{"id":51326,"date":"2021-08-06T14:32:22","date_gmt":"2021-08-06T18:32:22","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=51326"},"modified":"2023-04-13T09:47:23","modified_gmt":"2023-04-13T13:47:23","slug":"how-this-part-time-trader-rebounded-to-prop-firm-trader-part-2","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-this-part-time-trader-rebounded-to-prop-firm-trader-part-2","title":{"rendered":"How This Part-Time Trader Rebounded to Prop Firm Trader (part 2)"},"content":{"rendered":"

In this video, watch a former part-time retail trader, who blew up his trading account, but then rebounded to become a prop firm, present one of his favorite setups. A firm trader dissects in step-by-step detail a technical analysis trade that he labels an A+ trade.<\/p>\nView Video Transcript<\/strong><\/span>

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in this video watch a former part-time<\/div>\n<\/div>\n<\/div>\n
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retail trader who blew up his trading<\/div>\n<\/div>\n<\/div>\n
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account<\/div>\n<\/div>\n<\/div>\n
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but then rebounded to become a prop firm<\/div>\n<\/div>\n<\/div>\n
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trader<\/div>\n<\/div>\n<\/div>\n
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present one of his favorite setups hi<\/div>\n<\/div>\n<\/div>\n
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i’m mike bellafiery co-founder of smb<\/div>\n<\/div>\n<\/div>\n
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capital where 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 trading<\/div>\n<\/div>\n<\/div>\n
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classic one good trade and the playbook<\/div>\n<\/div>\n<\/div>\n
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in this video<\/div>\n<\/div>\n<\/div>\n
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a firm trader dissects in step-by-step<\/div>\n<\/div>\n<\/div>\n
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detail<\/div>\n<\/div>\n<\/div>\n
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a technical analysis trade that he<\/div>\n<\/div>\n<\/div>\n
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labels an<\/div>\n<\/div>\n<\/div>\n
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a-plus trade let’s get to work on<\/div>\n<\/div>\n<\/div>\n
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sharing this recurring<\/div>\n<\/div>\n<\/div>\n
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technical analysis trade so you can add<\/div>\n<\/div>\n<\/div>\n
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it to your trading playbook<\/div>\n<\/div>\n<\/div>\n
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[Music]<\/div>\n<\/div>\n<\/div>\n
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god i appreciate you chatting with us<\/div>\n<\/div>\n<\/div>\n
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about<\/div>\n<\/div>\n<\/div>\n
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your comeback plan to actually<\/div>\n<\/div>\n<\/div>\n
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trading with us on the desk and so we<\/div>\n<\/div>\n<\/div>\n
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talked about<\/div>\n<\/div>\n<\/div>\n
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your thoughts as to at your journey as<\/div>\n<\/div>\n<\/div>\n
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to how you did that<\/div>\n<\/div>\n<\/div>\n
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and your advice to some of the<\/div>\n<\/div>\n<\/div>\n
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independent retail traders who have<\/div>\n<\/div>\n<\/div>\n
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blown up or<\/div>\n<\/div>\n<\/div>\n
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done some silly things and to keep at it<\/div>\n<\/div>\n<\/div>\n
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but to actually be able to go from hey i<\/div>\n<\/div>\n<\/div>\n
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want to make a comeback after i blew up<\/div>\n<\/div>\n<\/div>\n
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to<\/div>\n<\/div>\n<\/div>\n
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being able to trade consistently<\/div>\n<\/div>\n<\/div>\n
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profitable you actually need the<\/div>\n<\/div>\n<\/div>\n
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strategies to go along with that as well<\/div>\n<\/div>\n<\/div>\n
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and so let’s get a look at a recent<\/div>\n<\/div>\n<\/div>\n
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trade that you made<\/div>\n<\/div>\n<\/div>\n
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which i suppose you have incorporated<\/div>\n<\/div>\n<\/div>\n
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into your playbook<\/div>\n<\/div>\n<\/div>\n
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and see how you’re doing on the strategy<\/div>\n<\/div>\n<\/div>\n
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side as you work to your goal of<\/div>\n<\/div>\n<\/div>\n
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you know i’ve i’ve come from come back<\/div>\n<\/div>\n<\/div>\n
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to<\/div>\n<\/div>\n<\/div>\n
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a seat on the desk to your next goal<\/div>\n<\/div>\n<\/div>\n
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which is i want to be trading full-time<\/div>\n<\/div>\n<\/div>\n
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and give this my full attention and<\/div>\n<\/div>\n<\/div>\n
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see how good i can be from there so<\/div>\n<\/div>\n<\/div>\n
