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Today we start off by taking a look at IONS on the 2 minute chart. Clay discusses some differences between a bounce and consolidation. As we get through an initial stop out, we decide to keep an eye on the chart and wait to see if anything of interest forms in the future. After a few more candles we see a wolf candle (indicating possible downside). After discussing the rules of RvR Trading, we establish a logical stop and target and then proceed to adjust our entry until it meets the proper criteria. This trade further proves why we always leave some shares or contract the ability to run (by setting proper ways to trail our stop loss).
We then do some top down analysis on NFLX starting with the daily and working down to the 5 minute establishing support/resistance and noting key moving averages.
We take a look at RAX, AKS, ADSK on the daily time frame as well.