{"id":50377,"date":"2020-12-23T11:19:20","date_gmt":"2020-12-23T16:19:20","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50377"},"modified":"2020-12-23T11:19:20","modified_gmt":"2020-12-23T16:19:20","slug":"how-to-use-tape-reading-to-help-you-keep-your-trading-profits","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-to-use-tape-reading-to-help-you-keep-your-trading-profits","title":{"rendered":"How to Use Tape Reading to Help you Keep Your Trading Profits"},"content":{"rendered":"

You are making money in a trade but not sure when or how to take profits. You are fearful if you sell, then it will trade much higher without you. But if you do not make the right decision, you might lose all of your trading profits.<\/p>\n

In this video, see how Tape Reading gives a trader on our desk the signal in ABNB, to exit a trade for a profit, before reversing for a loss. Let\u2019s get to work on sharing these important trading lessons so you can grow your trading account.<\/p>\nView Video Transcript<\/strong><\/span>

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you’re making money in a trade but not<\/div>\n<\/div>\n<\/div>\n
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sure when or how to take profits<\/div>\n<\/div>\n<\/div>\n
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you’re fearful if you sell then it’ll<\/div>\n<\/div>\n<\/div>\n
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trade much higher without you<\/div>\n<\/div>\n<\/div>\n
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but if you do not make the right<\/div>\n<\/div>\n<\/div>\n
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decision you might lose<\/div>\n<\/div>\n<\/div>\n
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all of your trading profits hi i’m mike<\/div>\n<\/div>\n<\/div>\n
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bellafiore co-founder of smb capital<\/div>\n<\/div>\n<\/div>\n
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and we’re a proprietary trading firm<\/div>\n<\/div>\n<\/div>\n
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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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class take one good trade and the<\/div>\n<\/div>\n<\/div>\n
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playbook in this video<\/div>\n<\/div>\n<\/div>\n
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see how tape reading gives a trader on<\/div>\n<\/div>\n<\/div>\n
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our desk the signal in airbnb<\/div>\n<\/div>\n<\/div>\n
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to exit a trade for a profit before<\/div>\n<\/div>\n<\/div>\n
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reversing<\/div>\n<\/div>\n<\/div>\n
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for a loss let’s get to work on sharing<\/div>\n<\/div>\n<\/div>\n
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these 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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[Music]<\/div>\n<\/div>\n<\/div>\n
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this is a multiple time frame flag this<\/div>\n<\/div>\n<\/div>\n
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is day two of airbnb being listed<\/div>\n<\/div>\n<\/div>\n
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and you know this is a position that i<\/div>\n<\/div>\n<\/div>\n
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actually in fact took a one-hour loss on<\/div>\n<\/div>\n<\/div>\n
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and i think there’s a lot to take out of<\/div>\n<\/div>\n<\/div>\n
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it of course you know<\/div>\n<\/div>\n<\/div>\n
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nobody really likes to share their<\/div>\n<\/div>\n<\/div>\n
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losses but everyone loses and you know<\/div>\n<\/div>\n<\/div>\n
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we could learn from them and this is<\/div>\n<\/div>\n<\/div>\n
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certainly one of them this will help me<\/div>\n<\/div>\n<\/div>\n
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going forward so<\/div>\n<\/div>\n<\/div>\n
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we can get right into it so this is i’m<\/div>\n<\/div>\n<\/div>\n
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kind of taking this multiple time frame<\/div>\n<\/div>\n<\/div>\n
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flag<\/div>\n<\/div>\n<\/div>\n
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um this is day two of airbnb being<\/div>\n<\/div>\n<\/div>\n
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listed<\/div>\n<\/div>\n<\/div>\n
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i’m getting involved on this 149 break<\/div>\n<\/div>\n<\/div>\n
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kind of a wide stop<\/div>\n<\/div>\n<\/div>\n
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off 146.28 but the idea that is that<\/div>\n<\/div>\n<\/div>\n
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this might set up a little bit better<\/div>\n<\/div>\n<\/div>\n
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later on<\/div>\n<\/div>\n<\/div>\n
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and i’ll be able to get a little bit<\/div>\n<\/div>\n<\/div>\n
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bigger with a tighter risk<\/div>\n<\/div>\n<\/div>\n
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targets are kind of 151 to 155. my stop<\/div>\n<\/div>\n<\/div>\n
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initially is 146.28 so this level right<\/div>\n<\/div>\n<\/div>\n
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here<\/div>\n<\/div>\n<\/div>\n
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and it’s a multiple time frame flag it<\/div>\n<\/div>\n<\/div>\n
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is a you know high quality setup for me<\/div>\n<\/div>\n<\/div>\n