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let’s check out your strategies<\/div>\n<\/div>\n<\/div>\n
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okay so this is a simple strategy that i<\/div>\n<\/div>\n<\/div>\n
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uh<\/div>\n<\/div>\n<\/div>\n
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implement it’s just a daily resistance<\/div>\n<\/div>\n<\/div>\n
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breakout<\/div>\n<\/div>\n<\/div>\n
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using multiple time frames so<\/div>\n<\/div>\n<\/div>\n
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you’re looking at a daily chart and then<\/div>\n<\/div>\n<\/div>\n
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looking entered a price action to<\/div>\n<\/div>\n<\/div>\n
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confirm<\/div>\n<\/div>\n<\/div>\n
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uh the breakout and this is gonna be in<\/div>\n<\/div>\n<\/div>\n
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snap<\/div>\n<\/div>\n<\/div>\n
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okay so for this trade strategy what<\/div>\n<\/div>\n<\/div>\n
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you’re looking for<\/div>\n<\/div>\n<\/div>\n
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is key resistance levels on a daily<\/div>\n<\/div>\n<\/div>\n
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chart<\/div>\n<\/div>\n<\/div>\n
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and ideally this level has been tested<\/div>\n<\/div>\n<\/div>\n
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multiple times so it’s a clean<\/div>\n<\/div>\n<\/div>\n
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resistance level<\/div>\n<\/div>\n<\/div>\n
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ideally the stock is above the rising 20<\/div>\n<\/div>\n<\/div>\n
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day simple moving average<\/div>\n<\/div>\n<\/div>\n
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sometimes they respect the 10-day moving<\/div>\n<\/div>\n<\/div>\n
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average<\/div>\n<\/div>\n<\/div>\n
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but the 20-day moving average a little<\/div>\n<\/div>\n<\/div>\n
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more conservative<\/div>\n<\/div>\n<\/div>\n
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and you’re also looking for volatility<\/div>\n<\/div>\n<\/div>\n
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contraction on the daily chart where the<\/div>\n<\/div>\n<\/div>\n
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range is getting tight and the volume is<\/div>\n<\/div>\n<\/div>\n
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starting to dry up<\/div>\n<\/div>\n<\/div>\n
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and you’re looking for sectors that have<\/div>\n<\/div>\n<\/div>\n
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relative strength<\/div>\n<\/div>\n<\/div>\n
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and then that stock within the sectors<\/div>\n<\/div>\n<\/div>\n
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is showing higher relative strength than<\/div>\n<\/div>\n<\/div>\n
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the other ones<\/div>\n<\/div>\n<\/div>\n
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so for entry into this trade you’re<\/div>\n<\/div>\n<\/div>\n
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looking you’re looking for<\/div>\n<\/div>\n<\/div>\n
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uh the daily chart and then intraday<\/div>\n<\/div>\n<\/div>\n
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you’re looking for<\/div>\n<\/div>\n<\/div>\n
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one of these three setups either an<\/div>\n<\/div>\n<\/div>\n
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opening range breakout<\/div>\n<\/div>\n<\/div>\n
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or an intraday pullback a reclaim of<\/div>\n<\/div>\n<\/div>\n
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v-wap and consolidation<\/div>\n<\/div>\n<\/div>\n
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and which a lot of people i think the<\/div>\n<\/div>\n<\/div>\n
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firm calls this a big dog consolidation<\/div>\n<\/div>\n<\/div>\n
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or a wedge pattern and then so you’re<\/div>\n<\/div>\n<\/div>\n
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looking for that<\/div>\n<\/div>\n<\/div>\n
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break out of that wedge<\/div>\n<\/div>\n<\/div>\n
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and so you can put on a full position<\/div>\n<\/div>\n<\/div>\n
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just prior to the breakout or you can<\/div>\n<\/div>\n<\/div>\n
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scale into this<\/div>\n<\/div>\n<\/div>\n
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and your stop should be the lower the<\/div>\n<\/div>\n<\/div>\n
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consolidation range<\/div>\n<\/div>\n<\/div>\n
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or the low of the day depending on the<\/div>\n<\/div>\n<\/div>\n
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appropriate level<\/div>\n<\/div>\n<\/div>\n
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and some possible reasons to sell would<\/div>\n<\/div>\n<\/div>\n
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be the breakout fails<\/div>\n<\/div>\n<\/div>\n
