{"id":50160,"date":"2020-10-01T15:58:01","date_gmt":"2020-10-01T19:58:01","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50160"},"modified":"2020-10-01T15:58:01","modified_gmt":"2020-10-01T19:58:01","slug":"one-tape-reading-exit-strategy-every-trader-must-add-to-their-trading","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/one-tape-reading-exit-strategy-every-trader-must-add-to-their-trading","title":{"rendered":"One Tape Reading Exit Strategy Every Trader Must Add To Their Trading"},"content":{"rendered":"

In this video, learn one Tape Reading exit strategy every trader must add to their trading. A new trader discusses with Mike how he exited a profitable Opening Drive trade. Mike suggests one essential exit strategy he did not consider and should have.<\/p>\nView Video Transcript<\/strong><\/span>

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<\/div>\n<\/div>\n
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in this video learn one tape reading<\/div>\n<\/div>\n<\/div>\n
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exit strategy<\/div>\n<\/div>\n<\/div>\n
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every trader must add to their trading<\/div>\n<\/div>\n<\/div>\n
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hi i’m mike bellafiore co-founder of smb<\/div>\n<\/div>\n<\/div>\n
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capital and we’re a proprietary trading<\/div>\n<\/div>\n<\/div>\n
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firm located in midtown manhattan<\/div>\n<\/div>\n<\/div>\n
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and i’m also the author of the trading<\/div>\n<\/div>\n<\/div>\n
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classic one good trade<\/div>\n<\/div>\n<\/div>\n
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and the playbook in this video a new<\/div>\n<\/div>\n<\/div>\n
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trader discusses with me<\/div>\n<\/div>\n<\/div>\n
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how he exited a profitable opening drive<\/div>\n<\/div>\n<\/div>\n
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trade<\/div>\n<\/div>\n<\/div>\n
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i suggest one essential exit strategy<\/div>\n<\/div>\n<\/div>\n
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he did not consider and should have<\/div>\n<\/div>\n<\/div>\n
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let’s get to work on sharing these<\/div>\n<\/div>\n<\/div>\n
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important trading lessons so you<\/div>\n<\/div>\n<\/div>\n
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can grow your trading account<\/div>\n<\/div>\n<\/div>\n
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so i’m going to be going over an opening<\/div>\n<\/div>\n<\/div>\n
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drive short i was taking in nike last<\/div>\n<\/div>\n<\/div>\n
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week after they released earnings<\/div>\n<\/div>\n<\/div>\n
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i want to give some context to a bunch<\/div>\n<\/div>\n<\/div>\n
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of variables that align that got me<\/div>\n<\/div>\n<\/div>\n
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interested in taking this trade<\/div>\n<\/div>\n<\/div>\n
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so the day prior and after hours they<\/div>\n<\/div>\n<\/div>\n
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released earnings they were quite strong<\/div>\n<\/div>\n<\/div>\n
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so quarterly eps was 95 cents versus the<\/div>\n<\/div>\n<\/div>\n
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street estimate of 48 cents<\/div>\n<\/div>\n<\/div>\n
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and revenue of 10.6 billion versus a<\/div>\n<\/div>\n<\/div>\n
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9.15 billion<\/div>\n<\/div>\n<\/div>\n
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expectation so pretty pretty strong beat<\/div>\n<\/div>\n<\/div>\n
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there as well as digital sales up 82<\/div>\n<\/div>\n<\/div>\n
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which is to be expected given us being<\/div>\n<\/div>\n<\/div>\n
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in shutdown<\/div>\n<\/div>\n<\/div>\n
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as well as coming into the morning we<\/div>\n<\/div>\n<\/div>\n
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had a variety of big banks giving nike<\/div>\n<\/div>\n<\/div>\n
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price target upgrades so some some<\/div>\n<\/div>\n<\/div>\n
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strong variables aligning for it for the<\/div>\n<\/div>\n<\/div>\n
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bull thesis<\/div>\n<\/div>\n<\/div>\n
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but on the other hand i’m just thinking<\/div>\n<\/div>\n<\/div>\n
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we’re set to open up<\/div>\n<\/div>\n<\/div>\n
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almost 5 atr above yesterday’s close<\/div>\n<\/div>\n<\/div>\n
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which is<\/div>\n<\/div>\n<\/div>\n
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about 10 and we hit as high as plus 15<\/div>\n<\/div>\n<\/div>\n
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percent in the after hours yesterday<\/div>\n<\/div>\n<\/div>\n
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so just overall pretty extended and i’m<\/div>\n<\/div>\n<\/div>\n
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thinking we might need to see some<\/div>\n<\/div>\n<\/div>\n
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downside<\/div>\n<\/div>\n<\/div>\n
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and then when i’m thinking through these<\/div>\n<\/div>\n<\/div>\n
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opening drag trades i also like to think<\/div>\n<\/div>\n<\/div>\n
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about where the big players are<\/div>\n<\/div>\n<\/div>\n
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kind of positioned and so i recognize<\/div>\n<\/div>\n<\/div>\n
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that short float was under one percent<\/div>\n<\/div>\n<\/div>\n
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here<\/div>\n<\/div>\n<\/div>\n
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while institutional ownership is over 84<\/div>\n<\/div>\n<\/div>\n
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so on the open i’m not really expecting<\/div>\n<\/div>\n<\/div>\n
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to see a big short squeeze very often<\/div>\n<\/div>\n<\/div>\n
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because there just aren’t many shorts<\/div>\n<\/div>\n<\/div>\n
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that are going to be stuck overnight<\/div>\n<\/div>\n<\/div>\n
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there will be some but not many<\/div>\n<\/div>\n<\/div>\n
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whereas there’s going to be a lot of<\/div>\n<\/div>\n<\/div>\n
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institutional investors and big players<\/div>\n<\/div>\n<\/div>\n
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that position themselves along in nike<\/div>\n<\/div>\n<\/div>\n
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heading into earnings trying to get this<\/div>\n<\/div>\n<\/div>\n
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gap up that they just<\/div>\n<\/div>\n<\/div>\n
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got which is very significant and<\/div>\n<\/div>\n<\/div>\n
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they’re probably going to want to take<\/div>\n<\/div>\n<\/div>\n
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some profits<\/div>\n<\/div>\n<\/div>\n
