 Welcome to Access to 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. Hey guys, good morning everybody. Welcome to another edition of the AccessToTrader.com weekend update show. Hope everybody is having a good start to the weekend. Nothing says Memorial Day weekend like rainy weather and this is kind of where we are in New Jersey in a lot of states in the Northeast. Again, quarantine life, bad weather, naturally the only thing to do is wake up in the morning and look at charts and well record the video at 9 o'clock in the morning. So I've been up now since 6.30 in the morning. It's 9.20 now, recording the video figure, get all this out of the way. And I started thinking about how the trading week has gone and it was some pretty good action this week and we'll get into the individual pivots in a second. But I started thinking about kind of where I started from to where I've been and I've always maintained the idea that I think I'm really one of the biggest idiots on the planet. So I try to simplify my life. So the idea that I'm trying to get all the answers of being a perfect trader or not having flaws is false. I mean we're completely all of us. We're completely faulted as human beings. We're completely faulted as traders, as husbands, as parents, as friends, everything. So I started thinking back to kind of where we were, right? Where we were compared to where we are now. So go back in history, just to kind of a quick history lesson. In 1825, the first railroad was created. This was 195 years ago. And ever since then, you went from literally the first, however they made it, on four little wheels, to kind of like Amtrak and all these crazy jet trains that are flying all across the world. 80, what was it, 130, 134 years ago, the first car was made, right? And you had this little car, this little thing that resembled the car, and now you have two million dollar Bogates. And if you think about how we use right now the personal computer, okay, and everybody looks at IBM and Hewlett-Packer and Dell, but the first computer was actually made in 1936. Think about it, this was 84 years ago. So 1984 was a huge year. If you're listening to this broadcast, if 1984 didn't kind of play out, or maybe it would have played out years later, chances are none of us would have been sitting here. So in 1984, the first individual trader was born. I was 10 years old. I wasn't trading back then. I was 10 years old, and the first individual traders that started trading their money were called the So's Bandits. And for all you guys who don't know the So's Bandits, again you could pretty much do a history lesson, just Google them. But that was the first area that the individual person, not a bank, not a hedge fund, not a pension fund, not a mutual fund, but the first individual can actually get instant execution as long as the market maker represented their quotes, they could get instant execution under a thousand shares. And this was the first time that a person could actually take their own capital from any walks of life and start tackling the day-to-day grind of the stock market. This was 36 years ago. We are right now in literally the first inning of compared to what this is, what trading is, compared to what every other industry, most industries are in the world. And the amazing part is none of us have the answers. I want to be extremely clear on this. I'm doing this almost 21 years. So this was basically 14, 15 years after the first individual trader started trading. By no means am I grandfathered into the conversation of the original traders, of course not. The people who started way before me kind of showed me the ropes a little bit. They were only doing this maybe six, seven years before I was as well. So the idea that if you're starting trading in 2020, 2019, 2015, and you believe that you should have all the answers right now, you're deceiving yourself. Or if you believe you're getting, for example, trading advice from somebody that's been trading for only four or five years, that they have all the answers, again, you're deceiving yourself. And this is the type of business that there is no blueprint. Think about it, 36 years old, the business started literally when I was 10 years old. So the idea that you can have all the answers, have the best trading process, have the greatest money management skills, have completely be omitted, any emotional feelings you have is nonsense. The idea that a trading psychologist or a trading coach or a trading mentor can tell you how you're supposed to feel when you're in a stock that's going against you in a very, very rapid pace is ridiculous. The idea that somebody should tell you how you're supposed to feel every single day to tackle problems that they're not going through at the same time that you're going through is ridiculous. This is a business. This is not a team sport, folks. Every single person is built completely different. All of us. I've been saying this for years. Everybody's DNA is completely different. Again, I've never been medically diagnosed, but I'm pretty confident to say, just like a lot of people, I'm pretty much bipolar. I go through my mental highs. I go through my mental lows. But again, I always keep my mind and keep my eyes on the prize of the big