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In today’s webinar we take a look at SPY on the 5 minute chart. We focus on the shorter term trend presented which is to the downside. Then Clay walks us through a hypothetical scenario regarding when you saw the chart set up. This brings up the conversation regarding thinking what folks on the other side of your trade are feeling. We talk about the nonnegotiable stop loss for a short and while there are multiple ways to enter, the speculation entry does not provide a good risk vs reward. After setting up our trade plans, we scroll the chart. After it initially makes a move to the recent high, it falls back down. Another example of a simple base hit.