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the breakout initially works but then it<\/div>\n<\/div>\n<\/div>\n
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fails to hold above that level<\/div>\n<\/div>\n<\/div>\n
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uh the stock gets extended from v-wop<\/div>\n<\/div>\n<\/div>\n
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intraday<\/div>\n<\/div>\n<\/div>\n
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or you see a big blow-off type pattern<\/div>\n<\/div>\n<\/div>\n
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where you get a big blow-off volume<\/div>\n<\/div>\n<\/div>\n
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and a big you know one or five-minute<\/div>\n<\/div>\n<\/div>\n
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candle to the upside<\/div>\n<\/div>\n<\/div>\n
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now scott do you need a news catalyst<\/div>\n<\/div>\n<\/div>\n
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for<\/div>\n<\/div>\n<\/div>\n
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a trade like this that’s the ideal<\/div>\n<\/div>\n<\/div>\n
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situation<\/div>\n<\/div>\n<\/div>\n
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that you’d have some type of catalyst<\/div>\n<\/div>\n<\/div>\n
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that’s driving it higher either<\/div>\n<\/div>\n<\/div>\n
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an earnings win or some type of news<\/div>\n<\/div>\n<\/div>\n
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event<\/div>\n<\/div>\n<\/div>\n
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in this particular case there wasn’t any<\/div>\n<\/div>\n<\/div>\n
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news it was just the sector was strong<\/div>\n<\/div>\n<\/div>\n
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on this day<\/div>\n<\/div>\n<\/div>\n
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so just looking at the market the spy<\/div>\n<\/div>\n<\/div>\n
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was<\/div>\n<\/div>\n<\/div>\n
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nothing unusual it had pulled back a few<\/div>\n<\/div>\n<\/div>\n
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days prior<\/div>\n<\/div>\n<\/div>\n
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and it was just rebounding off of that<\/div>\n<\/div>\n<\/div>\n
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looks like a normal pullback<\/div>\n<\/div>\n<\/div>\n
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and on this particular day twitter<\/div>\n<\/div>\n<\/div>\n
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facebook and snap<\/div>\n<\/div>\n<\/div>\n
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were all pretty strong<\/div>\n<\/div>\n<\/div>\n
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so there wasn’t any news for snap on<\/div>\n<\/div>\n<\/div>\n
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this day<\/div>\n<\/div>\n<\/div>\n
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if you want to learn three more real<\/div>\n<\/div>\n<\/div>\n
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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<\/div>\n<\/div>\n<\/div>\n
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and the setup that turned one of our<\/div>\n<\/div>\n<\/div>\n
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traders into a seven figure<\/div>\n<\/div>\n<\/div>\n
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big money earner check out the free<\/div>\n<\/div>\n<\/div>\n
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webinar that we’re currently running<\/div>\n<\/div>\n<\/div>\n
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just go ahead<\/div>\n<\/div>\n<\/div>\n
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and click the link that should be<\/div>\n<\/div>\n<\/div>\n
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appearing now at the top<\/div>\n<\/div>\n<\/div>\n
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right hand corner of your screen that<\/div>\n<\/div>\n<\/div>\n
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will open up the free registration page<\/div>\n<\/div>\n<\/div>\n
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in a new window so 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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looking at the overall intraday<\/div>\n<\/div>\n<\/div>\n
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fundamentals<\/div>\n<\/div>\n<\/div>\n
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snap’s a larger cap stock average true<\/div>\n<\/div>\n<\/div>\n
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range of 3.82<\/div>\n<\/div>\n<\/div>\n
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average volume is 20 million it really<\/div>\n<\/div>\n<\/div>\n
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didn’t have<\/div>\n<\/div>\n<\/div>\n
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elevated our ball on this day only 26<\/div>\n<\/div>\n<\/div>\n
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million for the day<\/div>\n<\/div>\n<\/div>\n
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but it did have arvol on the five minute<\/div>\n<\/div>\n<\/div>\n
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chart when it actually broke out<\/div>\n<\/div>\n<\/div>\n
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short float four percent and ten percent<\/div>\n<\/div>\n<\/div>\n
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institutional ownership<\/div>\n<\/div>\n<\/div>\n
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1.17 billion float<\/div>\n<\/div>\n<\/div>\n
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so once again ideally you would have<\/div>\n<\/div>\n<\/div>\n
