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REPORTS FROM THE TRENCHES
What To Do if You Miss a Great Trade
Hubert Senters here.
In the last video, we were walking through an example Expedia. It had a big gap up. If you got long, you know, Thursday evening, Friday gap up, it’s been rolling in the Dow so to speak.
What will you do if you miss that situation?
Here’s how you handle that. Number one if you’d look at on a longer timeframe, it’s gapping above. Let me just put a chart for you really quick.
So here’s Expedia. It’s gaping up. You can see that it’s had a low down here at about $94 and it’s working its way. It’s in the cloud. And it’s decided it’s going to jump above the cloud.
Now, we’re going to go back over to UBE pro here and now, I would have played the long side but I want to pass on the short side. And the only reason I want to do that is because now it’s above the cloud.
Then I’m going to go UBE pro. So if you are smart enough, lucky enough or whatever and you’ll make $73X not a bad opportunity to do that. The risk where the connings to do it. So, on the next trade set-up you missed that, here’s your next setup if you want to take it.
You’re going to go long at $121.17. The stop is going to be $120.23. The ATR risk, the risk that I’m taking is $1.19. I’m okay with that. Anything below three or four. I’m pretty good with.
My first target is going to be right here, T1 I’m going to sell half of that position and then my target two, it never got hit but my trailing stop did and I was able to make $1.98. Half of it I would have made $17 to $74 so 0.60 cents and then the last part of it actually I made about 0.60 cents at a risk reward ratio of risking one to make basiclly two.
It’s not great but it’s better than probably be yourself because I really want to do one to three or one to five. Now, you’re never going to know what the risk is until you X it or the profit, the potential. But you’ll always know the risk and you’ll find out what the reward was. Always figure out what the risk is for. I cannot emphasize this enough.
It is the most important thing. I see a lot of people think about the reward first and not the risk and ends up just wiping them out. We’re going to be doing a webinar on this strategy. I’m going to HYPERLINK you to the webinar registration page.
Good luck. Hope it helps. See you on the next video.
Hubert.
