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Today we take a look at FB on the 5 minute chart. We decide we’re going to trade it from the long side so we are going to utilize the RvR Trading ‘panic buy.’ We want to buy the pullback from the breakout. After talking about how we can each individually manipulate the trade plans to fit our risk versus reward criteria. We see that in the next candle we get a wild wick down which fills and stops out some people all at the same time.
Clay then decides to do some top down analysis on SPY starting with the daily, which had a huge bearish engulfing candle. We then move down to the 60 minute time frame and drill down until the 5.