 Welcome to Access a Trader, the number one community for those who are committed to taking control of their trading in order to achieve success, profitability, and longevity. Thank you for joining us. Here's Dan Shapiro to help you find your edge, master your process, and own your future. There's always a misconception of what the PS60 theory is. That misconception is that a lot of people believe it's a scalp and strategy. I personally scalp because, again, that's where my comfort zone is right now. I believe that I don't need exposure anymore, which is so ironic considering how I started trading realistically, which was all full exposure overnight exposure, but where I am right now, I believe that the stocks that we trade every day give us a huge average true range every single day. For example, Tesla's average true range, if you look at Tesla's average true range today, it went from 827, that's a real print, but we definitely wasn't an 820. We went from 827 back to 814, back to 825, back to 799, now it's back to 805. So the true ranges on these things are tremendous, Amazon, Netflix, all these things. So it's only a question now of what is your comfortability level. So when we make a watch list on the nightly email, this is called a daily watch list. These are not 60-minute channels, these are all areas that daily charts need to confirm. So what we use, for example, what I use is obviously pre-market indicators of the high, the lows of the ranges, but these are the levels that every single day that when you turn on your computer the next day, they need to be confirmed. So if we're having a conversation on the pure aspects of trading, that obviously everything gap down today and obviously we saw a lot lower prices. We saw a lot lower prices and we've traded on those channels, but when you're trading on the daily side and you want to swing these things, it's very, very easy. This thing is an easy trade, but it's something called swing trading, which is very, very easy to understand, to apply, but for whatever reason people just make it a lot harder than it actually is. So here is the last rights watch list. So BYND, you can see here, BYND, Short, 3150, 3131, NOW, Amazon, MDB, and again, we all know what happened. Absolutely destroyed and for all you guys who caught the trades, fantastic, for all you guys who didn't catch trades, again, it's part of the business. It is what it is. It is what it is, but the key to any type of trading is being comfortable. Some people like day trading, it gives the power, they have the power in their hands. They are taking out, they're absolutely taking out the overnight exposure, the overnight risk, the overnight uncertainty, the overnight headlines, so forth and so forth and so forth and on and on and on. But there's other people who don't like the fast action. They don't like the idea that Tesla could go up or down five coins within 30 seconds. It happens, right? It happens all the time. So they refer to something that we call swing trading or position trading or overnight trading, whatever the case may be, something that is not going to put them in a situation that their brain is going to explode every single time they see the stock up and down, up and down, up and down, up and down. And this is where we use daily channels for swing positions. So for example, let's pretend, now we could only pretend that we're talking about strictly from the swing trading point of view. So we're going to use these areas here as an area to enter trades. So for example, BYND from last night, BYND from last night, so here we go. So BYND from last night, we knew that 301, excuse me, 130, 150, 130, 150, 131 was going to be the daily confirmation. Does everybody see that? Right, guys? The low here was 130, 260s. It broke that from yesterday. Matter of fact, BYND broke 34 yesterday, right, that started the whole sell-off, right? 34, 34, it broke the 3260s and put in a low of 130, 150. Does everybody see that, guys? Right? Everybody see that? 130, 150. Right? Everybody see the lows from yesterday, 130, 150? So we knew going into today's session that if you wanted to swing the stock short, okay, you're going to need to take a position under 130, 150, 131, which is yesterday's, correct? Which is yesterday's low, okay? And you knew, based on technical analysis, that your first area of measured potential was going to be the next rising support, which is roughly between the 122 to 125 areas. So you already knew to the downside, again, let's take today out of the equation. Not every single day are you going to have a swing position that's going to go nine points in three minutes, okay? Let's take the fantasy world out of it. This is kind of what we talk about every single day, chip away, chip away, chip away until they give you a really, really big, right? They give you a really, really big aggressive hole to run through, pardon, you know, pardon football terminology, but again, you can see I'm getting desperate, right? So what you're doing basically is taking a position below yesterday's low, which was 130, 150, 131. And you already know your next measured potential, okay, which is anywhere between 