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elevated orval on the breakout but in<\/div>\n<\/div>\n<\/div>\n
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this particular case it was<\/div>\n<\/div>\n<\/div>\n
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it was a breakout through daily<\/div>\n<\/div>\n<\/div>\n
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resistance with<\/div>\n<\/div>\n<\/div>\n
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basically you know no real<\/div>\n<\/div>\n<\/div>\n
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arbol on the daily chart what would your<\/div>\n<\/div>\n<\/div>\n
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ideal arvold b<\/div>\n<\/div>\n<\/div>\n
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for this setup i think three is a good<\/div>\n<\/div>\n<\/div>\n
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oval to have and because the arbol is<\/div>\n<\/div>\n<\/div>\n
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1.25<\/div>\n<\/div>\n<\/div>\n
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are you factoring that in when you’re<\/div>\n<\/div>\n<\/div>\n
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thinking about your risk budget<\/div>\n<\/div>\n<\/div>\n
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how much you’re to risk on the trade in<\/div>\n<\/div>\n<\/div>\n
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this case<\/div>\n<\/div>\n<\/div>\n
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i didn’t but i think that’s<\/div>\n<\/div>\n<\/div>\n
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something important to take into<\/div>\n<\/div>\n<\/div>\n
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consideration<\/div>\n<\/div>\n<\/div>\n
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going forward<\/div>\n<\/div>\n<\/div>\n
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because a lot of these breakouts<\/div>\n<\/div>\n<\/div>\n
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can fail if they don’t have the volume<\/div>\n<\/div>\n<\/div>\n
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behind them okay so<\/div>\n<\/div>\n<\/div>\n
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looking at the daily chart this is where<\/div>\n<\/div>\n<\/div>\n
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it’s just a really clean level there at<\/div>\n<\/div>\n<\/div>\n
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just over 65 we had tested it<\/div>\n<\/div>\n<\/div>\n
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like six times and on the right side<\/div>\n<\/div>\n<\/div>\n
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of the chart you can see the range had<\/div>\n<\/div>\n<\/div>\n
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gotten pretty tight over the past<\/div>\n<\/div>\n<\/div>\n
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month between 60 and 65. so i ask<\/div>\n<\/div>\n<\/div>\n
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traders to evaluate technical levels<\/div>\n<\/div>\n<\/div>\n
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from a scale of one to ten<\/div>\n<\/div>\n<\/div>\n
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just by themselves when you look at that<\/div>\n<\/div>\n<\/div>\n
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resistance level on a scale of one to<\/div>\n<\/div>\n<\/div>\n
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ten<\/div>\n<\/div>\n<\/div>\n
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how important do you think it would be<\/div>\n<\/div>\n<\/div>\n
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yeah i mean just looking at it it’s kind<\/div>\n<\/div>\n<\/div>\n
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of obvious it’s a very important level<\/div>\n<\/div>\n<\/div>\n
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it’s it’s just very it just stands out<\/div>\n<\/div>\n<\/div>\n
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it’s<\/div>\n<\/div>\n<\/div>\n
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there’s no real question that 65 20<\/div>\n<\/div>\n<\/div>\n
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i think is what it you know that area is<\/div>\n<\/div>\n<\/div>\n
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just a very important level yeah i mean<\/div>\n<\/div>\n<\/div>\n
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you’ve tested this<\/div>\n<\/div>\n<\/div>\n
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six times we’ve we’ve done this over the<\/div>\n<\/div>\n<\/div>\n
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course of<\/div>\n<\/div>\n<\/div>\n
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four months i don’t know if this is a 10<\/div>\n<\/div>\n<\/div>\n
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out of 10 resistance area or<\/div>\n<\/div>\n<\/div>\n
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9 out of 10 resistance area but it’s at<\/div>\n<\/div>\n<\/div>\n
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least that<\/div>\n<\/div>\n<\/div>\n
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you don’t see a chart like this every<\/div>\n<\/div>\n<\/div>\n
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day<\/div>\n<\/div>\n<\/div>\n
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this is a super important technical<\/div>\n<\/div>\n<\/div>\n
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level<\/div>\n<\/div>\n<\/div>\n
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that has got to get your attention i<\/div>\n<\/div>\n<\/div>\n
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mean if it were to get above that level<\/div>\n<\/div>\n<\/div>\n
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that trade because that resistance level<\/div>\n<\/div>\n<\/div>\n