picture. And I know a lot of people are just like me. And the idea that somebody else should tell us what we're supposed to go through, what we're supposed to feel, how we're supposed to get over our problems is insane, is completely insane. And the idea that all of us should proceed the same way, the one way, trade exactly the same way. It just doesn't make any sense in the world. And you see the stock market kind of where it is right now. And people are trying to flock to other people that believe that they have the answers, that they believe that they have the magic formula. You can't go on social media without somebody using the buzzwords. Easy, right? Three magical patterns. Trade for 15 minutes a day. You don't need any experience. You don't need any money. All you need is a computer. Hell, you could trade off your eye watch. You don't even need a computer. You don't even need a laptop. These are all buzzwords that again attract the masses. And the problem with people are attracted to nonsense. You're eventually going to be out of trading. You are. And the funny thing is you've never really are going to have a shot, a clean shot to actually succeed. And what you're seeing right now in the modern day market that again the whole George Costanza market that I've been kind of highlighting now for the last three weeks that nothing makes sense. Again, none of us have the answers. None of us. Okay, there's nobody you could turn to right now in the market that's turning on and say, don't worry, I know what I'm talking about. Just listen to me. Follow me. I know you only have an $800 account, right? What do you mean? Why can't you trade Amazon? Not everybody can fit with everybody's process. Not everybody can fit with everybody's lifestyle. Not everybody fit. Everybody has different account sizes. And the most important part is again, this is where I've always maintained the one common denominator that all of us have. It's right in front of us, right guys? It's absolutely right in front of us. There is no magic pill. There is no magic formula. If you're not on the Forbes list, if you're not on the Forbes list and you're worth at least, forget about even the billions, if you're not worth at least $100 million, you're an idiot. You're an idiot and you shouldn't be giving trading advice to anybody and you shouldn't be listening to your trading advice. The most important part is right in front of your face. It's right over here. You could respect somebody's opinion. You could respect somebody's method to approaching, but it's all right in front of us. And the idea that you need other people to hold your hand, you need 3,000 people's opinion to kind of figure out what's in front of you is laziness, is complacency, and it's self entitlement that you should completely remove right now because again, if you are not waking up incredibly early and putting in that extra manpower, just understand somebody on the other side of your trade is. And believe me, I'm speaking literally in the live webinar for seven hours a day, five days a week. I'm trading all day. I'm answering emails all day. I'm speaking to traders all day. After the close, I do my research, record the video, and rinse repeat, rinse repeat. So the idea that you think that I want to wake up, it's 6.30 in the morning, on a Saturday, okay? After all this, and my brain is completely, my tank is empty, my brain is shot. Do you think that this is fun? This is not fun, but this is completely necessary. And again, a lot of people are trading based on the idea that this magical pill, this magical bubble is just going to pop and this magical light bulb is going to set in front of your face. And again, with everything that everybody's going through right now, whether it's mentally, emotionally, financially, okay, and the most irrational market that I could remember in the last 21 years, okay, you have to figure it out. You really do. And it's not going to come for everybody at the same time. You're not going to get that aha moment at the same time. You're not going to get that moment of clarity. But the more time that you put into this business, okay, the more time that you get that screen time, the thousands and thousands of hours, again, it might not benefit you monetary right now or today or tomorrow, but it's setting up a foundation for you subconsciously that eventually your path to having your aha moment of clarity will click. So the idea that somebody, you know, Joe Trader 69 from Spokane, Washington, who's been trading for two and a half years has all the answers. You're delusional. I'm telling you right now, I've been doing this for 21 years and I'm the biggest floor trader on the planet. It might not be obvious because I know how to fix my flaws before they turn into something very, very aggressive. But I'm just like everybody else. So that's why I have to wake up at 6.30 in the morning. I have to put in ridiculous manpower just to get into the next trading day because I understand if I'm slipping for one moment, if I don't, you know, have my A plus game, it's a wrap. Okay, it's a wrap. And you know what happens? You know, once you lose money on a trade, okay, if you're not emotionally stable that day, if you're trading emotionally, okay, that little paper cut