122, 125. And the way that you are managing the position is using the previous day's high, okay, as your max pay, okay, your previous day's high as your max pay. So if you took a position at 301.50, okay, you're going to have to risk, okay, roughly, you're going to have to risk roughly 140 on the straight. Everybody see why? Guys, because these stocks are so huge with average range, some of these risks are going to be 10, 12, $15, okay, but that's on beta, okay, think about that. That's on beta. That's not on every single stock. So for example, if you took a short last night, I'm just using a position, I'm just using an example. Let's pretend you took a long on, Jesus, anything, golden sex, right? Let's just say you took a long on golden sex, okay, even a golden sex had a big, big range. But the point is you're using the pre, if you're going, if you're going long, you're using the previous day's low as your stop. And if you're going short, right, if you're going short, correct, if you're going short, you're using the previous day's high, that's the risk. So when people turn around, okay, when people turn around, for example, and say, I want to swing trade, right, but do you also realize you're putting on the exaggerated risk, okay, of swing trading? Again, you are facing on certain times, on certain economy, on certain exposure, on certain news overnight, okay, you're constantly putting exposure. So my point is, again, and this is my point of why I trade beta, not when you trade beta with somebody else trades beta, the reason why I trade beta, we don't need, okay. We absolutely don't need, at least I don't need, I don't need exposure overnight to still have enough range throughout the day that I could sleep at night, okay. So when you are swing trading, the key to the nightly email, okay, the key to nightly email is, understand these are all daily charts, right, these are all daily charts and not 16 minute channels, okay, they're absolutely all daily charts. So for example, NOW, right, 379.50, 379 short, right, so this was NOW from last night, okay, so this was NOW last night, it closed below the five day moving average, okay, and so 379.63 was yesterday's low, right, 369.73, so we said on the email, 379.50, 379.50 for builds below can flush, your first target was obviously 76, and to build 76, you had room to 60, okay, and you go down the list, Amazon 2413 short, right, does everybody understand why Amazon 2413 short, right, does everybody understand why 2413 was yesterday short, right, on the watch list, because the low yesterday was 2414, okay, but again, keep this, yeah, keep this in mind, okay, when you're swinging the stock like Amazon, when you're swinging the stock like Netflix and Tesla, especially Amazon, your risk from the night before could be 50 points, right, it could be 50 points. And again, if you're taking, you know, if you're taking if that is up to you, that's my point, Adam, if it's up to you at times, we'll also see a lot of names on the watch list, right, we'll see a lot of names on the watch list that are not beta, for example, you know, how many times have we, you know, I try to put as much as I can on the watch list, that's not beta, okay, but last night was so last night was so eat, but I don't use the word easy, last night was so visually, can I say visually easy, like, like last night, I was so I had so much conviction that we were to get lower, I didn't need to find obvious, that's the word I want to work, okay, okay, I want to use the word obvious, I didn't need to find long positions, right, I didn't need to find long positions, I knew I was 100% cell bias today, like I knew no matter what happened today, I knew I was going to be 100% cell bias. So this was just last night was, you know, again, you're not going to be really very rarely are going to find a watch list, then I had 100% conviction one way, right, usually you don't usually don't see me have a watch list, 100% conviction one way. So maybe last night's watch list is not the is not the normal, right, is it's not the normal of watch list because there was so much conviction and so much measured potential to the downside, okay, well, that's the thing, I mean, that's the thing, Vic, if you're swinging the stock, okay, if you're swinging the stock and you're up a dollar on the position, again, what are you doing with the position? Think about that from, again, there's an old adders that says you can't be a little bit pregnant, correct, you can't be a little bit pregnant, either pregnant or you're not pregnant, you can't be maybe pregnant, you can't be a little bit pregnant. But again, where is the law to say that you're putting on a swing position and you're up a dollar on the trade and you're not taking anything else, right? Where is the law then because, well, now that I'm up a dollar on the position, I'm up $2 in the position, I should go to break even, I should go now to break even as my trade, you could always do that. But then again, the question then remains is, is that a swing trade, right? Why is that different than anything you're doing intraday? So you absolutely can do that 100%, right? You absolutely