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is so prominent that’s that’s something<\/div>\n<\/div>\n<\/div>\n
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i want an alert for<\/div>\n<\/div>\n<\/div>\n
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that’s something i’m watching if it gets<\/div>\n<\/div>\n<\/div>\n
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above that<\/div>\n<\/div>\n<\/div>\n
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area just just as a technical trade<\/div>\n<\/div>\n<\/div>\n
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without there being a news catalyst<\/div>\n<\/div>\n<\/div>\n
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just as a tech that’s a that is a that<\/div>\n<\/div>\n<\/div>\n
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is a technical trade in of itself and a<\/div>\n<\/div>\n<\/div>\n
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lot of times we talk about combining a<\/div>\n<\/div>\n<\/div>\n
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news catalyst<\/div>\n<\/div>\n<\/div>\n
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with a technical catalyst but<\/div>\n<\/div>\n<\/div>\n
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a technical catalyst can be a big enough<\/div>\n<\/div>\n<\/div>\n
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catalyst<\/div>\n<\/div>\n<\/div>\n
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in of itself and certainly above that<\/div>\n<\/div>\n<\/div>\n
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resistance area<\/div>\n<\/div>\n<\/div>\n
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is a is a really good trade to be<\/div>\n<\/div>\n<\/div>\n
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alerted to<\/div>\n<\/div>\n<\/div>\n
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and to see if you can build into<\/div>\n<\/div>\n<\/div>\n
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profitable trades<\/div>\n<\/div>\n<\/div>\n
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okay so now we’ll look at the intraday<\/div>\n<\/div>\n<\/div>\n
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price action on the day of the breakout<\/div>\n<\/div>\n<\/div>\n
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so<\/div>\n<\/div>\n<\/div>\n
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it had a big opening drive where it ran<\/div>\n<\/div>\n<\/div>\n
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up and<\/div>\n<\/div>\n<\/div>\n
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tested the breakout level and<\/div>\n<\/div>\n<\/div>\n
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so a lot of times momentum names<\/div>\n<\/div>\n<\/div>\n
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when they have these big opening drives<\/div>\n<\/div>\n<\/div>\n
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when they pull back into view op<\/div>\n<\/div>\n<\/div>\n
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\n
you can you can actually it’s a pretty<\/div>\n<\/div>\n<\/div>\n
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\n
good trade to put on some risk<\/div>\n<\/div>\n<\/div>\n
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at vwop if it’s going to continue higher<\/div>\n<\/div>\n<\/div>\n
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\n
and so in this case i i didn’t catch the<\/div>\n<\/div>\n<\/div>\n
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initial move but as it pulled back into<\/div>\n<\/div>\n<\/div>\n
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vwop<\/div>\n<\/div>\n<\/div>\n
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i put a starter position on and it did<\/div>\n<\/div>\n<\/div>\n
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crack below v-wap initially<\/div>\n<\/div>\n<\/div>\n
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and this is where i think it’s important<\/div>\n<\/div>\n<\/div>\n
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\n
as far as position sizing to<\/div>\n<\/div>\n<\/div>\n
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put in put in a smaller size on your<\/div>\n<\/div>\n<\/div>\n
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initial bet that way if it does go<\/div>\n<\/div>\n<\/div>\n
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\n
against you you you can give it a little<\/div>\n<\/div>\n<\/div>\n
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\n
bit of wiggle room if you’re if your<\/div>\n<\/div>\n<\/div>\n
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\n
idea is still<\/div>\n<\/div>\n<\/div>\n
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\n
solid because if you put on too much<\/div>\n<\/div>\n<\/div>\n
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risk initially the intraday fluctuations<\/div>\n<\/div>\n<\/div>\n
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can<\/div>\n<\/div>\n<\/div>\n
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can get you stopped out so in this case<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh this was about a fifth of my<\/div>\n<\/div>\n<\/div>\n
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\n
full position so i held it when it<\/div>\n<\/div>\n<\/div>\n
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cracked below<\/div>\n<\/div>\n<\/div>\n
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and then as it pulled under v-wop it put<\/div>\n<\/div>\n<\/div>\n
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in a double bottom<\/div>\n<\/div>\n<\/div>\n
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\n
right around 64 and then reclaimed v-wop<\/div>\n<\/div>\n<\/div>\n
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\n
which was a very bullish sign<\/div>\n<\/div>\n<\/div>\n
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\n
and the whole time i’m still thinking<\/div>\n<\/div>\n<\/div>\n