that we've been talking about, again, does turn into a severed head. And again, a lot of new traders, for example, you know, that first trade of the day, if they're wrong, okay, and they're not mentally sharp that day, it's a snowball effect. Okay, it really is an aggressive snowball effect and it lingers not only for that trading day, it spills over the next. So again, guys, it's super important. You know, forget about what anybody's talking about, especially on social media. You have to put in the work, guys. Look at the charts. Keep looking at the charts. I've been saying this for years, even if you're a brand new trader and you don't know what the hell you're looking at, the greatest gift you can do so is repetition. It's like shooting free throws. The more free throws you're going to shoot, the better overall eventually you become a free throw shooter. It might not happen tomorrow. It might not happen that next week and next month, but eventually with practice and repetition, again, repetition equals screen time. Repetition doesn't equal putting on trades. It is equal screen time and it equals back testing and research and everything else like that. Eventually you'll become a better free throw shooter. So the idea, so for example, that Shaquille O'Neal was one of the worst free throw shooters of all time. Steadily, he actually got better. Again, shooting 53, 54 percent. Is that better? Well, it's better than shooting 38 percent and that's the whole point of kind of our individual journeys. We have to do whatever is necessary to put our situation to win long term. Again, it's not going to translate into tomorrow. If you open up your computer today and start looking at a chart, for example, on Netflix and say, oh, okay, I get it. I understand why the stock went lower. I understand why this could be a premium setup going through this week. This one chart is not going to do anything for you. But again, if you keep on back testing, you know, Netflix and see exactly why it went from point A to point B, why it went from point Z to point A, so forth and so on, eventually it's going to have, that have that positive effect. So please, next time around, you're asking opinions about somebody in the stock market. Remember, we're only 36 into this. There is no blueprint. 36 years is nothing. You're talking about 195 years that the railroad was built. A hundred, what, 35 years that the car was manufactured. 36 years in. Nobody has the answers. There is no blueprint. Nobody's going to feel exactly the same way. Again, picture this. What trading psychologist can possibly tell me? What can they possibly show me? What can they possibly make me feel better when I'm sitting in a trade, like for example, like on Netflix a couple of days ago, and I'm sitting in a trade and they're spreading the stock out, you know, 50 cents at a time against me and I'm down $3 in a trade in a matter of 45 seconds. What can they comfort me? What words of encouragement can they give me to tell me how to overcome this? Guys, it's all about us. We're relying on us. Even though, for example, I'm not a big golf guy, but I understand golf is an individual sport. You have to fix your swing. You have to fix your mental makeup. So please, before you open up your computer and start asking 3,000 different questions about your favorite Twitter traders, get to work, guys. I guarantee you there's no more gratifying feeling. Then actually putting in the work and seeing your results play out because you put in the manpower. So this weekend is a long weekend. If you're an options trader, get your ducks in a row. If you trade futures, get your ducks in a row. If you trade pivots, again, back test. We have 10, 11 hours of content breaking down the PS60 theory. Do what you have to do to put yourself in a better situation for tomorrow. The past is the past. We don't live there anymore. Monday is the first trading day for the rest of your career. The most important part is, again, take the necessary steps to get better. So let's talk about the market. Thursday we talked about potential, right? Potential, there was definitely signs. We saw signs of a potential market back test on Friday. A lot of times, again, the indexes are not going to put yourself in a position to turn around and say, it's pretty obvious. Again, I think charting and looking at technical analysis is not a subjective sport. There is no room for debates. If stocks confirm supply, stocks are going to go higher. If stocks confirm demand, stocks are going to go lower. So for Thursday's session, from the Thursday night session, I said, look, there's signs that suggest that we do have a higher probability for the market going lower tomorrow. And again, when I say the market, okay, I'm talking about the individual stocks we trade. I'm talking about weakness in Amazons and Netflix and Roku's and Alibaba. And granted, I totally forgot Alibaba had earnings next day. So it played out that way that it was weak. But obviously, again, I just totally forgot they had earnings. But the most important part is, again, having an opinion, okay? Having an opinion and let it play out. Whether you're wrong and your opinion is completely destroyed based on technical analysis and reclaim the other way, that's fine. Okay, we're