{"id":8149,"date":"2010-11-04T11:47:04","date_gmt":"2010-11-04T15:47:04","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=8149"},"modified":"2010-11-04T11:47:04","modified_gmt":"2010-11-04T15:47:04","slug":"lots-and-lots-of-pot-buying","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/lots-and-lots-of-pot-buying","title":{"rendered":"Lots and Lots of POT Buying"},"content":{"rendered":"<p>POT was in an intraday downtrend. \u00a0It looked horrible on the intraday chart. \u00a0140 was a huge technical level on our longer term charts. \u00a0140 became a humongous intraday level and guys were buying both hands at a time near and around 140. \u00a0 I tried to tweet the unusual buying on the tape, but Twitter was on a siesta. \u00a0It held the 140 level 5 times. \u00a0I was long, with the guys buying with both hands. \u00a0We were joking on the desk how impressive their buying was. \u00a0POT looked like it should have went much lower but for all the buying.<\/p>\n<p>When POT breached the intraday low of 139.90 I got stopped out. \u00a0And when POT held below 139.90 I started a short. \u00a0It was broken on the intraday chart, below the important longer term level, and below the buying catalyst. \u00a0POT had the potential to melt.<\/p>\n<p>But it didn&#8217;t. \u00a0 The buyers kept buying. \u00a0The melt never came. \u00a0Every ten cents found another impressive buyer. \u00a0So I was short but not heavy. \u00a0There was just too much buying. \u00a0And heck I was starting to root for the longs. \u00a0Man were they strong.<\/p>\n<p>We covered above the 140 and started longs again when POT was holding above 140.50. \u00a0We will see.<\/p>\n<p>So when you see that much buying on the tape, we stay short, but not for size. \u00a0And we acknowledge that with this pattern a significant reversal may be next.<\/p>\n<p>As for now, POT below 139.50 is a short. \u00a0Holding above 141 and we add looking for an uptrend to manifest. \u00a0We cannot control the outcome. \u00a0We can just make excellent risk\/reward trades and observe the market while we are midposition.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/pot-intraday.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-8150\" title=\"pot intraday\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/pot-intraday-300x194.png\" alt=\"\" width=\"300\" height=\"194\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/pot-intraday-300x194.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/pot-intraday.png 838w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Mike Bellafiore<\/p>\n<p>Author, <a href=\"http:\/\/www.amazon.com\/One-Good-Trade-Competitive-Proprietary\/dp\/0470529407\/ref=pd_sim_b_1\">One Good Trade<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>POT was in an intraday downtrend. \u00a0It looked horrible on the intraday chart. \u00a0140 was a huge technical level on our longer term charts. \u00a0140 became a humongous intraday level and guys were buying both hands at a time near and around 140. \u00a0 I tried to tweet the unusual buying on the tape, but Twitter was on a siesta. &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/lots-and-lots-of-pot-buying\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4674,1469,18,1193,653,1354,1349],"class_list":["post-8149","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-one-good-trade","tag-pot","tag-smb-capital","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lots and Lots of POT Buying | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/lots-and-lots-of-pot-buying\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lots and Lots of POT Buying | SMB Training\" \/>\n<meta property=\"og:description\" content=\"POT was in an intraday downtrend. \u00a0It looked horrible on the intraday chart. \u00a0140 was a huge technical level on our longer term charts. \u00a0140 became a humongous intraday level and guys were buying both hands at a time near and around 140. \u00a0 I tried to tweet the unusual buying on the tape, but Twitter was on a siesta. ... 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