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that simply didn’t work out<\/div>\n<\/div>\n<\/div>\n
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and you know there’s you know some<\/div>\n<\/div>\n<\/div>\n
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lessons to take out of it so we could<\/div>\n<\/div>\n<\/div>\n
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get right into the tape<\/div>\n<\/div>\n<\/div>\n
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you could kind of see that this flag is<\/div>\n<\/div>\n<\/div>\n
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taking place it’s also kind of this key<\/div>\n<\/div>\n<\/div>\n
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level where<\/div>\n<\/div>\n<\/div>\n
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you know if we get over 149 these lower<\/div>\n<\/div>\n<\/div>\n
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highs right here<\/div>\n<\/div>\n<\/div>\n
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or these highs right here as well as you<\/div>\n<\/div>\n<\/div>\n
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know this high right here<\/div>\n<\/div>\n<\/div>\n
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you know there could be some shorts who<\/div>\n<\/div>\n<\/div>\n
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are going to stop out you know this<\/div>\n<\/div>\n<\/div>\n
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could really open up<\/div>\n<\/div>\n<\/div>\n
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and we break out of that level so<\/div>\n<\/div>\n<\/div>\n
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just stop for a second so not every flag<\/div>\n<\/div>\n<\/div>\n
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is created equal<\/div>\n<\/div>\n<\/div>\n
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when we’re looking at that flag it’s<\/div>\n<\/div>\n<\/div>\n
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important to look at how tight it is<\/div>\n<\/div>\n<\/div>\n
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how much volume it’s done how long the<\/div>\n<\/div>\n<\/div>\n
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flag has actually been setting up for<\/div>\n<\/div>\n<\/div>\n
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so that after that we can actually judge<\/div>\n<\/div>\n<\/div>\n
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how good the flag actually was stick so<\/div>\n<\/div>\n<\/div>\n
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there’s gonna be flags and people are<\/div>\n<\/div>\n<\/div>\n
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gonna be like oh i took the flag pattern<\/div>\n<\/div>\n<\/div>\n
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or i took the big dog pattern<\/div>\n<\/div>\n<\/div>\n
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and it didn’t work out and judge<\/div>\n<\/div>\n<\/div>\n
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that just as a as a flag pattern but<\/div>\n<\/div>\n<\/div>\n
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you know you want to start to see what<\/div>\n<\/div>\n<\/div>\n
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are the better flag parts<\/div>\n<\/div>\n<\/div>\n
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as you get a little bit more experience<\/div>\n<\/div>\n<\/div>\n
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you’ll be able to eye it and be like oh<\/div>\n<\/div>\n<\/div>\n
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that’s pretty tight<\/div>\n<\/div>\n<\/div>\n
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oh that’s pretty tight and has been<\/div>\n<\/div>\n<\/div>\n
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going on for a long period of time<\/div>\n<\/div>\n<\/div>\n
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oh that’s one worth taking oh that’s one<\/div>\n<\/div>\n<\/div>\n
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where there hasn’t been enough time<\/div>\n<\/div>\n<\/div>\n
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of consolidation you know the sideways<\/div>\n<\/div>\n<\/div>\n
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action the flag pattern the<\/div>\n<\/div>\n<\/div>\n
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accumulation the coming together the<\/div>\n<\/div>\n<\/div>\n
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buyers and the sellers<\/div>\n<\/div>\n<\/div>\n
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that that flag pattern is just not long<\/div>\n<\/div>\n<\/div>\n
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enough<\/div>\n<\/div>\n<\/div>\n
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but and and so you’ve judged this to be<\/div>\n<\/div>\n<\/div>\n
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a good trade<\/div>\n<\/div>\n<\/div>\n
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i think i think this is a pretty good<\/div>\n<\/div>\n<\/div>\n
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flag pattern this is uh<\/div>\n<\/div>\n<\/div>\n
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there’s a pretty good period of time<\/div>\n<\/div>\n<\/div>\n
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where<\/div>\n<\/div>\n<\/div>\n
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we’re coming together here agreed or<\/div>\n<\/div>\n<\/div>\n
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or do you disagree yes i agree i i would<\/div>\n<\/div>\n<\/div>\n
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have liked for the wrist to be a little<\/div>\n<\/div>\n<\/div>\n
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bit tighter<\/div>\n<\/div>\n<\/div>\n
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in regards to the 15 minute i think i<\/div>\n<\/div>\n<\/div>\n
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could have got away with risking off<\/div>\n<\/div>\n<\/div>\n
