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Today we start off analyzing AMZN on the 2 minute time frame. After glancing at a slightly larger view we decide that we are going to look for a short trade. We see that we get a very large overextended candle and discuss why it would be foolish to chase. Now we are looking for the back test for entry. We see that many people get different entries and have placed different stops. After a majority of people are in the trade we have a discussion about why and how we trail winners. We see that this one really tanked and offered a ‘home run’ trade to those who followed the rules and didn’t close prematurely.
To finish the webinar we do some top down analysis to help set the tone for the rest of the week/month on SPY starting with the daily and drilling down into the shorter term time frames.