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so i expect there to be a bigger supply<\/div>\n<\/div>\n<\/div>\n
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than demand on the open and nike here<\/div>\n<\/div>\n<\/div>\n
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and so coming into the open in<\/div>\n<\/div>\n<\/div>\n
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pre-market<\/div>\n<\/div>\n<\/div>\n
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me and all the guys in my training class<\/div>\n<\/div>\n<\/div>\n
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we were all kind of game planning this<\/div>\n<\/div>\n<\/div>\n
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together and figuring out<\/div>\n<\/div>\n<\/div>\n
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various ways we could approach this<\/div>\n<\/div>\n<\/div>\n
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based on how it reacts off the open<\/div>\n<\/div>\n<\/div>\n
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and most of us were pretty bullish and<\/div>\n<\/div>\n<\/div>\n
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thinking about how we could figure out<\/div>\n<\/div>\n<\/div>\n
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how to position ourselves for an<\/div>\n<\/div>\n<\/div>\n
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intraday swing and maybe get some more<\/div>\n<\/div>\n<\/div>\n
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continuation to the upside<\/div>\n<\/div>\n<\/div>\n
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but in the last couple hours of<\/div>\n<\/div>\n<\/div>\n
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pre-market we saw this fading action<\/div>\n<\/div>\n<\/div>\n
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we’ve been trading in a tight channel<\/div>\n<\/div>\n<\/div>\n
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between 131 and 133 for<\/div>\n<\/div>\n<\/div>\n
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quite a long time and graham if i can<\/div>\n<\/div>\n<\/div>\n
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just jump in here quickly<\/div>\n<\/div>\n<\/div>\n
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sure and you remarked about this in your<\/div>\n<\/div>\n<\/div>\n
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daily report card and i remarked back to<\/div>\n<\/div>\n<\/div>\n
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you which is<\/div>\n<\/div>\n<\/div>\n
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the work that you did in the pre-market<\/div>\n<\/div>\n<\/div>\n
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to game plan<\/div>\n<\/div>\n<\/div>\n
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and then to game plan with other traders<\/div>\n<\/div>\n<\/div>\n
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on your desk is terrific<\/div>\n<\/div>\n<\/div>\n
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and that is something i highly encourage<\/div>\n<\/div>\n<\/div>\n
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you to keep doing<\/div>\n<\/div>\n<\/div>\n
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particularly since it led to success<\/div>\n<\/div>\n<\/div>\n
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absolutely and i have to give a shout<\/div>\n<\/div>\n<\/div>\n
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out to tim<\/div>\n<\/div>\n<\/div>\n
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in the pre-market he noted that uh dks<\/div>\n<\/div>\n<\/div>\n
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and piton<\/div>\n<\/div>\n<\/div>\n
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to somewhat similar stocks that had<\/div>\n<\/div>\n<\/div>\n
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similarly very strong earnings and<\/div>\n<\/div>\n<\/div>\n
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gapped up very high<\/div>\n<\/div>\n<\/div>\n
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after hours and into the pre-market uh<\/div>\n<\/div>\n<\/div>\n
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but then just sold off aggressively on<\/div>\n<\/div>\n<\/div>\n
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the open and that was within<\/div>\n<\/div>\n<\/div>\n
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you know a very recent time period so<\/div>\n<\/div>\n<\/div>\n
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having that context and recognizing that<\/div>\n<\/div>\n<\/div>\n
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maybe this market environment is selling<\/div>\n<\/div>\n<\/div>\n
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off these large caps gave me a little<\/div>\n<\/div>\n<\/div>\n
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bit of extra conviction for the short<\/div>\n<\/div>\n<\/div>\n
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given the fact that we broke down from<\/div>\n<\/div>\n<\/div>\n
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this 131 to 133 channel<\/div>\n<\/div>\n<\/div>\n
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and volume is starting to dry up and it<\/div>\n<\/div>\n<\/div>\n
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was looking weaker and weaker<\/div>\n<\/div>\n<\/div>\n
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i was looking for the short just on<\/div>\n<\/div>\n<\/div>\n
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momentum again these are strong<\/div>\n<\/div>\n<\/div>\n
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changing fundamentals strong earnings<\/div>\n<\/div>\n<\/div>\n
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news but uh<\/div>\n<\/div>\n<\/div>\n
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we should see some relief on the open<\/div>\n<\/div>\n<\/div>\n
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was my thesis<\/div>\n<\/div>\n<\/div>\n
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and so coming into the or coming into<\/div>\n<\/div>\n<\/div>\n
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the open looking ready to take this<\/div>\n<\/div>\n<\/div>\n
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trade<\/div>\n<\/div>\n<\/div>\n
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i’m looking at this 128 to 126 as a<\/div>\n<\/div>\n<\/div>\n
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potential area of interest where we got<\/div>\n<\/div>\n<\/div>\n
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some consolidation before breaking out<\/div>\n<\/div>\n<\/div>\n
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higher<\/div>\n<\/div>\n<\/div>\n
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in the after hours so when i’m putting<\/div>\n<\/div>\n<\/div>\n
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on this opening drive my first profit<\/div>\n<\/div>\n<\/div>\n
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target area is going to be this 128 area<\/div>\n<\/div>\n<\/div>\n
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and then maybe see if i can take some<\/div>\n<\/div>\n<\/div>\n
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lower towards 127 or 126.<\/div>\n<\/div>\n<\/div>\n
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do you think when you’re looking at your<\/div>\n<\/div>\n<\/div>\n
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pre-market chart that the stock is<\/div>\n<\/div>\n<\/div>\n
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starting to roll over just a touch<\/div>\n<\/div>\n<\/div>\n
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absolutely yeah and so i’ll scooch<\/div>\n<\/div>\n<\/div>\n
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forward a little bit here<\/div>\n<\/div>\n<\/div>\n
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so like i said this 131 to 133 level was<\/div>\n<\/div>\n<\/div>\n
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really the the tight channel<\/div>\n<\/div>\n<\/div>\n
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and so in the last 30 minutes of<\/div>\n<\/div>\n<\/div>\n