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this higher low right here<\/div>\n<\/div>\n<\/div>\n
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um but yeah i think the context is there<\/div>\n<\/div>\n<\/div>\n
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and it’s pretty tight<\/div>\n<\/div>\n<\/div>\n
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and yeah it’s a high quality setup that<\/div>\n<\/div>\n<\/div>\n
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really ended up not working out<\/div>\n<\/div>\n<\/div>\n
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yeah it’s almost an hour of price action<\/div>\n<\/div>\n<\/div>\n
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that forms the flag that’s a pretty good<\/div>\n<\/div>\n<\/div>\n
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amount of time and i guess that’s what<\/div>\n<\/div>\n<\/div>\n
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you’re probably meaning by multiple time<\/div>\n<\/div>\n<\/div>\n
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frame<\/div>\n<\/div>\n<\/div>\n
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a flag pattern correct<\/div>\n<\/div>\n<\/div>\n
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okay good yeah yeah so<\/div>\n<\/div>\n<\/div>\n
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i actually kind of missed the fills<\/div>\n<\/div>\n<\/div>\n
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initially we did have to kind of reserve<\/div>\n<\/div>\n<\/div>\n
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shares and<\/div>\n<\/div>\n<\/div>\n
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and so i pulled back in not gonna run<\/div>\n<\/div>\n<\/div>\n
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after it pulled back in it’s starting to<\/div>\n<\/div>\n<\/div>\n
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hold<\/div>\n<\/div>\n<\/div>\n
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and then i get involved i know i want to<\/div>\n<\/div>\n<\/div>\n
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get involved at 149 or lower i don’t<\/div>\n<\/div>\n<\/div>\n
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really want to run after this<\/div>\n<\/div>\n<\/div>\n
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so i fell at 148.90 what day was this<\/div>\n<\/div>\n<\/div>\n
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how many days live is this airbnb uh<\/div>\n<\/div>\n<\/div>\n
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this is the second day okay and<\/div>\n<\/div>\n<\/div>\n
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what are the important technical<\/div>\n<\/div>\n<\/div>\n
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patterns from day one<\/div>\n<\/div>\n<\/div>\n
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are we above are we below are we in the<\/div>\n<\/div>\n<\/div>\n
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middle of the range<\/div>\n<\/div>\n<\/div>\n
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yeah so we’re kind of right below<\/div>\n<\/div>\n<\/div>\n
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there’s like a 150 level<\/div>\n<\/div>\n<\/div>\n
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um that’s definitely a key level i kind<\/div>\n<\/div>\n<\/div>\n
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of wanted to position myself prior to<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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and thinking that if we did break out of<\/div>\n<\/div>\n<\/div>\n
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this flag a lot of<\/div>\n<\/div>\n<\/div>\n
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you know stops would go off from the<\/div>\n<\/div>\n<\/div>\n
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short side and we would actually open up<\/div>\n<\/div>\n<\/div>\n
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there<\/div>\n<\/div>\n<\/div>\n
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um but we are kind of below a key level<\/div>\n<\/div>\n<\/div>\n
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so that is<\/div>\n<\/div>\n<\/div>\n
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something to take note of yep okay good<\/div>\n<\/div>\n<\/div>\n
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um so i’m involved at 148.90 again<\/div>\n<\/div>\n<\/div>\n
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would have definitely like to see this<\/div>\n<\/div>\n<\/div>\n
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kind of open up a bit more<\/div>\n<\/div>\n<\/div>\n
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um initially and push away from price<\/div>\n<\/div>\n<\/div>\n
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that’s usually<\/div>\n<\/div>\n<\/div>\n
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you know a good sign when you’re buying<\/div>\n<\/div>\n<\/div>\n
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some type of timing point where you<\/div>\n<\/div>\n<\/div>\n
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think<\/div>\n<\/div>\n<\/div>\n
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you know shorts are stopping out here it<\/div>\n<\/div>\n<\/div>\n
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should go here<\/div>\n<\/div>\n<\/div>\n
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but we do see elevated volume<\/div>\n<\/div>\n<\/div>\n
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and you know we are building higher lows<\/div>\n<\/div>\n<\/div>\n
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and it although this is a one minute it<\/div>\n<\/div>\n<\/div>\n
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still looks good you know on the five<\/div>\n<\/div>\n<\/div>\n
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minute and the 15 minutes so there’s no<\/div>\n<\/div>\n<\/div>\n
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real concern<\/div>\n<\/div>\n<\/div>\n
