<\/div>\n<\/div>\n<\/div>\n
\n
\n
pullback let’s see what happens when the<\/div>\n<\/div>\n<\/div>\n
\n
\n
market opens we do the morning meeting<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re at 3 39 and a half 3 40 something<\/div>\n<\/div>\n<\/div>\n
\n
\n
like that in the morning meeting<\/div>\n<\/div>\n<\/div>\n
\n
\n
let’s see if 342 fails again this<\/div>\n<\/div>\n<\/div>\n
\n
\n
morning<\/div>\n<\/div>\n<\/div>\n
\n
\n
if it does fails to hold above 342 we<\/div>\n<\/div>\n<\/div>\n
\n
\n
can try this short<\/div>\n<\/div>\n<\/div>\n
\n
\n
and if we start to hold below 340<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe we will have a pullback do i know<\/div>\n<\/div>\n<\/div>\n
\n
\n
if we’re going to pull<\/div>\n<\/div>\n<\/div>\n
\n
\n
did i think at that point we’re going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
pull back to 334<\/div>\n<\/div>\n<\/div>\n
\n
\n
no what i’m thinking about is the<\/div>\n<\/div>\n<\/div>\n
\n
\n
pre-market low<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i circled that first spot there<\/div>\n<\/div>\n<\/div>\n
\n
\n
what’s the pre-market low it’s in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
338<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s the first down leg you saw on the<\/div>\n<\/div>\n<\/div>\n
\n
\n
market it’s not a coincidence<\/div>\n<\/div>\n<\/div>\n
\n
\n
that it pulled back to the pre-market<\/div>\n<\/div>\n<\/div>\n
\n
\n
low and balanced<\/div>\n<\/div>\n<\/div>\n
\n
\n
so if we have a four dollar pullback<\/div>\n<\/div>\n<\/div>\n
\n
\n
like that<\/div>\n<\/div>\n<\/div>\n
\n
\n
what did i just say earlier about bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
picture percentage of retracements<\/div>\n<\/div>\n<\/div>\n
\n
\n
it replies on every time frame whether<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re trading on a 30-minute time frame<\/div>\n<\/div>\n<\/div>\n
\n
\n
or a multi-day time frame or a<\/div>\n<\/div>\n<\/div>\n
\n
\n
multi-week time frame<\/div>\n<\/div>\n<\/div>\n
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um markets move in waves so that first<\/div>\n<\/div>\n<\/div>\n
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weave was about a four dollar down move<\/div>\n<\/div>\n<\/div>\n
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so i’m going to look for a dollar fifty<\/div>\n<\/div>\n<\/div>\n
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to two dollar a pop<\/div>\n<\/div>\n<\/div>\n
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um back up and i’m gonna look to short<\/div>\n<\/div>\n<\/div>\n
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into that dollar fifty two dollar pop<\/div>\n<\/div>\n<\/div>\n
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back up<\/div>\n<\/div>\n<\/div>\n
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and then when the second wave happens<\/div>\n<\/div>\n<\/div>\n
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i’ve circled that in the middle there<\/div>\n<\/div>\n<\/div>\n
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and goes back down and makes a lower low<\/div>\n<\/div>\n<\/div>\n
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i’m gonna look for a retracement again<\/div>\n<\/div>\n<\/div>\n
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and<\/div>\n<\/div>\n<\/div>\n
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it’s not a coincidence that it retraced<\/div>\n<\/div>\n<\/div>\n
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again um<\/div>\n<\/div>\n<\/div>\n
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[Music]<\/div>\n<\/div>\n<\/div>\n
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and you had a good entry there on the<\/div>\n<\/div>\n<\/div>\n
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short and then i’m going to look<\/div>\n<\/div>\n<\/div>\n
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on the third leg this is really<\/div>\n<\/div>\n<\/div>\n
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important on the third leg<\/div>\n<\/div>\n<\/div>\n
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um does it actually hold the prior low<\/div>\n<\/div>\n<\/div>\n
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on wave 2 and if it does<\/div>\n<\/div>\n<\/div>\n
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trail a stop tightly because maybe we’re<\/div>\n<\/div>\n<\/div>\n
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going to go right back up or if it takes<\/div>\n<\/div>\n<\/div>\n
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out<\/div>\n<\/div>\n<\/div>\n
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the second leg then go back to the prior<\/div>\n<\/div>\n<\/div>\n
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couple of days and look for some support<\/div>\n<\/div>\n<\/div>\n
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area<\/div>\n<\/div>\n<\/div>\n
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and you can kind of see this is this is<\/div>\n<\/div>\n<\/div>\n
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actually the chart the 30 minute chart i<\/div>\n<\/div>\n<\/div>\n
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use for the morning meeting<\/div>\n<\/div>\n<\/div>\n
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so you can kind of see it’s marked up um<\/div>\n<\/div>\n<\/div>\n
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we actually went all the way down to<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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support range on the third leg um it was<\/div>\n<\/div>\n<\/div>\n
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a big leg that third one i think it was<\/div>\n<\/div>\n<\/div>\n
