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Today we look at SPY on the 5 minute chart. Clay again clarifies what constitutes a cliff point and what is a support level. You can easily be chasing if you make the mistake of confusing the two. Clay alerted potential rubber band setup at a support level. After polling the room for entries and stop loss location, we discuss the pros/cons of putting our stop loss above/below the grandma level of 143. As we scroll the chart we see that most of us are filled and not stopped out so now we go into how we approach trailing our winner. Rather than ‘profit is profit’ and taking profits for no exact reason, we trail our winner to capture as much of the trend as possible. We see after 8 candles it has a real nasty down move. We got the meat of the move. We’re not in the business of nailing the top or bottom of every trade.