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you know decreasing volume<\/div>\n<\/div>\n<\/div>\n
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um we could fast forward a little bit if<\/div>\n<\/div>\n<\/div>\n
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you want to learn three more<\/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 now<\/div>\n<\/div>\n<\/div>\n
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at the top right hand corner of your<\/div>\n<\/div>\n<\/div>\n
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screen that will open up the free<\/div>\n<\/div>\n<\/div>\n
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registration page in a new window so<\/div>\n<\/div>\n<\/div>\n
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don’t worry<\/div>\n<\/div>\n<\/div>\n
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you won’t lose this video you can also<\/div>\n<\/div>\n<\/div>\n
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visit<\/div>\n<\/div>\n<\/div>\n
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tradingworkshop.com to register for this<\/div>\n<\/div>\n<\/div>\n
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free intensive workshop<\/div>\n<\/div>\n<\/div>\n
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you’re going to learn more in a couple<\/div>\n<\/div>\n<\/div>\n
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of hours from this trading workshop<\/div>\n<\/div>\n<\/div>\n
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than from years of online education<\/div>\n<\/div>\n<\/div>\n
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and you know we reclaim that’s a good<\/div>\n<\/div>\n<\/div>\n
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sign<\/div>\n<\/div>\n<\/div>\n
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and you know we’re kind of back to that<\/div>\n<\/div>\n<\/div>\n
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same level we’re starting to build<\/div>\n<\/div>\n<\/div>\n
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some higher lows and<\/div>\n<\/div>\n<\/div>\n
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then there’s a spot right here where<\/div>\n<\/div>\n<\/div>\n
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you know if we get a above 148.70 i say<\/div>\n<\/div>\n<\/div>\n
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you know that is where we should start<\/div>\n<\/div>\n<\/div>\n
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to go<\/div>\n<\/div>\n<\/div>\n
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and i’m going to add to my position be<\/div>\n<\/div>\n<\/div>\n
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with the same dollar value of risk but<\/div>\n<\/div>\n<\/div>\n
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my new stop is going to be 147.18<\/div>\n<\/div>\n<\/div>\n
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so i’m tightening up my risk a little<\/div>\n<\/div>\n<\/div>\n
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bit that’s very important what you said<\/div>\n<\/div>\n<\/div>\n
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there i i really<\/div>\n<\/div>\n<\/div>\n
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like how you’re watching something<\/div>\n<\/div>\n<\/div>\n
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that’s<\/div>\n<\/div>\n<\/div>\n
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trading in a tight range for about an<\/div>\n<\/div>\n<\/div>\n
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hour<\/div>\n<\/div>\n<\/div>\n
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and you’re saying to yourself hey what<\/div>\n<\/div>\n<\/div>\n
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is going to be the price that triggers<\/div>\n<\/div>\n<\/div>\n
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the new move to the upside if it gets<\/div>\n<\/div>\n<\/div>\n
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above this price<\/div>\n<\/div>\n<\/div>\n
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i expect it to actually go up that is a<\/div>\n<\/div>\n<\/div>\n
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very important question to be asking<\/div>\n<\/div>\n<\/div>\n
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yourself<\/div>\n<\/div>\n<\/div>\n
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when you’re watching it trade in that<\/div>\n<\/div>\n<\/div>\n
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that tight range<\/div>\n<\/div>\n<\/div>\n
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and then that’s a lot of information as<\/div>\n<\/div>\n<\/div>\n
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to how it does<\/div>\n<\/div>\n<\/div>\n
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when it gets above those prices so well<\/div>\n<\/div>\n<\/div>\n
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done there<\/div>\n<\/div>\n<\/div>\n
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so again i’m going to be able to add to<\/div>\n<\/div>\n<\/div>\n
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my position get a little bit better of a<\/div>\n<\/div>\n<\/div>\n
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cost basis<\/div>\n<\/div>\n<\/div>\n
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a little bit bigger because again my<\/div>\n<\/div>\n<\/div>\n
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risk has moved up so i’m just kind of<\/div>\n<\/div>\n<\/div>\n
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patiently waiting for that to<\/div>\n<\/div>\n<\/div>\n
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actually break out<\/div>\n<\/div>\n<\/div>\n
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and again we could kind of see this big<\/div>\n<\/div>\n<\/div>\n
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offer at 148.73<\/div>\n<\/div>\n<\/div>\n
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we could see it stepping up<\/div>\n<\/div>\n<\/div>\n
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and i add to my position there<\/div>\n<\/div>\n<\/div>\n
