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We start off today’s webinar talking about a trade Clay made. Risked a minimal amount with almost a 3:1 RvR. He used the level 2 to locate an important grandma number with lots of orders to sell and jumped in front of it.
We take a look at the SPY on the 5 minute chart and observe how important the 50 simple moving average has been. After polling the room for their short trade plans, we scroll the chart and see on the second candle we get a test almost exactly on the 50sma. We get 5 candles of continuations going well past our initial target, but how we trail our stop loss is what matters most when you have a large exaggerated candle.