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Today we start off the webinar talking about a member who got cocky and turned a 300 dollar loss into a 3,000 dollar loss. Be disciplined! Clay then defines what CEO mode is.
We look at MOMO on the 5 minute chart and discuss the scenario that is playing out at the open. It gapped up which is an indication of a bullish intention but that doesn’t mean we should chase. We see there are some key levels of support and resistance with a very important moving average. After talking about logical locations for a stop loss, we scroll the chart and get a nice hammer candle near the 50 period simple moving average. It then completely collapses down to the 200 period simple moving average. This is an example of why we need to stay disciplined because a small loss turned into a huge loss if you decided to ‘hope’ and try to ‘manage your way out.’