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and you know able to get a little bit<\/div>\n<\/div>\n<\/div>\n
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bigger risking off 147<\/div>\n<\/div>\n<\/div>\n
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18 and again initially probably should<\/div>\n<\/div>\n<\/div>\n
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have waited even a little bit longer for<\/div>\n<\/div>\n<\/div>\n
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it to go<\/div>\n<\/div>\n<\/div>\n
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um but we end up do breaking out<\/div>\n<\/div>\n<\/div>\n
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and again if it does end up pulling all<\/div>\n<\/div>\n<\/div>\n
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the way back into 147<\/div>\n<\/div>\n<\/div>\n
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you know 1920 here the idea is dead so<\/div>\n<\/div>\n<\/div>\n
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it’s okay to get bigger right here<\/div>\n<\/div>\n<\/div>\n
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because<\/div>\n<\/div>\n<\/div>\n
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you know if it pulls in the idea is dead<\/div>\n<\/div>\n<\/div>\n
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so might as well be a little bit bigger<\/div>\n<\/div>\n<\/div>\n
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with the same dollar value of risk<\/div>\n<\/div>\n<\/div>\n
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and we break out i could kind of get to<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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and we break out on nice volume um and<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s a good sign you know that<\/div>\n<\/div>\n<\/div>\n
\n
\n
my thesis is proving out to be the case<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know shorts are stopping out i would<\/div>\n<\/div>\n<\/div>\n
\n
\n
like to see this push away from price<\/div>\n<\/div>\n<\/div>\n
\n
\n
even quicker but we are seeing that<\/div>\n<\/div>\n<\/div>\n
\n
\n
elevated volume<\/div>\n<\/div>\n<\/div>\n
\n
\n
and at this point you know i’m still<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking this is you know a high quality<\/div>\n<\/div>\n<\/div>\n
\n
\n
position<\/div>\n<\/div>\n<\/div>\n
\n
\n
but then we kind of start to get a<\/div>\n<\/div>\n<\/div>\n
\n
\n
little bit of a shift in character<\/div>\n<\/div>\n<\/div>\n
\n
\n
um when we get up to you know 150 it’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
come in a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
150 40s but you know we’re breaking out<\/div>\n<\/div>\n<\/div>\n
\n
\n
right now and this is a good sign and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m thinking<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know this is this is really working<\/div>\n<\/div>\n<\/div>\n
\n
\n
out<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you know i’m not here to just pike<\/div>\n<\/div>\n<\/div>\n
\n
\n
it and make you know a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
i want to be in for the move<\/div>\n<\/div>\n<\/div>\n
\n
\n
and now we’re kind of above that day one<\/div>\n<\/div>\n<\/div>\n
\n
\n
level of 150 like i<\/div>\n<\/div>\n<\/div>\n
\n
\n
talked about earlier so that’s a good<\/div>\n<\/div>\n<\/div>\n
\n
\n
sign and we’re above it on volume<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we’re holding it for now<\/div>\n<\/div>\n<\/div>\n
\n
\n
we kind of pull back in<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then this is kind of where<\/div>\n<\/div>\n<\/div>\n
\n
\n
some selling really starts to take place<\/div>\n<\/div>\n<\/div>\n
\n
\n
up in these 150<\/div>\n<\/div>\n<\/div>\n
\n
\n
40s 150 50s it was kind of selling that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i really haven’t seen before<\/div>\n<\/div>\n<\/div>\n
\n
\n
on other names on other ipos but there<\/div>\n<\/div>\n<\/div>\n
\n
\n
was<\/div>\n<\/div>\n<\/div>\n
\n
\n
incredible selling and you know the idea<\/div>\n<\/div>\n<\/div>\n
\n
\n
is if those<\/div>\n<\/div>\n<\/div>\n
\n
\n
if these levels lift you know a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
shorts are probably risking off those<\/div>\n<\/div>\n<\/div>\n
\n
\n
levels<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it should open up so there’s no real<\/div>\n<\/div>\n<\/div>\n
\n
\n
reason to<\/div>\n<\/div>\n<\/div>\n
\n
\n
worry but i am starting to see you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
some some big selling<\/div>\n<\/div>\n<\/div>\n
\n
\n
taking place<\/div>\n<\/div>\n<\/div>\n
\n
\n
and if i could capture that you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
if these 150 40s 150 50s go again<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m thinking it will open up to 151 and<\/div>\n<\/div>\n<\/div>\n
\n
\n
really start to work in my favor<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you know just incredible selling and<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is really my first mistake<\/div>\n<\/div>\n<\/div>\n
\n
\n
is i’m noticing this selling and i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
telling myself this might need time and<\/div>\n<\/div>\n<\/div>\n
\n
\n
it<\/div>\n<\/div>\n<\/div>\n
\n
\n
might need to reset with price before<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually breaking out of these levels um<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i should be lightening up at least a<\/div>\n<\/div>\n<\/div>\n
\n
\n
third that’s typically what this<\/div>\n<\/div>\n<\/div>\n
\n
\n
position calls for<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you know i’m not going to net a lot<\/div>\n<\/div>\n<\/div>\n
\n
\n
on it yeah i completely agree you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
up against a technical level that you<\/div>\n<\/div>\n<\/div>\n
\n
\n
identified<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s heavy selling you have a stock<\/div>\n<\/div>\n<\/div>\n