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even bigger than the first one<\/div>\n<\/div>\n<\/div>\n
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where then we caught a bid we bounced<\/div>\n<\/div>\n<\/div>\n
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and we actually went below that range<\/div>\n<\/div>\n<\/div>\n
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before you can kind of see<\/div>\n<\/div>\n<\/div>\n
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i don’t know where we closed but we<\/div>\n<\/div>\n<\/div>\n
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moved kind of back up to the top of that<\/div>\n<\/div>\n<\/div>\n
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range<\/div>\n<\/div>\n<\/div>\n
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and so no one’s going to feel confident<\/div>\n<\/div>\n<\/div>\n
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about being along this market<\/div>\n<\/div>\n<\/div>\n
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unless that that range that’s<\/div>\n<\/div>\n<\/div>\n
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highlighted there that if we close above<\/div>\n<\/div>\n<\/div>\n
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that and start to hold above that again<\/div>\n<\/div>\n<\/div>\n
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i think that’s probably around 3 35 and<\/div>\n<\/div>\n<\/div>\n
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so that’s going to be the level that i’m<\/div>\n<\/div>\n<\/div>\n
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watching tomorrow morning<\/div>\n<\/div>\n<\/div>\n
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can we start to hold and consolidate<\/div>\n<\/div>\n<\/div>\n
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back above 335<\/div>\n<\/div>\n<\/div>\n
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and if we can maybe we’re just in a<\/div>\n<\/div>\n<\/div>\n
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range here from the low<\/div>\n<\/div>\n<\/div>\n
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340s to the low 330s and that’s going to<\/div>\n<\/div>\n<\/div>\n
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be this little this volatile range<\/div>\n<\/div>\n<\/div>\n
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until we break one direction or the<\/div>\n<\/div>\n<\/div>\n
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other and so just to kind of recap it<\/div>\n<\/div>\n<\/div>\n
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for you<\/div>\n<\/div>\n<\/div>\n
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we were in a certain type of regime i<\/div>\n<\/div>\n<\/div>\n
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was not focused on trading the spies if<\/div>\n<\/div>\n<\/div>\n
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anything if there was a gap lower in the<\/div>\n<\/div>\n<\/div>\n
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morning i’d just throw in a bid at a<\/div>\n<\/div>\n<\/div>\n
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priority support<\/div>\n<\/div>\n<\/div>\n
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boom that’s that was the trade in the<\/div>\n<\/div>\n<\/div>\n
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spices most focused and in play names<\/div>\n<\/div>\n<\/div>\n
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not the market overall again our desk<\/div>\n<\/div>\n<\/div>\n
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in that regime when there’s a strong bid<\/div>\n<\/div>\n<\/div>\n
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in the market<\/div>\n<\/div>\n<\/div>\n
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we are finding the most in play names<\/div>\n<\/div>\n<\/div>\n
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whether it’s tesla<\/div>\n<\/div>\n<\/div>\n
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nikola um restoration hardware whatever<\/div>\n<\/div>\n<\/div>\n
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some<\/div>\n<\/div>\n<\/div>\n
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whatever has a strong news catalyst<\/div>\n<\/div>\n<\/div>\n
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that’s what we’re talking about in our<\/div>\n<\/div>\n<\/div>\n
\n
\n
morning meeting<\/div>\n<\/div>\n<\/div>\n
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if you want to find the process to pick<\/div>\n<\/div>\n<\/div>\n
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the best stocks go to<\/div>\n<\/div>\n<\/div>\n
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tradingworkshop.com<\/div>\n<\/div>\n<\/div>\n
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two hours i spend 30 minutes explaining<\/div>\n<\/div>\n<\/div>\n
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exactly<\/div>\n<\/div>\n<\/div>\n
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what the best stocks are to be trading<\/div>\n<\/div>\n<\/div>\n
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in a regime like we’ve had for the last<\/div>\n<\/div>\n<\/div>\n
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few months<\/div>\n<\/div>\n<\/div>\n
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trading the top and play names that’s<\/div>\n<\/div>\n<\/div>\n
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where you want to go<\/div>\n<\/div>\n<\/div>\n
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those are going to give you the best<\/div>\n<\/div>\n<\/div>\n
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risk reward i’ve found over the years<\/div>\n<\/div>\n<\/div>\n
