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Today we look at SPY on the 5 minute chart. Based on previous resistance and key moving average, we are anticipating a short trade. When we are determining our stop loss and target locations, we have to really take a look at the locations to help reduce the possibility of getting stopped out. After showing some of the next candles, many people were stopped out but some people had more wiggle room in regards to their stop. Unfortunately the chart keeps pressing over the moving average/previous resistance. We see that keeping our risk small paid off very well as the chart continues to make a large move up.
After this trade plan, we do a top down analysis on NFLX. Please see this video: https://claytrader.com/videos/proof-charts-amazing/