\n
\n
that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know the ipo price for the stock if<\/div>\n<\/div>\n<\/div>\n
\n
\n
my memory is correct was 68 bucks<\/div>\n<\/div>\n<\/div>\n
\n
\n
correct is that right 68<\/div>\n<\/div>\n<\/div>\n
\n
\n
yes so it’s 150 it’s two days old<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah you want to keep in mind that wow<\/div>\n<\/div>\n<\/div>\n
\n
\n
this this<\/div>\n<\/div>\n<\/div>\n
\n
\n
is well above what<\/div>\n<\/div>\n<\/div>\n
\n
\n
the deal was sold out to the street so<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ve got i’ve got risk of a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
of a pull-in<\/div>\n<\/div>\n<\/div>\n
\n
\n
that matters um<\/div>\n<\/div>\n<\/div>\n
\n
\n
you have a trade decision there i i<\/div>\n<\/div>\n<\/div>\n
\n
\n
completely agree with you have a trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
decision it’s it’s probably not a flat<\/div>\n<\/div>\n<\/div>\n
\n
\n
yet but but you have a trade decision<\/div>\n<\/div>\n<\/div>\n
\n
\n
there<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah for sure and i remember telling a<\/div>\n<\/div>\n<\/div>\n
\n
\n
few guys<\/div>\n<\/div>\n<\/div>\n
\n
\n
man this this is really having problems<\/div>\n<\/div>\n<\/div>\n
\n
\n
up here it needs<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know to reset with time and price<\/div>\n<\/div>\n<\/div>\n
\n
\n
before it<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe makes an attempt at these levels<\/div>\n<\/div>\n<\/div>\n
\n
\n
and these wicks are really ugly and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know this isn’t simply short<\/div>\n<\/div>\n<\/div>\n
\n
\n
slamming it down there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
clearly somebody up there selling you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know unlimited size it feels like<\/div>\n<\/div>\n<\/div>\n
\n
\n
um so i should be taking off a third and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know reevaluating it i can always<\/div>\n<\/div>\n<\/div>\n
\n
\n
add it back on or even half<\/div>\n<\/div>\n<\/div>\n
\n
\n
um but i think this is really going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
help me going forward on you know the<\/div>\n<\/div>\n<\/div>\n
\n
\n
next ipo that takes place that’s really<\/div>\n<\/div>\n<\/div>\n
\n
\n
in play<\/div>\n<\/div>\n<\/div>\n
\n
\n
i actually think this to me raises an<\/div>\n<\/div>\n<\/div>\n
\n
\n
interesting point which is<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i was having this conversation with<\/div>\n<\/div>\n<\/div>\n
\n
\n
graham and i think sometimes<\/div>\n<\/div>\n<\/div>\n
\n
\n
you guys when i’m trading you’re like oh<\/div>\n<\/div>\n<\/div>\n
\n
\n
man he’s making too many decisions<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and i got the sense today that graham<\/div>\n<\/div>\n<\/div>\n
\n
\n
was kind of making fun of me under his<\/div>\n<\/div>\n<\/div>\n
\n
\n
breath about how many decisions i was<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually making in riot<\/div>\n<\/div>\n<\/div>\n
\n
\n
compared to him um<\/div>\n<\/div>\n<\/div>\n
\n
\n
but i’m doing that for a reason which is<\/div>\n<\/div>\n<\/div>\n
\n
\n
there are certain times where<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ve got to trade i’ve got to reposition<\/div>\n<\/div>\n<\/div>\n
\n
\n
my position<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ve got i’ve got all risk at certain<\/div>\n<\/div>\n<\/div>\n
\n
\n
times and positions and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m going to use my tape rating skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
to take off my risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then watch to see if i should put it<\/div>\n<\/div>\n<\/div>\n
\n
\n
back on and having those tape reading<\/div>\n<\/div>\n<\/div>\n
\n
\n
skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
allows you to because look i know<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly what you’re thinking you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
sitting there thinking<\/div>\n<\/div>\n<\/div>\n
\n
\n
i don’t want to take this off because i<\/div>\n<\/div>\n<\/div>\n
\n
\n
may not be able to put it back on<\/div>\n<\/div>\n<\/div>\n
\n
\n
am i right that’s exactly what you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking you are fearful<\/div>\n<\/div>\n<\/div>\n
\n
\n
that if you take this off up here at 150<\/div>\n<\/div>\n<\/div>\n
\n
\n
in front of 150 40<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you don’t have the skills yet to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
able to put it back on<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you’re going to miss out on the time<\/div>\n<\/div>\n<\/div>\n
\n
\n
that it runs to 160<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s that’s a lot of money yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s why we actually do these<\/div>\n<\/div>\n<\/div>\n
\n
\n
exercises because<\/div>\n<\/div>\n<\/div>\n
\n
\n
i want you guys to have the skills to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
able to say risk off<\/div>\n<\/div>\n<\/div>\n
\n
\n
let me let me let me lighten up here and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then let me watch<\/div>\n<\/div>\n<\/div>\n
\n
\n
and to be have have that ability to all<\/div>\n<\/div>\n<\/div>\n
\n
\n
right i’m going to take it off at 1<\/div>\n<\/div>\n<\/div>\n
\n
\n
150 40. oh you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
it pulls in it’s not really going down<\/div>\n<\/div>\n<\/div>\n
\n
\n
let me put it back on<\/div>\n<\/div>\n<\/div>\n
\n
\n
i can put it back on okay now i just<\/div>\n<\/div>\n<\/div>\n
\n
\n
made a new high let me put some more<\/div>\n<\/div>\n<\/div>\n
\n
\n
back on and<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade out of that as well you will have<\/div>\n<\/div>\n<\/div>\n
\n
\n
those skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you you you know this to me when i<\/div>\n<\/div>\n<\/div>\n
\n
\n
