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Today we look at SHOP on the 2 minute chart. We see that a cliff point that is forming after the first 16 minutes of the day. After polling the room to see what everyone’s entry point is going to be for a short trade, we set up our entries and also our stop loss locations. After we get everyone’s choices, we scroll the chart and see a nice break of the support level. We then get some slight downside. Unfortunately it is short lived before completely retracing. This is a great example of thinking you might get a real homer but peel off a single. All part of trading. You need to adapt and be flexible.
Clay then does top down analysis after polling the room. He looks at CWH on the daily.