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We form a trade plan on SPY using the 5 minute. After a survey of the live viewers, we determine that we are looking to go short and then proceed to set up logical entry, profit, and stop loss locations. Our initial trade plan does not adhere to 3:1 RvR. We know that we cannot modify our exit location. We can only tune the entry and stop loss locations. Our trade reaches target but then immediately reverses. Clay discusses multiple ways to trail our winner in these cases.
We take a look at VRX on the 5 minute. It has been in a nasty downtrend but has formed a double bottom so we look to set up a long trade. After setting up logical entry, profit, and stop loss locations, we wait for the price to reach us. When the market opens we see that we got filled and immediately stopped out. We then take a look at what would happen if we were not disciplined and stayed in this trade.
Clay takes a look at TSLA for some top down analysis. We start off on the daily and then proceed down to shorter time frames while identifying support and resistance.