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that if i’m in those stocks rather than<\/div>\n<\/div>\n<\/div>\n
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in the market being<\/div>\n<\/div>\n<\/div>\n
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a 50 50 chance of making money it’s 80<\/div>\n<\/div>\n<\/div>\n
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plus in fact the two months before i<\/div>\n<\/div>\n<\/div>\n
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went on vacation<\/div>\n<\/div>\n<\/div>\n
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i only had one negative day and that was<\/div>\n<\/div>\n<\/div>\n
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the day that tesla had earnings i had to<\/div>\n<\/div>\n<\/div>\n
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leave the desk early to get ready for<\/div>\n<\/div>\n<\/div>\n
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earnings<\/div>\n<\/div>\n<\/div>\n
\n
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and so if you are using our stock<\/div>\n<\/div>\n<\/div>\n
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selection techniques<\/div>\n<\/div>\n<\/div>\n
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\n
to to trade the best in play names you<\/div>\n<\/div>\n<\/div>\n
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\n
are going to<\/div>\n<\/div>\n<\/div>\n
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be positive on most days once you<\/div>\n<\/div>\n<\/div>\n
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develop trading skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is a different regime and so in<\/div>\n<\/div>\n<\/div>\n
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\n
this regime i’ll trade the spies i’ll<\/div>\n<\/div>\n<\/div>\n
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\n
trade the queues<\/div>\n<\/div>\n<\/div>\n
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\n
i’ll trade um the vxx all these things<\/div>\n<\/div>\n<\/div>\n
\n
\n
that put things in play<\/div>\n<\/div>\n<\/div>\n
\n
\n
that we talk about in the two-hour<\/div>\n<\/div>\n<\/div>\n
\n
\n
workshop um we talk about how to get the<\/div>\n<\/div>\n<\/div>\n
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right stocks<\/div>\n<\/div>\n<\/div>\n
\n
\n
how to get the the top of the three<\/div>\n<\/div>\n<\/div>\n
\n
\n
setups we use on the desk these things<\/div>\n<\/div>\n<\/div>\n
\n
\n
are very<\/div>\n<\/div>\n<\/div>\n
\n
\n
relevant for most times and every once<\/div>\n<\/div>\n<\/div>\n
\n
\n
in a while<\/div>\n<\/div>\n<\/div>\n
\n
\n
volatility expands and we can look to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade the market<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then we kind of move a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
away from the in play memes<\/div>\n<\/div>\n<\/div>\n
\n
\n
if the vix gets over 30 35 40. hopefully<\/div>\n<\/div>\n<\/div>\n
\n
\n
you learned a little bit something about<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading the market here<\/div>\n<\/div>\n<\/div>\n
\n
\n
the main thing i want you to take away<\/div>\n<\/div>\n<\/div>\n
\n
\n
from this is when the market changes you<\/div>\n<\/div>\n<\/div>\n
\n
\n
have to change the type of setups that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re looking at<\/div>\n<\/div>\n<\/div>\n
\n
\n
you have to change your approach and you<\/div>\n<\/div>\n<\/div>\n
\n
\n
have to recognize it<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty quickly because what we found<\/div>\n<\/div>\n<\/div>\n
\n
\n
over the years is younger less<\/div>\n<\/div>\n<\/div>\n
\n
\n
experienced traders when the market<\/div>\n<\/div>\n<\/div>\n
\n
\n
changes<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s when they lose the most money and<\/div>\n<\/div>\n<\/div>\n
\n
\n
they dig themselves a hole<\/div>\n<\/div>\n<\/div>\n
\n
\n
you need to be every morning when you<\/div>\n<\/div>\n<\/div>\n
\n
\n
come in what is the market been doing<\/div>\n<\/div>\n<\/div>\n
\n
\n
the<\/div>\n<\/div>\n<\/div>\n
\n
\n
most recent weeks most recent days are<\/div>\n<\/div>\n<\/div>\n
\n
\n
things different<\/div>\n<\/div>\n<\/div>\n
\n
\n
what would i need to see to actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
adjust the setups that i’m looking for<\/div>\n<\/div>\n<\/div>\n
\n
\n
adjust the risk that i’m taking etc and<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you’re doing that every day<\/div>\n<\/div>\n<\/div>\n
\n
\n
when the market changes you’re going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
be aware even if you don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
immediately change everything you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
doing you’re going to be more in a<\/div>\n<\/div>\n<\/div>\n
\n
\n
defensive posture<\/div>\n<\/div>\n<\/div>\n
\n
\n
and not rip money up and understand that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re going to very quickly be more<\/div>\n<\/div>\n<\/div>\n
\n
\n
consistent because of that recognition<\/div>\n<\/div>\n<\/div>\n
\n
\n
<\/div><\/div>\n<\/div>\n<\/div>\n

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

In this video Steve discusses how to make the necessary adjustments to be profitable when volatility increases and how to trade that increased level of volatility.<\/p>\n","protected":false},"author":290,"featured_media":50117,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[4189],"tags":[],"class_list":["post-50116","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 Trade a Market Sell Off | 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-trade-a-market-sell-off\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Trade 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