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pre-market it kind of shows its hand<\/div>\n<\/div>\n<\/div>\n
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here<\/div>\n<\/div>\n<\/div>\n
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as it rolls down steeper than it has<\/div>\n<\/div>\n<\/div>\n
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before<\/div>\n<\/div>\n<\/div>\n
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tries to spike up on volume but<\/div>\n<\/div>\n<\/div>\n
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immediately fades that spike up<\/div>\n<\/div>\n<\/div>\n
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so once i see that i’m very interested<\/div>\n<\/div>\n<\/div>\n
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in the short<\/div>\n<\/div>\n<\/div>\n
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so once i see that i was hoping that we<\/div>\n<\/div>\n<\/div>\n
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would hold above 131 so that maybe we’d<\/div>\n<\/div>\n<\/div>\n
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see<\/div>\n<\/div>\n<\/div>\n
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a wall of bitters that i could hit into<\/div>\n<\/div>\n<\/div>\n
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on a decrement<\/div>\n<\/div>\n<\/div>\n
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but that’s not going to happen and so i<\/div>\n<\/div>\n<\/div>\n
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have to be flexible and figure out how i<\/div>\n<\/div>\n<\/div>\n
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can get myself into this trade<\/div>\n<\/div>\n<\/div>\n
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intelligently so that my risk reward<\/div>\n<\/div>\n<\/div>\n
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makes some sense and so<\/div>\n<\/div>\n<\/div>\n
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i’m thinking maybe this level of 130 a<\/div>\n<\/div>\n<\/div>\n
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round number that people are gonna have<\/div>\n<\/div>\n<\/div>\n
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their eyes on maybe i can trade it<\/div>\n<\/div>\n<\/div>\n
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against that<\/div>\n<\/div>\n<\/div>\n
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so we’re set to open soon if you want to<\/div>\n<\/div>\n<\/div>\n
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learn three<\/div>\n<\/div>\n<\/div>\n
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real world setups that our traders use<\/div>\n<\/div>\n<\/div>\n
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including the simple setup that we teach<\/div>\n<\/div>\n<\/div>\n
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all of our new traders and the setup<\/div>\n<\/div>\n<\/div>\n
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that turned one of our traders into a<\/div>\n<\/div>\n<\/div>\n
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seven<\/div>\n<\/div>\n<\/div>\n
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figure big money earner check out the<\/div>\n<\/div>\n<\/div>\n
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free webinar that we’re currently<\/div>\n<\/div>\n<\/div>\n
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running<\/div>\n<\/div>\n<\/div>\n
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just go ahead and click the link that<\/div>\n<\/div>\n<\/div>\n
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should be appearing right now at the top<\/div>\n<\/div>\n<\/div>\n
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right hand corner of your screen<\/div>\n<\/div>\n<\/div>\n
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that’s going to open up this free<\/div>\n<\/div>\n<\/div>\n
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registration page in the new window<\/div>\n<\/div>\n<\/div>\n
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so don’t worry you’re not going to lose<\/div>\n<\/div>\n<\/div>\n
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this video you’re going to learn more<\/div>\n<\/div>\n<\/div>\n
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in a couple of hours from this trading<\/div>\n<\/div>\n<\/div>\n
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workshop than from<\/div>\n<\/div>\n<\/div>\n
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years of online education and we do keep<\/div>\n<\/div>\n<\/div>\n
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breaking lower<\/div>\n<\/div>\n<\/div>\n
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coming into the open here i’m going to<\/div>\n<\/div>\n<\/div>\n
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test this 130 level<\/div>\n<\/div>\n<\/div>\n
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but yes to to re-solidify that like<\/div>\n<\/div>\n<\/div>\n
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seeing this last 20 minutes of<\/div>\n<\/div>\n<\/div>\n
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pre-market action makes me feel pretty<\/div>\n<\/div>\n<\/div>\n
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convicted that this is an opening drive<\/div>\n<\/div>\n<\/div>\n
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short<\/div>\n<\/div>\n<\/div>\n
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so now i’m just hoping we get some kind<\/div>\n<\/div>\n<\/div>\n
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of pop so there will be a little bit of<\/div>\n<\/div>\n<\/div>\n
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meat on the bone for me to take this<\/div>\n<\/div>\n<\/div>\n
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short but i am thinking<\/div>\n<\/div>\n<\/div>\n
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130 is probably the level i’m going to<\/div>\n<\/div>\n<\/div>\n
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be looking at<\/div>\n<\/div>\n<\/div>\n
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i’ll scoot forward just a little bit<\/div>\n<\/div>\n<\/div>\n
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more but you’re gonna see<\/div>\n<\/div>\n<\/div>\n
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my entries are going to be very quick<\/div>\n<\/div>\n<\/div>\n
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and i’ll run it back once or twice<\/div>\n<\/div>\n<\/div>\n
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but i’m just trying to find an area that<\/div>\n<\/div>\n<\/div>\n
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makes sense for me to play off of even<\/div>\n<\/div>\n<\/div>\n
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if it’s not the biggest technical level<\/div>\n<\/div>\n<\/div>\n
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from a daily perspective or on an hourly<\/div>\n<\/div>\n<\/div>\n
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chart i just want to have a way to<\/div>\n<\/div>\n<\/div>\n
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structure my risk intelligently<\/div>\n<\/div>\n<\/div>\n
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so i’m in very quickly we are open now<\/div>\n<\/div>\n<\/div>\n
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do a bit of selling<\/div>\n<\/div>\n<\/div>\n
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no real bids this is our biggest wall of<\/div>\n<\/div>\n<\/div>\n
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bitters since the open<\/div>\n<\/div>\n<\/div>\n
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we haven’t had anything and again i<\/div>\n<\/div>\n<\/div>\n
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think if this drops out it’s going to<\/div>\n<\/div>\n<\/div>\n
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drop out very quickly<\/div>\n<\/div>\n<\/div>\n
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especially given this last 20 minutes of<\/div>\n<\/div>\n<\/div>\n
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pre-market so i have to be able to be<\/div>\n<\/div>\n<\/div>\n