can do that 100% all good, right? Again, there's nothing in the manual and the playbook that says, you know what, don't take money off the table, okay? But again, when you're truly swinging a position, okay, you are physically using the previous days, let's just say, if you're doing it to the upside, right? Say you get long the stock, right? You get long the stock at 10. I'm just using any, like you get long the stock at 10, right? Yesterday's, you know, yesterday's law was 9.27, okay? So let's pretend you buy the stock at 10, it's on the watch list, $10 break, and then the stock goes to 10.50, right? Stock goes to 10.50. Again, who am I to say, right, Vic? Who am I to say to turn around and say, hey, Vic, you're not allowed to take money off, you're swinging it. Come on, man, you're swinging it. $12 is the target, you're swinging it. Don't take it off, you're swinging it. Who am I to say? Stock goes to 11. Vic, you're swinging it, you're not allowed to take it, you're swinging it, you're swinging it. What does that mean? It's all subjective, right? It's all subjective. I've had trades that I physically said, and I've said this for years in the webinar, I'm the absolute worst swing trader now of all time. How many times have I put on trade, and I said, hey guys, this is a swing, the stock goes up a dollar in 30 seconds, okay, I gotta sell this. I'm terrible at that, right? I'm terrible, right, Kirsten? Ken, guys, how many times have you heard me say, how many times have you heard me say, this is a swing, the stock goes up a dollar in seconds, I go, okay, I sold some stock. So I'm terrible at it, right? I'm terrible. So there is no, you know, there is no, there is no playbook, man, you know what I mean? You gotta take profits off when you have profits, but again, again, when you are bowling, I like bowling on 50. I like bowling on 50. That's how I like bowling. Yeah, but I think if you're traditionally, if you're traditionally, if you are traditionally swing trading stock, okay, if you are traditionally swing stock, you have to use the previous day's loan, if you're long, and you have to use the previous day's high if you're short, okay? Obviously, again, I always recommend take money off, take money off, take money off, take money off, again, there's no guarantees. I've had, I've had positions when I used to keep a book, right? I used to, I used to have positions when I used to keep a book, and they were profitable, they were good positions, they were profitable for weeks and weeks and weeks, and then all of a sudden two weeks later, I turned into a red trade. So again, who's to say what a swing trade is? Think about that, right guys? Who's to say what a swing trade honestly is folks, okay? It's very, very important to understand that when you are taking a longer term position, you are taking on a longer term, right? You're taking on a longer term risk, war, coronavirus, trade war, God knows what, right? You're taking on all that risk. If you're okay with that risk, then again, you're absolutely have the right, okay? If you're not okay with that risk, then again, then you have to, you know, you have to have a really good solid conversation with yourself to try to figure out what exactly when you do. But what you want to do, and this is kind of how I want to like kind of wrap this up. I'll answer a couple of questions here, but you know, I want to start, I think we could get some more value here today. All right. But anything off the daily watch list, okay, these are valid daily swings, okay? These are daily swings, both on the long side and the short side. So if you're taking a swing short, you're using the previous days high. If you're using, if you're going long, you're using the previous days low, okay? As far as I understand that people want to make it more complex than it is, that's basically it. That's what swing trading is. Obviously, are you going to put on a swing trade after the market's going up linear? Probably not. The best swing trades long side always come from the bottom to the middle channels, and the best swing trades to the downside are when stocks are coming off rounding tops, okay, and start losing their five-day moving average. So for all you guys who are watching this at home, for all you guys who are watching this at home, especially on the Twitter, on the Twitter feed, again, just to kind of recap anything, anything off the watch list at night time. These are daily channels. They're not 60-minute channels. These are not five-minute channels. These are daily confirmation channels. So anything that you take as a short swing, use the previous days high, anything that you take as a long swing, use previous days low, okay, guys? So we're going to wrap that up. If anybody has any questions, feel free to email me and we'll obviously answer more of the questions as well, all right, guys? And that is... Congratulations for putting in the time to take control of your trading. You're one step closer to owning your future and achieving the success you desire. Want daily trade ideas directly from Dan? Straight off his personal watch list? 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