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\n
about that 65 level<\/div>\n<\/div>\n<\/div>\n
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\n
and so as it reclaim v-wap and kind of<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidated sideways i started<\/div>\n<\/div>\n<\/div>\n
\n
\n
putting on more risk and<\/div>\n<\/div>\n<\/div>\n
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\n
as it got tighter and tighter intraday<\/div>\n<\/div>\n<\/div>\n
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\n
it ramped back up and tested again<\/div>\n<\/div>\n<\/div>\n
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the level a couple more times<\/div>\n<\/div>\n<\/div>\n
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\n
before it finally broke and i had full<\/div>\n<\/div>\n<\/div>\n
\n
\n
position size on<\/div>\n<\/div>\n<\/div>\n
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\n
you know in the consolidation range<\/div>\n<\/div>\n<\/div>\n
\n
\n
there between<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh 12 and one o’clock and then when it<\/div>\n<\/div>\n<\/div>\n
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\n
broke out around<\/div>\n<\/div>\n<\/div>\n
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\n
13 30 you can see that even though the<\/div>\n<\/div>\n<\/div>\n
\n
\n
daily volume wasn’t<\/div>\n<\/div>\n<\/div>\n
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\n
elevated that the short-term five-minute<\/div>\n<\/div>\n<\/div>\n
\n
\n
candle volume<\/div>\n<\/div>\n<\/div>\n
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\n
it was elevated on that breakout so that<\/div>\n<\/div>\n<\/div>\n
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\n
was<\/div>\n<\/div>\n<\/div>\n
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\n
the confirmation that you needed that it<\/div>\n<\/div>\n<\/div>\n
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\n
was going to go<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so at this point i’m just holding my<\/div>\n<\/div>\n<\/div>\n
\n
\n
position<\/div>\n<\/div>\n<\/div>\n
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\n
and as it got extended this was more of<\/div>\n<\/div>\n<\/div>\n
\n
\n
a feel<\/div>\n<\/div>\n<\/div>\n
\n
\n
exit i just happened to exit at the<\/div>\n<\/div>\n<\/div>\n
\n
\n
high of the day but<\/div>\n<\/div>\n<\/div>\n
\n
\n
ideally you you scale out and and leave<\/div>\n<\/div>\n<\/div>\n
\n
\n
some on for a bigger move but in this<\/div>\n<\/div>\n<\/div>\n
\n
\n
case i<\/div>\n<\/div>\n<\/div>\n
\n
\n
exited all at 67 and this trade could<\/div>\n<\/div>\n<\/div>\n
\n
\n
also be a good catalyst for<\/div>\n<\/div>\n<\/div>\n
\n
\n
or a candidate for a swing trade and it<\/div>\n<\/div>\n<\/div>\n
\n
\n
did ultimately run over the next few<\/div>\n<\/div>\n<\/div>\n
\n
\n
days up to 70 dollars a share<\/div>\n<\/div>\n<\/div>\n
\n
\n
so this is just showing the executions<\/div>\n<\/div>\n<\/div>\n
\n
\n
through trader view where i put my first<\/div>\n<\/div>\n<\/div>\n
\n
\n
position on and then where i added<\/div>\n<\/div>\n<\/div>\n
\n
\n
and my exits<\/div>\n<\/div>\n<\/div>\n
\n
\n
so yeah that’s all this one is where do<\/div>\n<\/div>\n<\/div>\n
\n
\n
you start buying<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh right around just over 65 maybe 65 60<\/div>\n<\/div>\n<\/div>\n
\n
\n
or 60 i’m sorry 64.60 and then you so<\/div>\n<\/div>\n<\/div>\n
\n
\n
you you buy there<\/div>\n<\/div>\n<\/div>\n
\n
\n
i guess your stop is below 64. correct<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah how do you feel about the fact that<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s actually not above<\/div>\n<\/div>\n<\/div>\n
\n
\n
that longer term resistance area of 65<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah since it hasn’t broken out yet<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s there’s a chance it could<\/div>\n<\/div>\n<\/div>\n
\n
\n
it could fail and because of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
intraday volume is really<\/div>\n<\/div>\n<\/div>\n
\n
\n
or i’m sorry the daily our ball is<\/div>\n<\/div>\n<\/div>\n
\n
\n
really not there but<\/div>\n<\/div>\n<\/div>\n
\n
\n
as far as like the intraday pattern is<\/div>\n<\/div>\n<\/div>\n
\n
\n
concerned that<\/div>\n<\/div>\n<\/div>\n
\n
\n
the pullback to v reclaim and<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidate in a tight range<\/div>\n<\/div>\n<\/div>\n
\n
\n
is a very strong pattern and<\/div>\n<\/div>\n<\/div>\n
\n
\n
that right there gave me more<\/div>\n<\/div>\n<\/div>\n
\n
\n
confirmation that it was or more<\/div>\n<\/div>\n<\/div>\n
\n
\n
confidence that it was going to go<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s kind of how i approached it and<\/div>\n<\/div>\n<\/div>\n
\n
\n
were you watching<\/div>\n<\/div>\n<\/div>\n
\n
\n
some of the other social media names at<\/div>\n<\/div>\n<\/div>\n
\n
\n
the same time yeah i did notice<\/div>\n<\/div>\n<\/div>\n
\n
\n
twitter was was strong this day<\/div>\n<\/div>\n<\/div>\n
\n
\n
but there was uh i didn’t really watch<\/div>\n<\/div>\n<\/div>\n
\n
\n
facebook but i did notice that twitter<\/div>\n<\/div>\n<\/div>\n
\n
\n
was<\/div>\n<\/div>\n<\/div>\n
\n
\n
was also strong well what’s more<\/div>\n<\/div>\n<\/div>\n
\n
\n
important the fact that it’s not above a<\/div>\n<\/div>\n<\/div>\n
\n
\n
longer term<\/div>\n<\/div>\n<\/div>\n
\n
\n
very significant resistance area or that<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s holding intraday view up<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah i guess it depends on whether<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re looking at it from a bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
picture perspective or not but from<\/div>\n<\/div>\n<\/div>\n
\n
\n
i guess a day trade perspective it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