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reactionary and hit in quickly as well<\/div>\n<\/div>\n<\/div>\n
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so i hid in at 130 and the idea for this<\/div>\n<\/div>\n<\/div>\n
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is<\/div>\n<\/div>\n<\/div>\n
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if bids reclaim 130 i’m happy to take<\/div>\n<\/div>\n<\/div>\n
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this out as a loss<\/div>\n<\/div>\n<\/div>\n
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and if 130 didn’t hit out immediately<\/div>\n<\/div>\n<\/div>\n
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again i’m willing to pay the spread and<\/div>\n<\/div>\n<\/div>\n
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just take that loss<\/div>\n<\/div>\n<\/div>\n
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but i think if this drops out it could<\/div>\n<\/div>\n<\/div>\n
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drop out pretty far and graham are you<\/div>\n<\/div>\n<\/div>\n
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looking to see that the offers are 130<\/div>\n<\/div>\n<\/div>\n
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20 and identifying that as your<\/div>\n<\/div>\n<\/div>\n
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potential risk<\/div>\n<\/div>\n<\/div>\n
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yeah exactly so the spread isn’t<\/div>\n<\/div>\n<\/div>\n
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incredibly tight but it’s not it’s not<\/div>\n<\/div>\n<\/div>\n
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anything too crazy so<\/div>\n<\/div>\n<\/div>\n
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i’m recognizing i’m at least gonna have<\/div>\n<\/div>\n<\/div>\n
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to pay 20 cents of risk if i’m wrong<\/div>\n<\/div>\n<\/div>\n
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sure you’re looking at the offers and<\/div>\n<\/div>\n<\/div>\n
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you’re seeing where you can get out if<\/div>\n<\/div>\n<\/div>\n
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you’re wrong<\/div>\n<\/div>\n<\/div>\n
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and it looks like there’s some nice<\/div>\n<\/div>\n<\/div>\n
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offers there at 1 30<\/div>\n<\/div>\n<\/div>\n
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20 and that helps you to identify<\/div>\n<\/div>\n<\/div>\n
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potential risk<\/div>\n<\/div>\n<\/div>\n
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yeah and 20 cents is perfectly<\/div>\n<\/div>\n<\/div>\n
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reasonable in my opinion for this kind<\/div>\n<\/div>\n<\/div>\n
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of setup<\/div>\n<\/div>\n<\/div>\n
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if we’re in one of these stocks where it<\/div>\n<\/div>\n<\/div>\n
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opens up to a point point and a half on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the spread<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s going to be a different story and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ll probably be hands off but i’m going<\/div>\n<\/div>\n<\/div>\n
\n
\n
to pay 20 cents if i’m wrong so now i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
just hoping to see this continue<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it pretty quickly begins working in<\/div>\n<\/div>\n<\/div>\n
\n
\n
my favor yeah just<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh quickly i like the way you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking through that if that’s going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
work<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you hit that at 1 30 the way that<\/div>\n<\/div>\n<\/div>\n
\n
\n
this trade will work for you over time<\/div>\n<\/div>\n<\/div>\n
\n
\n
is if it starts to work for you right<\/div>\n<\/div>\n<\/div>\n
\n
\n
away so what you need to see<\/div>\n<\/div>\n<\/div>\n
\n
\n
are the bids dropping the bids dropping<\/div>\n<\/div>\n<\/div>\n
\n
\n
the bids dropping very very quickly<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so if you hit that 130 and it you<\/div>\n<\/div>\n<\/div>\n
\n
\n
didn’t just see it go down really<\/div>\n<\/div>\n<\/div>\n
\n
\n
quickly<\/div>\n<\/div>\n<\/div>\n
\n
\n
based on your thesis and what you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
planning to do that really is a<\/div>\n<\/div>\n<\/div>\n
\n
\n
get out as quick as you can if you can<\/div>\n<\/div>\n<\/div>\n
\n
\n
get on the bid great if you have to pay<\/div>\n<\/div>\n<\/div>\n
\n
\n
the offer<\/div>\n<\/div>\n<\/div>\n
\n
\n
okay but the trade is the opening drive<\/div>\n<\/div>\n<\/div>\n
\n
\n
play is<\/div>\n<\/div>\n<\/div>\n
\n
\n
hit it and the damn bids ought to drop<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this thing ought to<\/div>\n<\/div>\n<\/div>\n
\n
\n
go down really fast and that’s your<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade and if you’re not seeing that<\/div>\n<\/div>\n<\/div>\n
\n
\n
then get out of it and you’ve set up a<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty good trade here<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this does have a pretty good<\/div>\n<\/div>\n<\/div>\n
\n
\n
likelihood that it can go down for you<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty quickly<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you can’t hit it and if it doesn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
go down right away kind of freeze<\/div>\n<\/div>\n<\/div>\n
\n
\n
and start thinking and analyzing and<\/div>\n<\/div>\n<\/div>\n
\n
\n
asking yourself questions as to well<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
not ready to go down yet or you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe it’s going to take a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
more time to develop it’s not a swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a opening drive scalp and that<\/div>\n<\/div>\n<\/div>\n
\n
\n
looks<\/div>\n<\/div>\n<\/div>\n
\n
\n
a certain way that has certain<\/div>\n<\/div>\n<\/div>\n
\n
\n
characteristics and that trade you hit<\/div>\n<\/div>\n<\/div>\n
\n
\n
it and it goes down<\/div>\n<\/div>\n<\/div>\n
\n
\n
immediately that’s the trade okay for<\/div>\n<\/div>\n<\/div>\n
\n
\n
those of you looking for<\/div>\n<\/div>\n<\/div>\n
\n
\n
a more academic explanation of what you<\/div>\n<\/div>\n<\/div>\n
\n
\n
want to look for in a trade or for those<\/div>\n<\/div>\n<\/div>\n
\n
\n
of you who want to make swing trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
not for you right here and that’s fine<\/div>\n<\/div>\n<\/div>\n
\n
\n
okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
but the trade we’re describing is a very<\/div>\n<\/div>\n<\/div>\n
\n
\n
effective<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade particularly the way that you’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
looked at it<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can make really good money very<\/div>\n<\/div>\n<\/div>\n
\n
\n
quickly<\/div>\n<\/div>\n<\/div>\n
\n
\n
on this trade is a very legitimate<\/div>\n<\/div>\n<\/div>\n
\n
\n
intraday strategy<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so good for you to measure whether<\/div>\n<\/div>\n<\/div>\n
\n
\n
or not you can make it work for you<\/div>\n<\/div>\n<\/div>\n
\n
\n
absolutely and i’ll even say i’m not a<\/div>\n<\/div>\n<\/div>\n
\n
\n
good scalper but this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
one of the very few scalping momentum<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades that i think i do quite well in<\/div>\n<\/div>\n<\/div>\n
\n
\n
have edge in<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we’ll let this continue<\/div>\n<\/div>\n<\/div>\n
\n
\n
interested to see how quickly this can<\/div>\n<\/div>\n<\/div>\n
\n
\n
really go<\/div>\n<\/div>\n<\/div>\n
\n
\n
but again my my proper target really was<\/div>\n<\/div>\n<\/div>\n