allowed to be wrong. We're human beings. We're flawed. We're idiots. We're schmucks. All those good things. But again, the faster we realize that, the better we'll be. So Thursday night, we did the video, if you watched the video Thursday night, we talked about the realization that there is a similarity, or there was a similarity, that we saw right around here, right? Right around here in this kind of this blow off top area, kind of a reversal the next day. And we got that, right? We got that Thursday and we got that into Friday. I mean, you sort of started seeing some pretty weak market action pretty much through the whole day. We got a little bit of a rally towards the end of the day and the queues actually turned green, which is actually very, very bullish for this week, because the idea that they reclaimed the five-day moving average. But again, we were looking at the point of one day at a time, one trade at a time. And we got some really good value Friday at the open, okay, literally at the open. That first 45 minutes to an hour or so, was very, very aggressive. And then the market completely stopped, like literally stopped. And although there was some good pivots, we really did see what happens when people start losing the mental edge, start losing the mental juice to get really worn down towards the end of the week. Now again, did the idea of a long weekend take some of the steam out of the market? You have to say at some point, yes, just the idea that even though people are not flying and going on vacation, people are driving, renting homes, whatever the case may be. So you did see a lot of the juice being pulled out of the market on Friday, especially like literally after the first candle of the day. And it was complete ghost town. And unless you stayed till after three o'clock, okay, and this is where a lot of these pivots started breaking down, especially on the short side, Amazon started breaking down, Netflix started breaking down, and I kind of like a lot of these names going into Monday on the short side if they start further confirming. But it's very, very important to kind of understand where we are on the landscape. So from the technical point of view, we did get that back test. A lot of names did. A lot of names did not participate. We'll talk about the individual pivots in a second. But what I like what I saw, and this is kind of a 50-50 proposition entering Monday, what I did like what I saw was the bulls and again, we're talking about the queues. We lost the five-day moving average at the open. That's why we saw those aggressive flushes. And then what I like, what I saw towards the end of the day was that the bulls reclaimed the five-day moving average. Again, the five-day moving average is an incredibly important short-term indicator. So if you look at the dynamic structure of the market for the week, and again, it was a pretty aggressive week. Number one, the indexes were up three, all of them, all the major indexes were up 3%. And the idea of a possible global reopening and the idea of a potential vaccine eventually will be available to everybody, kind of trumped, no pun intended, kind of trumped the idea that the China-U.S. trade war tension was back on. Again, spring hopes internal, whatever the hell the terminology is. So there was a lot of optimism. The market continues to kind of negate bad news and that's very, very important. So going into this week, there's two areas. I can make a case for two areas. Market is still very, very strong. Again, very, very big moves all week. Like for example, in names like shop, continue to be strong, and chipotle continue to be strong. And the video who came out with earnings after a big, big run had a chance to fall twice. And we'll talk about again, the individual pivots in a second. Had a chance to fall twice and it didn't. Again, continues very, very strong strength. Apple, for example, again, big strength in Apple. Facebook ever since they came out with that news, ever since they came out with that news, the first headline that they were going to offer, offer their own webinar service versus ZM. They've been on a very, very big run as well. Amazon is on a big run, but again, last couple of days are showing some weakness and I want to kind of address that as well. So the glass half empty side is still saying that everything is fine. Everything is great. Again, I don't trade with rose-colored glasses on. I like to look at things from both sides of the track. I want to make sure again that the idea of everything will be okay, that this was the generational bottom. Again, I don't buy that anymore. I'm not naive. I understand that stocks are very, very strong. There's a lot of value every single day to the long side. But again, the last thing I want to do is say, ah, don't even worry about it. Just buy the dip, everything will be okay. This is when you capture, you know, this is when you get a baseball bat upside your head without noticing. So you have to look at the sides. So the bull side, the bull argument is very, very clear. Here is, and I don't want to use the word bear argument, but here's this sell argument, okay? So let's look at the high flyers that we've had in the last week. And again, if you've been watching this