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We start off today’s webinar talking about a trade that we could have taken based on level 2 action. We see huge size at a grandma number (which is just a whole number). We also see a logical level to set our stop loss based on more level 2 data.
We then scan for breakouts by using the short float and being close to the highs which we assume would make shorts cover if it was broken (driving price higher).
Then we scan for shorts near the bottom of the 50 day lows.