\n
\n
128<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a little less than an atr from the<\/div>\n<\/div>\n<\/div>\n
\n
\n
open seeing if i can capture that<\/div>\n<\/div>\n<\/div>\n
\n
\n
so while this is a bit uncomfortable i<\/div>\n<\/div>\n<\/div>\n
\n
\n
put my first bids out and i believe this<\/div>\n<\/div>\n<\/div>\n
\n
\n
is<\/div>\n<\/div>\n<\/div>\n
\n
\n
at like 128.28<\/div>\n<\/div>\n<\/div>\n
\n
\n
even if i’m wrong on this again i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to be paying very little for this<\/div>\n<\/div>\n<\/div>\n
\n
\n
loss so i want to give it time to work<\/div>\n<\/div>\n<\/div>\n
\n
\n
starting to accelerate a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
now pretty quickly under 129 now<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and you’ll see the stock never<\/div>\n<\/div>\n<\/div>\n
\n
\n
never really threatens to go back up<\/div>\n<\/div>\n<\/div>\n
\n
\n
towards<\/div>\n<\/div>\n<\/div>\n
\n
\n
where you entered never really threatens<\/div>\n<\/div>\n<\/div>\n
\n
\n
to go up towards 130<\/div>\n<\/div>\n<\/div>\n
\n
\n
never re-bids 130 never comes up even<\/div>\n<\/div>\n<\/div>\n
\n
\n
anywhere near 1 30.<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly and so what we see in this trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
for a lot of it is<\/div>\n<\/div>\n<\/div>\n
\n
\n
especially here this 128.50 to 128 30ish<\/div>\n<\/div>\n<\/div>\n
\n
\n
area<\/div>\n<\/div>\n<\/div>\n
\n
\n
is giving it some issues um and i’m just<\/div>\n<\/div>\n<\/div>\n
\n
\n
recognizing that this is just a momentum<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
so if i see an area really stalling i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to want to consider getting out<\/div>\n<\/div>\n<\/div>\n
\n
\n
some of my shares and i actually do get<\/div>\n<\/div>\n<\/div>\n
\n
\n
out<\/div>\n<\/div>\n<\/div>\n
\n
\n
half of my position here given that<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is the first time we’ve seen<\/div>\n<\/div>\n<\/div>\n
\n
\n
momentum really stall like this<\/div>\n<\/div>\n<\/div>\n
\n
\n
and with these momentum traits there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
at least a reasonable likelihood that we<\/div>\n<\/div>\n<\/div>\n
\n
\n
could rubber bands and head back to<\/div>\n<\/div>\n<\/div>\n
\n
\n
130 and actually put in a trend day<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe i’m being a little bit of scared<\/div>\n<\/div>\n<\/div>\n
\n
\n
money there<\/div>\n<\/div>\n<\/div>\n
\n
\n
but i also just know that those shares<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i took off there<\/div>\n<\/div>\n<\/div>\n
\n
\n
i had just about 25 cents lower so i<\/div>\n<\/div>\n<\/div>\n
\n
\n
don’t know if it’s worth fighting for<\/div>\n<\/div>\n<\/div>\n
\n
\n
those shares<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh for those 25 cents on those shares<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah it’s not<\/div>\n<\/div>\n<\/div>\n
\n
\n
on this type of trade it’s a different<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade maybe but not on this trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
agreed and so i’m still sitting on these<\/div>\n<\/div>\n<\/div>\n
\n
\n
the second half of my position here and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i believe my price target was something<\/div>\n<\/div>\n<\/div>\n
\n
\n
like 127.25<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that might just be a little bit too<\/div>\n<\/div>\n<\/div>\n
\n
\n
ambitious<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this is this is a mistake i make<\/div>\n<\/div>\n<\/div>\n
\n
\n
here in this trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
we get below 128 and i’m feeling good<\/div>\n<\/div>\n<\/div>\n
\n
\n
about it but we really struggle to hold<\/div>\n<\/div>\n<\/div>\n
\n
\n
below it and we do it one or two more<\/div>\n<\/div>\n<\/div>\n
\n
\n
times before<\/div>\n<\/div>\n<\/div>\n
\n
\n
before the trade is over and once i see<\/div>\n<\/div>\n<\/div>\n
\n
\n
128 which i recognize is really the key<\/div>\n<\/div>\n<\/div>\n
\n
\n
support level from the after hours yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i think graham if i can jump in<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you watch tape enough and you watch<\/div>\n<\/div>\n<\/div>\n
\n
\n
the way that got below 128 and you saw<\/div>\n<\/div>\n<\/div>\n
\n
\n
how steep it was<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know when i when i’m watching that<\/div>\n<\/div>\n<\/div>\n
\n
\n
tape with you right here<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m getting a uneasy feeling in my<\/div>\n<\/div>\n<\/div>\n
\n
\n
stomach<\/div>\n<\/div>\n<\/div>\n
\n
\n
that there’s a trade decision here<\/div>\n<\/div>\n<\/div>\n
\n
\n
because it’s just too steep<\/div>\n<\/div>\n<\/div>\n
\n
\n
and now the risk is switching over that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re going to get back too much open<\/div>\n<\/div>\n<\/div>\n
\n
\n
profit<\/div>\n<\/div>\n<\/div>\n
\n
\n
but i think when you when you start to<\/div>\n<\/div>\n<\/div>\n
\n
\n
watch tape over and over again<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’ll start to be able to take off<\/div>\n<\/div>\n<\/div>\n
\n
\n
drops that are too steep<\/div>\n<\/div>\n<\/div>\n
\n
\n
and recognize what that looks like and<\/div>\n<\/div>\n<\/div>\n
\n
\n
just take it off<\/div>\n<\/div>\n<\/div>\n
\n
\n
absolutely definitely a big area of<\/div>\n<\/div>\n<\/div>\n
\n
\n
improvement for me and that’s really the<\/div>\n<\/div>\n<\/div>\n
\n
\n
the main lesson i was taking away from<\/div>\n<\/div>\n<\/div>\n
\n
\n
this trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
get below 128 again put in a spike low<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this is something that’s a pretty<\/div>\n<\/div>\n<\/div>\n
\n
\n
big bullish indicator for me and a lot<\/div>\n<\/div>\n<\/div>\n
\n
\n
of my trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
we spiked there below to 127.50 and<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re pretty good<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty quickly going to reclaim 128.<\/div>\n<\/div>\n<\/div>\n
\n
\n
i just want to sort of bring up that<\/div>\n<\/div>\n<\/div>\n
\n
\n
point which is there are reading the<\/div>\n<\/div>\n<\/div>\n
\n
\n
tape principles where we wait for<\/div>\n<\/div>\n<\/div>\n
\n
\n
something to re-bid and that gives us<\/div>\n<\/div>\n<\/div>\n
\n
\n
the signal that we’re going to cover<\/div>\n<\/div>\n<\/div>\n
\n
\n
that gives the signal that there’s some<\/div>\n<\/div>\n<\/div>\n
\n
\n
strength in this area on the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
we talk about that a lot you guys do a<\/div>\n<\/div>\n<\/div>\n
\n
\n
really good job of covering that<\/div>\n<\/div>\n<\/div>\n
\n
\n
but when something gets but there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
another way to exit which is the point<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
making to you which is if something is<\/div>\n<\/div>\n<\/div>\n
\n
\n
just too steep to the downside you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
short it’s too steep to the downside<\/div>\n<\/div>\n<\/div>\n
\n
\n
that also<\/div>\n<\/div>\n<\/div>\n
\n
\n
that steepness that it’s just goes down<\/div>\n<\/div>\n<\/div>\n
\n
\n
too fast too much too quickly<\/div>\n<\/div>\n<\/div>\n
\n
\n
that also is going to become<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you’re reading the tape skills get<\/div>\n<\/div>\n<\/div>\n
\n
\n
better<\/div>\n<\/div>\n<\/div>\n
\n
\n
away to exit<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it takes a little bit of you’ll know<\/div>\n<\/div>\n<\/div>\n
\n
\n
it when you see it<\/div>\n<\/div>\n<\/div>\n
\n
\n
and there’s other things you can do like<\/div>\n<\/div>\n<\/div>\n
\n
\n
look at atr’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh you can look at price and time<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can look at bollinger bands there<\/div>\n<\/div>\n<\/div>\n
\n
\n
will be other ways for you to<\/div>\n<\/div>\n<\/div>\n
\n
\n
build systematic ways to do that other<\/div>\n<\/div>\n<\/div>\n
\n
\n