video, these videos for the last, you know, even the last week, you kind of know my thought process. So Zoom had this big, big run, okay? Big, big run, and just wanted to have a chance to kind of open up, right? Kind of open up the field and go into the go line to the 52 week highs. It's stalled out and rolled over and hit the 10 day moving average. If you look at Friday's session, again, didn't participate in the recovery. So again, we're one day away from confirming this bottom to go lower. The one that started it all was Netflix. You guys remember a couple of days ago, I said, look, there's a rounding top, there's a blow off top, there's a five day confirmation. The five day went to the 10. There was a 10 day confirmation. It went to the 20. And again, look what happened on Friday, right? It confirmed the 20, and we'll get, again, we'll get into the individual pivots in a second. And now look how much movement has to the downside, okay? Amazon as well. Again, huge move, right? For all you guys who caught the whole move from the 23, 60 swing pivot all the way up to the 25 hundreds, you know how strong Amazon has been, okay? But again, you saw similarities. You had the blow off top. It took out the previous days low. It stopped at the five day moving average. On Friday towards the end of the day, it confirmed the five day. Again, we'll get to the scenario that now it could go lower as well, okay? So you have Roku, for example. Again, let's take the downgrade from Friday out of the equation, okay? We started seeing the previous day how a breakdown was imminent. You saw the pattern play out. You saw the triple bottom of the 111.36 area. 111.36 area, 12.50, right? We saw the 14 break on Thursday session. It was a nice little, nice little scalp. So all this was setting up. And now the idea, again, you start looking at other companies as well. Like a company like Boeing. Had a big, big chance to run. Had a huge pivot on Wednesday. Was it Wednesday or Thursday? Had that huge pivot off that 137. Made its move. But it kind of died out a little bit and didn't confirm. So you can make an argument. Even stock like Alibaba, who in my opinion came out with a really, really good quarter, right? Incredibly good quarter. Again, you can make the argument. The Senate, the whole Senate passing a bill that the Chinese companies could have a harder time keeping compliance being registered with all major exchanges. Again, you can make that argument as well or you can just make that argument while Alibaba had a really, really good run and now it's time to take profits. So you can make an argument on both sides of the equation, what happens next. For me, it's all about technical analysis. Again, it's not a conversational piece. It's like somebody a couple of days ago said, hey Dan, there's no way Tesla's going down. As I was shorting it to 796. And then on the way back up, at 814, 821 level, there is no way Tesla's going up. The stock went to 835. So again, technical analysis is not an area for discussion. It's either going to confirm or it's not. So you can make a case, if you're a long-term investor, that you love the company, that's fantastic. You're talking about two, five, 10, 20 years away. I'm talking about interval to interval, channel to channel, long, short, day by day, trade by trade. So the conversation is completely different. And I think again, please respect. If you're an investor, please respect the trader. If you're a trader, please respect the investor. Again, our worlds don't cross. It's very, very rare that Mike Pivot on Tesla has anything to do with your investment, whether it's long or short. So it's nothing to do with us. Again, all do respect. And I say that in the most humble way. I respect any single person that clicks a mouse, whether you're investor, trader, scalper, option player, future, whatever it is. I give you the ultimate respect. Again, nobody knows what we go through except for other traders. So I want to put it out there. But the idea that you're telling me, I'm wrong on a long pivot or I'm wrong on a short pivot, it just doesn't make sense. Again, it's apples to hand grenades. So again, please respect any traders out there. Again, it doesn't make a difference what they do. It's not going to affect you. Words are just words. If I think Tesla's a long and you think Tesla's a short, how is this going to affect your trade? Is it going to happen or not? So again, all traders, please respect your brothers and sisters. Again, we're a tribe. We're all we got, man. There's nobody else that's going to sympathize what we're going through. So again, we're trying to create a great environment of mentally stable human beings. The only way we could have that is kind of being on the same side. Be very respectful. Again, at the end of the day, nobody really cares about your opinion anyway. So going into this week, I do like some names. I really do. I do like some names to the long side. I've been watching this NLW. Looks really, really good. It's just kind of just sitting here and just waiting, waiting. I like Tesla, right? I like Tesla this week as well. It's just kind of sitting there and waiting is waiting. But again, you could turn around. You could turn around and say, look, Netflix is one day away from