 Welcome back with us guys, busiest earnings week for this quarter, yet we've had to be very careful and very patient because either spy or the rest of the market has been trading very flat or it's been giving us false signals. I see traps and I prefer to sit on my hands and look for good opportunities and one that gave something pretty good was Facebook today. It had very good numbers, came out with great earnings last night and see this pop right after hours after the results came out and obviously at the gate at the bell this morning there was a lot of profit taking that together with other tickers of importance and we saw some profit taking obviously 332.75 is the high that was achieved just before the bell however this is pre-market and so we're opening at all-time high for Facebook. If you look at this behavior obviously it's selling off, it tries to go up a little bit and then it starts selling off a little further. So good numbers, we're wondering if we will find additional buyers, people that want to chase at all-time high. So what to look for is how is the rest of the market behaving and at that point you could look at the queues or spy to give you an idea of what the market is doing. Obviously both of them were taking some profit, you saw some profit taking and basically they're going lower and lower and lower. So you have one on one side and Facebook on the other side and if you look carefully at Facebook what it did it came down to the green line is the 200 EMA, it came down all the way to the green line and then it started moving up. Now if you know what Facebook does and I'm going to let you know a little secret that I really like to look for for Facebook, it will not always but many times provide you with a double bottom and I was looking for another bottom on Facebook in order to get in. However look at what happened at 11, we're above the Tima which is the neon green line and then it starts to move up. If you look at spy on that specific line 11.05 it's already rising so you're like okay the market is starting to be bullish let's get in. This could have been a very good entry here at 11.05. However if you look just a little further 11.10 spy starts turning down again. So if you're looking for double bottom spy starts to go down you're like okay I'll wait for that double bottom but it doesn't it keeps on going look at Facebook you know get one and another one and another one that's like five green candles in a row you're like man this one's going to go however spy keeps on going lower and lower starting at 11.10. So basically you have the overall market that is trading lower however Facebook is still going higher so this tells you about the strength of the ticker saying the ticker is not really caring about where the market is going it wants to go up. However now we start to have some profit taking which is great because this is what we're looking for we're going for a double bottom and look at what happened we've got another hit at the 200 EMA that dark green line which is pretty much as far as I thought spy would go which is closer to the 417-ish very close to that so we're at the lows if you zoom out a little bit we're not on the low of day on Facebook which tells you we're still higher than whoever was the bearish on the day however on spy we're lower so basically we're giving we're telling you that we are in a bullish or stronger mode than what spy and QQQs are having right now so at the low of day let me show you exactly here here was the low of the day on Qs and spy we are higher than the low of day on Facebook so it's telling you here we're stronger than the market in general because the rest is lower and we're higher than we've been in the day I mean this is Facebook which is a huge weight well a big weight in the let's say top five ticker is in the S&P 500 so it's relatively speaking a good idea to look at the Qs and look at spy to know what the overall market is doing compared to a larger or a larger weight ticker that you're trading on the S&P 500 so here we have a situation where Facebook is actually feeling stronger than the market in general so let's take this off so this is where we're alerted a little early I didn't expect to break below the the 417 line on spy however we alerted almost I believe it was 1206 and the low of day was 1207 so pretty much very close so we alerted here 1206 we alerted the 330s 330 seat for 292 where's the play 330s why because I thought we would get and which this is for next week obviously this week would have paid probably better however this was a much safer play so 330 why 330 was my final destination I don't get to that in a second so so we entered here and if you look at target I'll show you look at target we climbed very quickly to a point after the results came out that specific point was 32813 and then again it stopped now I broke through it became support this morning and then if you look at the open it rejected that line it went to get above it and it didn't so my point is when we reach that line as we did yesterday after hours something's going to happen are we going to reject it maybe are you going to get through it maybe but the the good idea is to take some off which we did we did take some off exactly on that line and ended up going higher we took some off at 453 if I recall and then the final destination was 330 what let's see 20s 330 was this line 330 is the line where there was support it's mental support as well and now it becomes resistance so it was my target it was the strike because I believed we could have gone to 330 maximize deep delta climb on the way up and we got to there we got to there and I sold for 545 we went up a little further afterwards but hey I'm super happy with the with the play it worked as plan and the idea was to be patient we had tons of flat trading and tons of opportunities that we could have played um this week however sitting on your hands waiting for something that you know and something that you believe could work will probably let you um on a greener side than like I say trying to play the best out of the worst so this was all planned and I hope you guys managed to get some of it