than just<\/div>\n<\/div>\n<\/div>\n
\n
\n
catching it by your eye but what what<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m encouraging you to do right here<\/div>\n<\/div>\n<\/div>\n
\n
\n
great entry i love what you’re doing<\/div>\n<\/div>\n<\/div>\n
\n
\n
here<\/div>\n<\/div>\n<\/div>\n
\n
\n
but what i’m encouraging you to do right<\/div>\n<\/div>\n<\/div>\n
\n
\n
here is to think about<\/div>\n<\/div>\n<\/div>\n
\n
\n
another way to exit other than<\/div>\n<\/div>\n<\/div>\n
\n
\n
you see it re-bid an area other than<\/div>\n<\/div>\n<\/div>\n
\n
\n
you notice buying<\/div>\n<\/div>\n<\/div>\n
\n
\n
you notice the momentum slowing in a<\/div>\n<\/div>\n<\/div>\n
\n
\n
particular area those are legitimate<\/div>\n<\/div>\n<\/div>\n
\n
\n
ways to exit<\/div>\n<\/div>\n<\/div>\n
\n
\n
but another way to another legitimate<\/div>\n<\/div>\n<\/div>\n
\n
\n
way to exit is too steep too quick<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah i absolutely agree<\/div>\n<\/div>\n<\/div>\n
\n
\n
fortunately i do hold on to it here and<\/div>\n<\/div>\n<\/div>\n
\n
\n
now we start to see some strength in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
name<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and that’s the risk if you don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
add that to your system you don’t add up<\/div>\n<\/div>\n<\/div>\n
\n
\n
to your trading system the risk is<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re going to get back open profit<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly and going off of what you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
saying about the steepness<\/div>\n<\/div>\n<\/div>\n
\n
\n
we saw this steep drop off here and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
nike immediately rebid<\/div>\n<\/div>\n<\/div>\n
\n
\n
like 70 cents in 15 seconds we haven’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
seen that and you’re not making a swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
if this was a swing trade it would make<\/div>\n<\/div>\n<\/div>\n
\n
\n
sense for you to look for the stock to<\/div>\n<\/div>\n<\/div>\n
\n
\n
rebid maybe around 128<\/div>\n<\/div>\n<\/div>\n
\n
\n
that would be a more legitimate way to<\/div>\n<\/div>\n<\/div>\n
\n
\n
exit but you’re making momentum trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
and with the momentum trade you can’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
give up<\/div>\n<\/div>\n<\/div>\n
\n
\n
60 70 percent of 60 70 cents of open<\/div>\n<\/div>\n<\/div>\n
\n
\n
profit<\/div>\n<\/div>\n<\/div>\n
\n
\n
on a two and a half dollar profit<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it’s just not the trade it’s the<\/div>\n<\/div>\n<\/div>\n
\n
\n
momentum trade so<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so what we’ll see here is that nike<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually does kind of present an<\/div>\n<\/div>\n<\/div>\n
\n
\n
opportunity for<\/div>\n<\/div>\n<\/div>\n
\n
\n
another re-entry but i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
not in a position where i feel like i<\/div>\n<\/div>\n<\/div>\n
\n
\n
can re-add to my position<\/div>\n<\/div>\n<\/div>\n
\n
\n
instead i’m stuck with these shares here<\/div>\n<\/div>\n<\/div>\n
\n
\n
where i know that i’ve given back a lot<\/div>\n<\/div>\n<\/div>\n
\n
\n
of open profit<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and i don’t like to re-add on that<\/div>\n<\/div>\n<\/div>\n
\n
\n
that play at all and the reason i don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
is because the earnings really good and<\/div>\n<\/div>\n<\/div>\n
\n
\n
was gapping up<\/div>\n<\/div>\n<\/div>\n
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a very common thing that happens in<\/div>\n<\/div>\n<\/div>\n
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stocks like this particularly in a<\/div>\n<\/div>\n<\/div>\n
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strong market is that<\/div>\n<\/div>\n<\/div>\n
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on the open as you identify there’s some<\/div>\n<\/div>\n<\/div>\n
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profit taking<\/div>\n<\/div>\n<\/div>\n
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and the stock goes down a little bit and<\/div>\n<\/div>\n<\/div>\n
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it looks really weak right away in the<\/div>\n<\/div>\n<\/div>\n
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open<\/div>\n<\/div>\n<\/div>\n
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but then there are people that want to<\/div>\n<\/div>\n<\/div>\n
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continue buying this<\/div>\n<\/div>\n<\/div>\n
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and they step in at these lower prices<\/div>\n<\/div>\n<\/div>\n
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and start buying it up<\/div>\n<\/div>\n<\/div>\n
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and it’s a very common pattern can be<\/div>\n<\/div>\n<\/div>\n
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the thing goes down two and a half three<\/div>\n<\/div>\n<\/div>\n
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points right on the open<\/div>\n<\/div>\n<\/div>\n
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they buy it all the way back up to the<\/div>\n<\/div>\n<\/div>\n
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opening price<\/div>\n<\/div>\n<\/div>\n
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and then it as you said trends higher<\/div>\n<\/div>\n<\/div>\n
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for the rest of the day and so if you’re<\/div>\n<\/div>\n<\/div>\n
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shorting<\/div>\n<\/div>\n<\/div>\n
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a point and a half into a three-point<\/div>\n<\/div>\n<\/div>\n
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down move because you<\/div>\n<\/div>\n<\/div>\n
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think that it’s going to go right back<\/div>\n<\/div>\n<\/div>\n
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to where it it went to<\/div>\n<\/div>\n<\/div>\n
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in a stock that has strong earnings and<\/div>\n<\/div>\n<\/div>\n
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a stock that’s strong overall<\/div>\n<\/div>\n<\/div>\n
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and a strong market you got to be super<\/div>\n<\/div>\n<\/div>\n
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careful about<\/div>\n<\/div>\n<\/div>\n
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doing that just based on price if it<\/div>\n<\/div>\n<\/div>\n
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rolls over and it shows your weakness<\/div>\n<\/div>\n<\/div>\n
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into a retracement totally different<\/div>\n<\/div>\n<\/div>\n
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story but just shorting<\/div>\n<\/div>\n<\/div>\n
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on pops on on price with this setup<\/div>\n<\/div>\n<\/div>\n
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i’m i’m not doing very often i i guess i<\/div>\n<\/div>\n<\/div>\n
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should clarify i don’t like shorting<\/div>\n<\/div>\n<\/div>\n
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here either<\/div>\n<\/div>\n<\/div>\n
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i don’t think the risk war is nearly<\/div>\n<\/div>\n<\/div>\n
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good enough and i think the the good<\/div>\n<\/div>\n<\/div>\n
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old-fashioned dip and rip like you’re<\/div>\n<\/div>\n<\/div>\n
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talking about<\/div>\n<\/div>\n<\/div>\n
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happens to too often but we’ll see we’ll<\/div>\n<\/div>\n<\/div>\n
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see here that 130 rejects<\/div>\n<\/div>\n<\/div>\n