important to be above viwa<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think there’s two really good trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
here<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think there’s a really good momentum<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
when we we we actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
get above that 65-40-ish area<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know it it’s it’s not able to get<\/div>\n<\/div>\n<\/div>\n
\n
\n
above the intraday high<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then it finally does and it’s now<\/div>\n<\/div>\n<\/div>\n
\n
\n
above 65 it’s held above 65.<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s the shorts are gonna have to<\/div>\n<\/div>\n<\/div>\n
\n
\n
cover the longs are going to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
fearful to miss out<\/div>\n<\/div>\n<\/div>\n
\n
\n
the momentum is to the upside<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can make a a really strong career<\/div>\n<\/div>\n<\/div>\n
\n
\n
playing the momentum when we actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
get above those prices<\/div>\n<\/div>\n<\/div>\n
\n
\n
playing the momentum with size and<\/div>\n<\/div>\n<\/div>\n
\n
\n
becoming a really good<\/div>\n<\/div>\n<\/div>\n
\n
\n
short-term momentum trader that’s a very<\/div>\n<\/div>\n<\/div>\n
\n
\n
good trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then the other thing that you can do<\/div>\n<\/div>\n<\/div>\n
\n
\n
is<\/div>\n<\/div>\n<\/div>\n
\n
\n
when it’s holding that 65 and holding<\/div>\n<\/div>\n<\/div>\n
\n
\n
above that 65<\/div>\n<\/div>\n<\/div>\n
\n
\n
to give that a run for a swing trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
right there<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i don’t think that’s an intraday<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade that is a<\/div>\n<\/div>\n<\/div>\n
\n
\n
longer term trade what we’re seeing on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the desk with some of the guys<\/div>\n<\/div>\n<\/div>\n
\n
\n
is they’re taking entry and they’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
turning them into intraday trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
multi-day trades trading them<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh distinctly trading them with with<\/div>\n<\/div>\n<\/div>\n
\n
\n
different rules<\/div>\n<\/div>\n<\/div>\n
\n
\n
the intraday is going to have intraday<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade’s gonna have some some different<\/div>\n<\/div>\n<\/div>\n
\n
\n
rules than the swing trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the stops are gonna be potentially<\/div>\n<\/div>\n<\/div>\n
\n
\n
different the entry can be very similar<\/div>\n<\/div>\n<\/div>\n
\n
\n
but they actually morph into different<\/div>\n<\/div>\n<\/div>\n
\n
\n
types of trades and particularly in this<\/div>\n<\/div>\n<\/div>\n
\n
\n
market<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re seeing guys have lots of success<\/div>\n<\/div>\n<\/div>\n
\n
\n
holding things for multiple days<\/div>\n<\/div>\n<\/div>\n
\n
\n
that are uptrending or breaking out<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and holding them so i i see<\/div>\n<\/div>\n<\/div>\n
\n
\n
i see two trades and i don’t really want<\/div>\n<\/div>\n<\/div>\n
\n
\n
to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
i don’t want to be in the in the game of<\/div>\n<\/div>\n<\/div>\n
\n
\n
telling you how to trade but i also want<\/div>\n<\/div>\n<\/div>\n
\n
\n
to point out that there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
two trades that you can build a career<\/div>\n<\/div>\n<\/div>\n
\n
\n
on that i’m seeing in this opportunity<\/div>\n<\/div>\n<\/div>\n
\n
\n
above that 65 resistance area super<\/div>\n<\/div>\n<\/div>\n
\n
\n
important technical level not really<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading below there<\/div>\n<\/div>\n<\/div>\n
\n
\n
giving this a run for a multi-day swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
because it’s because of price<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then a momentum trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
because it’s coiled and consolidated<\/div>\n<\/div>\n<\/div>\n
\n
\n
and there’s winners and losers above<\/div>\n<\/div>\n<\/div>\n
\n
\n
that area<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think those are two those are two<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty good trades when you’re trading i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think you want to be thinking about the<\/div>\n<\/div>\n<\/div>\n
\n
\n
big picture<\/div>\n<\/div>\n<\/div>\n
\n
\n
and to me when that’s not above 65<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it doesn’t have a news catalyst<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it doesn’t have elevated arbol<\/div>\n<\/div>\n<\/div>\n
\n
\n
from that opening drive that’s that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know you said<\/div>\n<\/div>\n<\/div>\n
\n
\n
correctly above three i think<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s i think you got to be thinking<\/div>\n<\/div>\n<\/div>\n
\n
\n
about that<\/div>\n<\/div>\n<\/div>\n
\n
\n
so thoughts on that<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah that’s that’s great input mike<\/div>\n<\/div>\n<\/div>\n
\n
\n
thanks for that<\/div>\n<\/div>\n<\/div>\n
\n
\n
um yeah just just kind of reiterate i<\/div>\n<\/div>\n<\/div>\n
\n
\n
mean i can’t really<\/div>\n<\/div>\n<\/div>\n
\n
\n
swing trade in the account yet but this<\/div>\n<\/div>\n<\/div>\n
\n
\n
would have been one that<\/div>\n<\/div>\n<\/div>\n
\n
\n
would have i would have swung swung this<\/div>\n<\/div>\n<\/div>\n
\n
\n
one<\/div>\n<\/div>\n<\/div>\n
\n
\n
had i’ve been able to yeah and guys will<\/div>\n<\/div>\n<\/div>\n
\n
\n
