 Well, come back with us folks tonight. We are focusing again on double tops. Yes You saw our last video and tonight we're going to implement a few more things Not only are we looking at double tops? But hey, we have to look for a target target is down below But where to you know if your ticker is going like this and then like that very close to double top And then it starts going down Obviously this could be a target, but if it breaks under where does it go to? When is your target? You have to have a plan you decided to have a plan of entering on the double top Now where's your target on the downside if you decided to go put On that on that top or you want it to short to stop. It's the same thing Um, where do you take profit? What's your goal? What's your target? Is it? It all depends on many things, but it can be on a time If you don't want to hold overnight, uh, basically you need to believe that you should close before the end of the day or if you're trading spy cues Uh, IWM other tickers may Allow you to close up until 4 15 so 15 minutes after the closing bell So time can be a situation Other thing to to watch is price level Um Price level will create a support level. So you need to have a price level Targeted before you you enter And another situation is an event Is there something scheduled do we have data coming out at a certain time Is it fOMC minutes coming out at a certain time? Is it the president speaking? Is it uh a press conference being held about something now all these things Can contribute to a Target area on the downside now. Let's look at a real chart and tell you what happens in real life If you followed us on this morning's podcast we tried to expose and explain to you the headlines or the big lines behind the current russia and uh, Ukraine conflict trying to put you up to speed on what was happening um We had a day off on monday all the market decided to gap down following fear of invasion And the uncertainty behind what's what's happening and what is going to happen situation is quite tense because what they're asking what russia is asking is ukraine pulling away from the um signing up into not a nato and basically Depending on what happens with that, uh, is pretty much what will decide on the fate of Invasion or not, uh, I don't want to get into politics But i'm just showing you that because of this uncertainty It creates a lot of fear people don't know what's going to happen And that created a big drop on how i'm not going to gap down. Let's say on the open and basically, uh Are we going to go any lower than the lows of What we had overnight? um It's all a matter of looking putting a step back So what i'd like to do and this is you know, i'm not showing you to the right yet because basically this is prepping before your day and And just to give you an idea of what to look for because you know, I don't like to show What happened afterwards? It's it's all a matter of trying to to Prep your day before it happens And why we're looking at certain points and what could be a good trade idea? So follow me on this now. This is the five minute chart You all see that there's a big gap on the on monday morning. Basically we're we were closed on monday, but um on tuesday morning Sorry, so let's move back a little bit to the one hour chart and See where we had support see this two support I'll put a line here for you to see so this yellow line shows support, right? it shows that A few days ago last week monday. We came down to this Tested the bottom And then started rising Hitting this this line is 200 emi if you guys are asking what it is this um This green line is 200 emi rejected at many times and they came down very close to our yellow line but you see that It's getting rejected again here and then flushed through now I said to zoom out because Use the same line 43 29 very close to it. Um Let's go to five minute chart for today This is the open, right? We are Double topping and I showed you what a double top is obviously you guys starting to know what it is, right? You see this is a double top uh If anyone gets This line right obviously when We hit it on the way up Is this a triple top and then it's going to bounce Down or if we break through this line it means we're being bullish Uh, uh, if you plan it ahead you see that on the one hour chart There was a double bottom that was also old support now becomes resistance So if the trigger is higher Then this double top It doesn't mean we're out of the woods yet See we could hit that and reject it So we're higher than the pre-market high Looking like all fancy. We're going to get bullish. No, we trap a lot of people on that slide Let's move out of here so you can see exactly what I mean See this is what happened at the gate. Oh right Yes, there was a little flush profit taking because a lot of people would thought that you know, this could be bad Some profit taking and we go up to what just a line. I just showed you on the one hour chart. I didn't move it Then it went a little above it, but not much now. This is your double bottom. This is your double top and from there It's going to go down one uncertainty fear people hate not to know what's going to happen and in the uh On the blackboard. I showed you where do you look for a target? What's your target? When in this particular case, you knew that biden was going to talk at roughly because he says to but it's not always to 2 p.m So you can think that we may start sinking all the way until 2 p.m That's one thing So if it starts sinking slowly but surely um where Will it take us to? 2 p.m All the way until this conference. What will he say at 2 p.m. That could trigger A huge sell-off. Are we going into world war three? I guess not. I mean, he's not going to say at 2 o'clock On a conference saying people I want to tell you in the mid-afternoon that we're going into world war three No, that's probably not it so What worse? Could go on a day like today in a conference Saying what could happen? So basically Not that it's going to get bullish, but The fact that we didn't know something and now we start knowing that could be something that could trigger it bounce However, let's move out of here for a second Well See how this is moving down. Oh, okay Where to I said time an event conference and Price level I know some of you don't care about pre-market levels pre-market high pre-market lows. I'll show you something Now take your cursor here And draw the line. This is pre-market support This is as low as it went, right? You all agree on this line here This is what we showed you last week. This becomes a double bottom basically pre-market people that have money to trade spy after hours Even at 3 a.m. Even late at night These people decided to buy at this level The day know anything That is really different now In the middle of the night. I doubt they what they did Let's take this same line and bring it to a target that we could have right Oh really Same line price level This double bottom that we had pre-market after hours Is now the same bottom that we bounce on So basically you had your double top that was bound to Drop until what? That's your target You have to look for targets like these that are very safe exit points because it's bound to bounce a little bit On on this level because it did bounce After hours in pre-market At least it's going to bounce a little bit. So This area is a very safe exit strategy Then you can go for calls if you wish I thought personally it was a little risky to play that on a conference in a conflict in a Very news driven market but This area for a target was very Precise on a previous double bottom. So we saw this double bottom last week. We reviewed it We are looking at a double top. We saw that yesterday again So when you enter, where's your target? Look for places like that an event two o'clock. See how we are very close to this two o'clock event um a price level and So event Event was the conference time At two o'clock no matter what Algos will be driven to this two o'clock line because it has been scheduled ahead and price level all All things you guys You guys can look at When you enter for possible target So we covered double bottoms double tops All these things can really help To find the proper entry and proper exit Now we told you guys and podcast Try to trade like a pro and uh it I believe you guys with the new tools that we're showing We truly hope that you can improve your trading. Thanks for watching