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um and we just spent some time stalling<\/div>\n<\/div>\n<\/div>\n
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here<\/div>\n<\/div>\n<\/div>\n
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um and i think it’s a it’s a lower eb<\/div>\n<\/div>\n<\/div>\n
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trade if you want to look at it that way<\/div>\n<\/div>\n<\/div>\n
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but it does perhaps offer an opportunity<\/div>\n<\/div>\n<\/div>\n
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i am interested to hear your thoughts on<\/div>\n<\/div>\n<\/div>\n
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it though<\/div>\n<\/div>\n<\/div>\n
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again we see this poll back here if you<\/div>\n<\/div>\n<\/div>\n
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see it and you see something<\/div>\n<\/div>\n<\/div>\n
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if you see the turn that’s the language<\/div>\n<\/div>\n<\/div>\n
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you use if you see the turn after a pop<\/div>\n<\/div>\n<\/div>\n
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i think that’s a different trade than<\/div>\n<\/div>\n<\/div>\n
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shorting the pop<\/div>\n<\/div>\n<\/div>\n
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in a a strong stock like nike i wouldn’t<\/div>\n<\/div>\n<\/div>\n
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want to short the pop in a strong stock<\/div>\n<\/div>\n<\/div>\n
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i would short the turn first scout<\/div>\n<\/div>\n<\/div>\n
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agreed<\/div>\n<\/div>\n<\/div>\n
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so we’ll see we’ve just been trading in<\/div>\n<\/div>\n<\/div>\n
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this little range here<\/div>\n<\/div>\n<\/div>\n
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showing some resistance around 129.50<\/div>\n<\/div>\n<\/div>\n
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and we try to take out 129<\/div>\n<\/div>\n<\/div>\n
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or 130.<\/div>\n<\/div>\n<\/div>\n
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try it can’t get above pull back<\/div>\n<\/div>\n<\/div>\n
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and once i see that steep of a rejection<\/div>\n<\/div>\n<\/div>\n
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if i can get 129.60<\/div>\n<\/div>\n<\/div>\n
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i think i would be happy with that<\/div>\n<\/div>\n<\/div>\n
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trading against 130<\/div>\n<\/div>\n<\/div>\n
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at least has an idea that was my thought<\/div>\n<\/div>\n<\/div>\n
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on that<\/div>\n<\/div>\n<\/div>\n
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but it was rather quick and we do end up<\/div>\n<\/div>\n<\/div>\n
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falling back here and i<\/div>\n<\/div>\n<\/div>\n
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switch my bit around here i don’t think<\/div>\n<\/div>\n<\/div>\n
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127s are really<\/div>\n<\/div>\n<\/div>\n
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on the table at least i don’t think the<\/div>\n<\/div>\n<\/div>\n
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win rate is going to be<\/div>\n<\/div>\n<\/div>\n
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large enough and i think i’m better off<\/div>\n<\/div>\n<\/div>\n
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suited trying to take my profits<\/div>\n<\/div>\n<\/div>\n
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down here and i believe i place a bid<\/div>\n<\/div>\n<\/div>\n
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out for 128.11.<\/div>\n<\/div>\n<\/div>\n
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so adjusting my stop because i know this<\/div>\n<\/div>\n<\/div>\n
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is an area of contention<\/div>\n<\/div>\n<\/div>\n
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and i know it’s an area where a bunch of<\/div>\n<\/div>\n<\/div>\n
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value buyers seem to be stepping up<\/div>\n<\/div>\n<\/div>\n
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yeah and i’ll just ask you to think<\/div>\n<\/div>\n<\/div>\n
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about whether or not you should be out<\/div>\n<\/div>\n<\/div>\n
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by now<\/div>\n<\/div>\n<\/div>\n
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whether or not whether or not you really<\/div>\n<\/div>\n<\/div>\n
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do need to sit through that up move<\/div>\n<\/div>\n<\/div>\n
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that retracement whether or not that’s<\/div>\n<\/div>\n<\/div>\n
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really good for this type of system and<\/div>\n<\/div>\n<\/div>\n
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i know you’re down to<\/div>\n<\/div>\n<\/div>\n
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you know maybe half of a tier maybe of a<\/div>\n<\/div>\n<\/div>\n
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quarter of a tier but do you need to be<\/div>\n<\/div>\n<\/div>\n
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sitting through this retracement<\/div>\n<\/div>\n<\/div>\n
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after you made a good trade agreed and i<\/div>\n<\/div>\n<\/div>\n
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was on audio chat and i was even talking<\/div>\n<\/div>\n<\/div>\n
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to the guys saying like<\/div>\n<\/div>\n<\/div>\n
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i do eventually get out of this trade<\/div>\n<\/div>\n<\/div>\n
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pretty soon here but i can’t help but<\/div>\n<\/div>\n<\/div>\n
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feel like i got<\/div>\n<\/div>\n<\/div>\n
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lucky on this second half of the<\/div>\n<\/div>\n<\/div>\n
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position yeah i think that’s a good<\/div>\n<\/div>\n<\/div>\n
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thought<\/div>\n<\/div>\n<\/div>\n
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i think that’s probably right<\/div>\n<\/div>\n<\/div>\n
\n
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so get out right there at 128 11 and i’m<\/div>\n<\/div>\n<\/div>\n
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out of the trade<\/div>\n<\/div>\n<\/div>\n
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and i i already knew coming into the<\/div>\n<\/div>\n<\/div>\n
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open if something like this were to<\/div>\n<\/div>\n<\/div>\n
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happen<\/div>\n<\/div>\n<\/div>\n
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i’m really not interested in watching it<\/div>\n<\/div>\n<\/div>\n
\n
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any further unless it reclaims 130 and<\/div>\n<\/div>\n<\/div>\n
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maybe gets it back above 133 because i<\/div>\n<\/div>\n<\/div>\n
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think this is just going to be very<\/div>\n<\/div>\n<\/div>\n
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choppy there’s a lot of eyes on it and<\/div>\n<\/div>\n<\/div>\n
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there’s a long way to go before we get<\/div>\n<\/div>\n<\/div>\n
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to the important inflection levels so i<\/div>\n<\/div>\n<\/div>\n