getting hit. Roku had that big nasty move on Friday. It looks like it wants to go to a 50-day moving average. Amazon is gassed out, right? If it confirms these two channels, we'll go down to the 10, and then we'll go down to the 20-day support. So again, we want to make sure we're prepared for Monday's session. We want to make sure that we are open-minded to both sides. So again, the queues did remount and reclaim the five-day on a close, but it's very, very important to kind of have open mind and don't be brushed into the corner. So let's talk about quickly Friday's session. Again, here are the pivots. I only did a couple of trades, and then everything else was kind of dead for the rest of the day. 358 continues to be the after-hours high on the video, pre-market supply, and needs to reclaim and then build. So 358, you guys kind of saw what happened off the 358. And actually, this event happened after the initial short. So here was the 358, right? Here's the 358. I actually tweeted about this the night before. It kept on getting rejected here. 358, 358, 358, 358. Finally took out the 358 and went to almost 364. Tesla, again, these are the continues to be the big levels. I actually caught a pivot off that 820, what the hell was it? 820, 829 to 832. That's exactly where we got rejected. There were levels going in for Tesla for next week. Roku downgraded to 1130 if it builds below Conflush. Roku got destroyed. And again, it wasn't a pivot, right? It wasn't like a one-of-sneaky pivot. It was just macro, right? Here's the 1130, right? 1130 was the lows from May the 1st, right? So here's 1130, and it broke 1130. It just got destroyed when all the way down to 107. 60, BY and D. Oh, yeah, yeah. So I took it short also in the video. 351 builds below Conflush experienced traders only. I thought I had a shot to get down to 344, but the stock was incredibly resilient. So I shorted it. It went down to 48.5 very, very quickly. You didn't even have a chance to react. So I wound up making a couple of coffees. I scratched on the trade very, very quickly. If I didn't cover it, I would have got completely destroyed. BY and D, again, not a move at all. I mean BY and D, I liked that 38.5, I liked that 38.5, 39 level again. Only went to 39.40. And again, if you look at the daily chart, and this is my whole point, if you look at the daily chart, right? This thing is one day away for possibly aggressively back-testing. So nothing really doing there on the upside. Amazon, again, this triggered towards the end of the day. So I wasn't even around for this, but 241.40, 240 is a big five-day support. It's the shortest-term sentiment if it builds below can flush. And again, not a huge move yet. That's the word, yet. But it took out the 40, it went down to 24.30. Again, this confirms it could go all the way down to 23.87. Shop continues to be a monster. A-10 needs to build. Again, we've been talking about the shop pivot now every single day. A-10 needs to build. Big move on shop. You know, a big, big move on shop here. So here is the A-10, right? So here is the A-10 and traded right to the highs of the day of 8.27, which was supply. It probably has one more day up, maybe to the 8.38 level. So a big, big move there. Boeing never made it up to the 41.75.42 area. Alibaba got destroyed. 205, huge support if it builds below can flush. Got destroyed, absolutely destroyed. Here is Alibaba, right? So here is Alibaba. Here is the 205. You see this 205 area, right? Rising support. So 205, it broke 205, got just absolutely destroyed, went down to 199 on earnings. Again, Roku take on the way down. I still like this now. Shop take on the way up. Roku just completely destroyed. And not a big move, not a big move on Apple 318. It only went up like 50 cents. Not a big move there. Netflix again towards the end of the day, broke the 4.30 confirmation, went down to like 4.28. But again, I think there's a bigger move coming this week on Netflix of Confirms. Boblin never got up there. And this is the last pivot of the day, 8.25, 8.26. It finally confirmed off that second entry. And again, it wasn't a huge move. But again, it ran up to like 8.32. Excuse me, it ran up to 8.31. So again, this whole channel is super important for Tesla going into this week. So again, going through this weekend, guys, I'm kind of Delta neutral. I am a little bit sell-bys on the high-flying beta names. I do like the overall market because again, the Qs did reclaim the 5.8. The Qs lose the 5.0 again. And the bear started confirming Friday's price action. Obviously, we'll go... I don't want to use the word 100% sell-bys. But again, we are getting very, very close for a pretty aggressive rug pull. So guys, please get into the work better in yourself. It's only about you. It's only about you, your ability to function as an individual standing on your own two feet. You don't need anybody, guys. It's right in front of you. The key is getting proper information and using it wisely. Guys, have a great weekend. Have a great rest, and I'll see you all on... 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? Unlock our free PS60 vault where you'll get nightly updates on pivot opportunities we're watching for the next day's session. Click the link in the description to get started today.