swing that with stock and they’ll swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
that with options<\/div>\n<\/div>\n<\/div>\n
\n
\n
and give that a run and i mean<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is obviously a lot higher although<\/div>\n<\/div>\n<\/div>\n
\n
\n
it had earnings there was an intervening<\/div>\n<\/div>\n<\/div>\n
\n
\n
factor it had earnings<\/div>\n<\/div>\n<\/div>\n
\n
\n
so but great level to be looking at that<\/div>\n<\/div>\n<\/div>\n
\n
\n
65 level is a super important level<\/div>\n<\/div>\n<\/div>\n
\n
\n
i do think you can build playbooks that<\/div>\n<\/div>\n<\/div>\n
\n
\n
are holding below<\/div>\n<\/div>\n<\/div>\n
\n
\n
important technical support areas if<\/div>\n<\/div>\n<\/div>\n
\n
\n
they’re really clean and they’re really<\/div>\n<\/div>\n<\/div>\n
\n
\n
holding up and i guess that’s what<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re saying<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re saying this is really holding up<\/div>\n<\/div>\n<\/div>\n
\n
\n
well it’s really clean it’s really<\/div>\n<\/div>\n<\/div>\n
\n
\n
holding<\/div>\n<\/div>\n<\/div>\n
\n
\n
the support areas that are and the<\/div>\n<\/div>\n<\/div>\n
\n
\n
technical indicators that are important<\/div>\n<\/div>\n<\/div>\n
\n
\n
to me<\/div>\n<\/div>\n<\/div>\n
\n
\n
and because of that it’s foreshadowing<\/div>\n<\/div>\n<\/div>\n
\n
\n
that it’s going to get above this 65 and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m going to give it a run<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think that’s fine i i would prefer if<\/div>\n<\/div>\n<\/div>\n
\n
\n
there was arvel that<\/div>\n<\/div>\n<\/div>\n
\n
\n
was on our side i’d prefer if there was<\/div>\n<\/div>\n<\/div>\n
\n
\n
a news catalyst that was on our side<\/div>\n<\/div>\n<\/div>\n
\n
\n
but if if you can make this into a trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
great so basically overall you know you<\/div>\n<\/div>\n<\/div>\n
\n
\n
want to see<\/div>\n<\/div>\n<\/div>\n
\n
\n
the intraday price action and the daily<\/div>\n<\/div>\n<\/div>\n
\n
\n
price action confirm<\/div>\n<\/div>\n<\/div>\n
\n
\n
as we were talking about in our previous<\/div>\n<\/div>\n<\/div>\n
\n
\n
discussion is uh kind of oversizing<\/div>\n<\/div>\n<\/div>\n
\n
\n
and just putting on too much risk on<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades that don’t really warrant it<\/div>\n<\/div>\n<\/div>\n
\n
\n
so it’s it’s one of those things that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m continuously<\/div>\n<\/div>\n<\/div>\n
\n
\n
working on um because i just have a<\/div>\n<\/div>\n<\/div>\n
\n
\n
natural tendency to want to do that<\/div>\n<\/div>\n<\/div>\n
\n
\n
so my next for my goals for this month<\/div>\n<\/div>\n<\/div>\n
\n
\n
is to only go big on the best trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
um the next one is focus on<\/div>\n<\/div>\n<\/div>\n
\n
\n
a few key setups and trades that that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re going to focus on<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it’s easy to get distracted via<\/div>\n<\/div>\n<\/div>\n
\n
\n
social media or<\/div>\n<\/div>\n<\/div>\n
\n
\n
other people’s ideas etc where you kind<\/div>\n<\/div>\n<\/div>\n
\n
\n
of lose focus on<\/div>\n<\/div>\n<\/div>\n
\n
\n
your key trade ideas for the day so kind<\/div>\n<\/div>\n<\/div>\n
\n
\n
of narrow it down so that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you don’t get you know spread all over<\/div>\n<\/div>\n<\/div>\n
\n
\n
the place<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then waiting for price action to<\/div>\n<\/div>\n<\/div>\n
\n
\n
confirm thesis<\/div>\n<\/div>\n<\/div>\n
\n
\n
so if you see something on the daily<\/div>\n<\/div>\n<\/div>\n
\n
\n
chart setting up you know wait for the<\/div>\n<\/div>\n<\/div>\n
\n
\n
intraday<\/div>\n<\/div>\n<\/div>\n
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price action to confirm that it’s it’s<\/div>\n<\/div>\n<\/div>\n
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something that<\/div>\n<\/div>\n<\/div>\n
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you know i’ve had some really good days<\/div>\n<\/div>\n<\/div>\n
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but i’ve also had some days where i’m<\/div>\n<\/div>\n<\/div>\n
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i’m entering anticipating versus waiting<\/div>\n<\/div>\n<\/div>\n
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for<\/div>\n<\/div>\n<\/div>\n
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the price action and snap was one that<\/div>\n<\/div>\n<\/div>\n
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confirmed and it was a good trade<\/div>\n<\/div>\n<\/div>\n
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and so i want to continue doing more of<\/div>\n<\/div>\n<\/div>\n
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these type of trades<\/div>\n<\/div>\n<\/div>\n
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in less anticipatory trades hey go ahead<\/div>\n<\/div>\n<\/div>\n
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and click our subscribe button so you<\/div>\n<\/div>\n<\/div>\n
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don’t miss any of the videos they’re<\/div>\n<\/div>\n<\/div>\n
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producing for you and the trading<\/div>\n<\/div>\n<\/div>\n
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community and please<\/div>\n<\/div>\n<\/div>\n
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take the time to add your feedback in<\/div>\n<\/div>\n<\/div>\n
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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
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train and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\"\"<\/a><\/p>\n

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

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