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look away fairly soon here<\/div>\n<\/div>\n<\/div>\n
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\n
i can zoom forward a little bit<\/div>\n<\/div>\n<\/div>\n
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to end up moving around spiking below<\/div>\n<\/div>\n<\/div>\n
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127.50<\/div>\n<\/div>\n<\/div>\n
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\n
again but again re-bidding and then<\/div>\n<\/div>\n<\/div>\n
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\n
we’re right back into the zone<\/div>\n<\/div>\n<\/div>\n
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and we end up chopping around pretty<\/div>\n<\/div>\n<\/div>\n
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much for the rest of the day<\/div>\n<\/div>\n<\/div>\n
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they’re just taking out the weekend<\/div>\n<\/div>\n<\/div>\n
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\n
longs there below 128.<\/div>\n<\/div>\n<\/div>\n
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\n
agreed so that was the entirety of the<\/div>\n<\/div>\n<\/div>\n
\n
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trade looking back at this trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
did a great job game planning you did a<\/div>\n<\/div>\n<\/div>\n
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great job<\/div>\n<\/div>\n<\/div>\n
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game planning with others you did a<\/div>\n<\/div>\n<\/div>\n
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terrific job<\/div>\n<\/div>\n<\/div>\n
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finding a price a level that you could<\/div>\n<\/div>\n<\/div>\n
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trade off of<\/div>\n<\/div>\n<\/div>\n
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that would be significant that gives you<\/div>\n<\/div>\n<\/div>\n
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the go signal<\/div>\n<\/div>\n<\/div>\n
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for your opening drive play you did a<\/div>\n<\/div>\n<\/div>\n
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really nice job thinking through the<\/div>\n<\/div>\n<\/div>\n
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potential trade<\/div>\n<\/div>\n<\/div>\n
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in terms of the thesis of profit taking<\/div>\n<\/div>\n<\/div>\n
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in this particular name you did a<\/div>\n<\/div>\n<\/div>\n
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really really nice job controlling your<\/div>\n<\/div>\n<\/div>\n
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risk overall for the trade hey we’re<\/div>\n<\/div>\n<\/div>\n
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going to hit some of these trades<\/div>\n<\/div>\n<\/div>\n
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\n
at 1 30 and they’re not all going to<\/div>\n<\/div>\n<\/div>\n
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\n
work out and all we’re really trying to<\/div>\n<\/div>\n<\/div>\n
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do is<\/div>\n<\/div>\n<\/div>\n
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as you said have ev on a particular<\/div>\n<\/div>\n<\/div>\n
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trade you know all<\/div>\n<\/div>\n<\/div>\n
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in this trade from 130 there’s<\/div>\n<\/div>\n<\/div>\n
\n
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two and a half points of downside maybe<\/div>\n<\/div>\n<\/div>\n
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two points of downside<\/div>\n<\/div>\n<\/div>\n
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\n
in in reality for 20 cents of<\/div>\n<\/div>\n<\/div>\n
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risk you don’t have to be right that<\/div>\n<\/div>\n<\/div>\n
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often<\/div>\n<\/div>\n<\/div>\n
\n
\n
to make that trade work and in this case<\/div>\n<\/div>\n<\/div>\n
\n
\n
it was a high probability trade the way<\/div>\n<\/div>\n<\/div>\n
\n
\n
you thought through it<\/div>\n<\/div>\n<\/div>\n
\n
\n
he did a nice job of taking partial<\/div>\n<\/div>\n<\/div>\n
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\n
profits<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then leaving a little bit for<\/div>\n<\/div>\n<\/div>\n
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\n
further decisions<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i thought you did a nice job<\/div>\n<\/div>\n<\/div>\n
\n
\n
not making this into a mess<\/div>\n<\/div>\n<\/div>\n
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by shorting this thing at some bad<\/div>\n<\/div>\n<\/div>\n
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prices after it popped<\/div>\n<\/div>\n<\/div>\n
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um but i do think overall<\/div>\n<\/div>\n<\/div>\n
\n
\n
a huge takeaway that you that you might<\/div>\n<\/div>\n<\/div>\n
\n
\n
see from this is adding taking profits<\/div>\n<\/div>\n<\/div>\n
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\n
on<\/div>\n<\/div>\n<\/div>\n
\n
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steep declines and i do think<\/div>\n<\/div>\n<\/div>\n
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\n
you should take away clarification of<\/div>\n<\/div>\n<\/div>\n
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when you’re going to short pops in<\/div>\n<\/div>\n<\/div>\n
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something like this<\/div>\n<\/div>\n<\/div>\n
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\n
and when you’re going to insist on<\/div>\n<\/div>\n<\/div>\n
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shorting rollovers in something like<\/div>\n<\/div>\n<\/div>\n
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this<\/div>\n<\/div>\n<\/div>\n
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but you know overall<\/div>\n<\/div>\n<\/div>\n
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\n
really solid hey go ahead and click our<\/div>\n<\/div>\n<\/div>\n
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subscribe button so you don’t miss<\/div>\n<\/div>\n<\/div>\n
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\n
any of the videos they’re producing for<\/div>\n<\/div>\n<\/div>\n
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you and the trading community and please<\/div>\n<\/div>\n<\/div>\n
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\n
take the time to add your feedback in<\/div>\n<\/div>\n<\/div>\n
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video from all of us at smb train<\/div>\n<\/div>\n<\/div>\n
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\n
and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\"\"<\/a><\/p>\n

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

In this video, learn one Tape Reading exit strategy every trader must add to their trading. A new trader discusses with Mike how he exited a profitable Opening Drive trade. Mike suggests one essential exit strategy he did not consider and should have. * no relevant positions<\/p>\n","protected":false},"author":290,"featured_media":50162,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[4189],"tags":[],"class_list":["post-50160","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-free-daily-trading-video","post_format-post-format-video"],"yoast_head":"\nOne Tape Reading Exit Strategy Every Trader Must Add To Their Trading | 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\/one-tape-reading-exit-strategy-every-trader-must-add-to-their-trading\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One Tape Reading Exit Strategy Every Trader Must Add To Their Trading | SMB Training\" \/>\n<meta property=\"og:description\" content=\"In this video, learn one Tape Reading exit strategy every trader must add to their trading. 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