look at this pattern what’s the risk to<\/div>\n<\/div>\n<\/div>\n
\n
\n
this pattern i<\/div>\n<\/div>\n<\/div>\n
\n
\n
i see i see this<\/div>\n<\/div>\n<\/div>\n
\n
\n
as as there’s a potential pattern that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m just snuffing out<\/div>\n<\/div>\n<\/div>\n
\n
\n
all day long when i see all that selling<\/div>\n<\/div>\n<\/div>\n
\n
\n
at 150 which is what<\/div>\n<\/div>\n<\/div>\n
\n
\n
that this could flush pretty hard 100<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is a fail breakout<\/div>\n<\/div>\n<\/div>\n
\n
\n
that is not not only is it going to go<\/div>\n<\/div>\n<\/div>\n
\n
\n
down below 147<\/div>\n<\/div>\n<\/div>\n
\n
\n
but it could go down below 147 very<\/div>\n<\/div>\n<\/div>\n
\n
\n
quickly<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah because it’s so young because of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the pattern<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i’ve got all risk here so i’ve when i<\/div>\n<\/div>\n<\/div>\n
\n
\n
see that heaviness at 150 i’ve got to<\/div>\n<\/div>\n<\/div>\n
\n
\n
make a trade decision and i probably<\/div>\n<\/div>\n<\/div>\n
\n
\n
should<\/div>\n<\/div>\n<\/div>\n
\n
\n
lighten up and that’s a question of how<\/div>\n<\/div>\n<\/div>\n
\n
\n
much and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh you know i’ll probably as it pulls in<\/div>\n<\/div>\n<\/div>\n
\n
\n
if it pulls in a little bit more<\/div>\n<\/div>\n<\/div>\n
\n
\n
than i think i’ll probably make another<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade decision might have to get flat<\/div>\n<\/div>\n<\/div>\n
\n
\n
correct but i’m not afraid and i’ve got<\/div>\n<\/div>\n<\/div>\n
\n
\n
my skills to be able to get back in<\/div>\n<\/div>\n<\/div>\n
\n
\n
and because i can get back in that means<\/div>\n<\/div>\n<\/div>\n
\n
\n
i can make i can i can trade with<\/div>\n<\/div>\n<\/div>\n
\n
\n
so much less risk that’s what you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
really saying<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re worried you’re worried that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re going to miss the big trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m worried that i don’t want you to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade with too much risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and when you build your tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
reading skills you don’t have to do that<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and those were certainly real-time<\/div>\n<\/div>\n<\/div>\n
\n
\n
thoughts of<\/div>\n<\/div>\n<\/div>\n
\n
\n
if i take this off i’m going to have to<\/div>\n<\/div>\n<\/div>\n
\n
\n
add it higher it’s going to be all<\/div>\n<\/div>\n<\/div>\n
\n
\n
screwed up<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i think that comes with experience<\/div>\n<\/div>\n<\/div>\n
\n
\n
with time but i know for a fact that you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know<\/div>\n<\/div>\n<\/div>\n
\n
\n
ignoring these reasons to sell reasons<\/div>\n<\/div>\n<\/div>\n
\n
\n
to peace out<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know nine out of 10 times they are<\/div>\n<\/div>\n<\/div>\n
\n
\n
clear reasons<\/div>\n<\/div>\n<\/div>\n
\n
\n
to sell and peace out and if i ignore<\/div>\n<\/div>\n<\/div>\n
\n
\n
them they do cost me<\/div>\n<\/div>\n<\/div>\n
\n
\n
um so just really heavy selling<\/div>\n<\/div>\n<\/div>\n
\n
\n
and again this is kind of the final<\/div>\n<\/div>\n<\/div>\n
\n
\n
attempt where okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
this if it doesn’t go here red flag<\/div>\n<\/div>\n<\/div>\n
\n
\n
i mean it’s already a red flag but<\/div>\n<\/div>\n<\/div>\n
\n
\n
but i i do know you know there’s a lot<\/div>\n<\/div>\n<\/div>\n
\n
\n
of people stopping out at that level<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i want to give it a shot<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then that final push i believe was<\/div>\n<\/div>\n<\/div>\n
\n
\n
where it fell apart you know it pushed<\/div>\n<\/div>\n<\/div>\n
\n
\n
over those 40s<\/div>\n<\/div>\n<\/div>\n
\n
\n
to right to 50 that half dollar and<\/div>\n<\/div>\n<\/div>\n
\n
\n
stuffed<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know there’s unlimited selling at<\/div>\n<\/div>\n<\/div>\n
\n
\n
this level this is where<\/div>\n<\/div>\n<\/div>\n
\n
\n
the best thing i can do is at least cut<\/div>\n<\/div>\n<\/div>\n
\n
\n
half right now<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then i’m probably going to be in a<\/div>\n<\/div>\n<\/div>\n
\n
\n
better state of mind to cut the rest<\/div>\n<\/div>\n<\/div>\n
\n
\n
and can always get back in if it<\/div>\n<\/div>\n<\/div>\n
\n
\n
tightens up later today over 150<\/div>\n<\/div>\n<\/div>\n
\n
\n
or on this day but instead we get that<\/div>\n<\/div>\n<\/div>\n
\n
\n
nasty whoosh<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you know a lot of people at the firm<\/div>\n<\/div>\n<\/div>\n
\n
\n
are making a lot of money on this and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m thinking<\/div>\n<\/div>\n<\/div>\n
\n
\n
man you know if it just broke over that<\/div>\n<\/div>\n<\/div>\n
\n
\n
150 50 level<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think i would have been in the money<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you know that’s not the case<\/div>\n<\/div>\n<\/div>\n
\n
\n
um but i like how you’re thinking<\/div>\n<\/div>\n<\/div>\n
\n
\n
through this which is<\/div>\n<\/div>\n<\/div>\n
\n
\n
all right there are people looking at<\/div>\n<\/div>\n<\/div>\n
\n
\n
this on the short side and they just<\/div>\n<\/div>\n<\/div>\n
\n
\n
noticed it could make a new high<\/div>\n<\/div>\n<\/div>\n
\n
\n
and they’re now going to be able to get<\/div>\n<\/div>\n<\/div>\n
\n
\n
more aggressive against<\/div>\n<\/div>\n<\/div>\n
\n
\n
that high because it’s can’t push<\/div>\n<\/div>\n<\/div>\n
\n
\n
through there should it push through<\/div>\n<\/div>\n<\/div>\n
\n
\n
there<\/div>\n<\/div>\n<\/div>\n
\n
\n
couldn’t they’re feeling more confident<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s who you’re up against so that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
the other side of the trade yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah for sure and this is kind of<\/div>\n<\/div>\n<\/div>\n
\n
\n
if it gets below this low this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
certainly where it is dead<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it’s probably a good short um<\/div>\n<\/div>\n<\/div>\n
\n
\n
so worst case scenario i probably should<\/div>\n<\/div>\n<\/div>\n
\n
\n
have just taken it off<\/div>\n<\/div>\n<\/div>\n
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when it did break below this low<\/div>\n<\/div>\n<\/div>\n
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but i ended up eating a full one-hour<\/div>\n<\/div>\n<\/div>\n
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loss on it<\/div>\n<\/div>\n<\/div>\n
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and after speaking with one of the guys<\/div>\n<\/div>\n<\/div>\n
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at the firm<\/div>\n<\/div>\n<\/div>\n
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with a lot more experience with me you<\/div>\n<\/div>\n<\/div>\n
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know<\/div>\n<\/div>\n<\/div>\n
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we do spend a lot of our focus you know<\/div>\n<\/div>\n<\/div>\n
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on bigger ideas<\/div>\n<\/div>\n<\/div>\n
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but what i need to understand is it’s<\/div>\n<\/div>\n<\/div>\n
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okay to go into the day<\/div>\n<\/div>\n<\/div>\n
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and you know focus mostly on bigger<\/div>\n<\/div>\n<\/div>\n
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ideas but<\/div>\n<\/div>\n<\/div>\n
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at the end of the day most of them end<\/div>\n<\/div>\n<\/div>\n
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up not being that bigger idea<\/div>\n<\/div>\n<\/div>\n
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and i still need to make money on<\/div>\n<\/div>\n<\/div>\n
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you know the ones that don’t end up<\/div>\n<\/div>\n<\/div>\n
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being that case you know there was<\/div>\n<\/div>\n<\/div>\n
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you know i could have made a few bucks<\/div>\n<\/div>\n<\/div>\n
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on this<\/div>\n<\/div>\n<\/div>\n
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um but yeah that’s about it you know<\/div>\n<\/div>\n<\/div>\n
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got stopped out for one hour loss<\/div>\n<\/div>\n<\/div>\n
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and i think there’s you know this will<\/div>\n<\/div>\n<\/div>\n
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help me going forward you know<\/div>\n<\/div>\n<\/div>\n
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now i know okay this is day two<\/div>\n<\/div>\n<\/div>\n
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ipo up a time you know it was indicating<\/div>\n<\/div>\n<\/div>\n
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it was supposed to open around 68 bucks<\/div>\n<\/div>\n<\/div>\n
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it’s at 150.<\/div>\n<\/div>\n<\/div>\n
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i need to be really cautious it needs to<\/div>\n<\/div>\n<\/div>\n
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be absolutely perfect<\/div>\n<\/div>\n<\/div>\n
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um if it is going to set up and maybe<\/div>\n<\/div>\n<\/div>\n
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there’s a lot more money to make on the<\/div>\n<\/div>\n<\/div>\n
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short side and that was certainly the<\/div>\n<\/div>\n<\/div>\n
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\n
case if<\/div>\n<\/div>\n<\/div>\n
\n
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you know you go back and look at day two<\/div>\n<\/div>\n<\/div>\n
\n
\n
on this<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah but super good experience momentum<\/div>\n<\/div>\n<\/div>\n
\n
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trading and ipo<\/div>\n<\/div>\n<\/div>\n
\n
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not the easiest type of trading to do<\/div>\n<\/div>\n<\/div>\n
\n
\n
lots of lessons learned there from you<\/div>\n<\/div>\n<\/div>\n
\n
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so so good good experience hey go ahead<\/div>\n<\/div>\n<\/div>\n
\n
\n
and click our subscribe button so you<\/div>\n<\/div>\n<\/div>\n
\n
\n
don’t miss<\/div>\n<\/div>\n<\/div>\n
\n
\n
any of the videos they’re producing for<\/div>\n<\/div>\n<\/div>\n
\n
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you and the trading community and please<\/div>\n<\/div>\n<\/div>\n
\n
\n
take the time to add your feedback in<\/div>\n<\/div>\n<\/div>\n
\n
\n
the comment section for what videos<\/div>\n<\/div>\n<\/div>\n
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you’d like for us to produce next<\/div>\n<\/div>\n<\/div>\n
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and what you found helpful from this<\/div>\n<\/div>\n<\/div>\n
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video from all of us at smb<\/div>\n<\/div>\n<\/div>\n
\n
\n
train and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\"\"<\/a><\/p>\n

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

You are making money in a trade but not sure when or how to take profits. You are fearful if you sell, then it will trade much higher without you. But if you do not make the right decision, you might lose all of your trading profits. 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