 Good afternoon everyone and welcome, welcome to JCP the stocks will show play of the day. Doesn't look like much here but actually this was a really nice play today on a day when there really wasn't much to do. Monday morning you never know what you're gonna get exactly because you don't have earnings the night before. It's the weekend, Mondays are usually slow to get the volume into the market into stocks but I spotted this today and you know it was a really good read that I had on this right out of the game and I don't even know how I saw this was gonna do this today but but I did. I saw there was a nice short. I've been seeing this was gonna be a short like any second and it was a short all up here under this red level of resistance and I knew it was gonna be a short even after this move here which I called like about a month ago but you know today that I gotta hand it to myself and this was a really nice read of this price action here today from where the stock open because it actually is a continuation of the overall move of this chart but this actually gapped up today. Okay so the stock closed at Friday at 770 and gapped up this morning but I shorted it anyways because I saw it was still lower and had the follow-through and it is still lower. I had a nice exit on this a very easy-peasy play today in JCP but a nice risk to reward even did the ad which was kind of aggressive considering that this is not a bearish down gap today it's really a continuation of the overall chart here of this stock being weak and I just had a really nice read on this today more and more as I am developing into a more detailed reader price action I'm spotting things so easily in that first reaction of the morning period of the day of how a stock trades and acts at certain numbers to see what it's gonna do and it's the overall level of this thing. You can see here where the stock gapped up this morning but it gapped up because the market gapped up and it gapped up right to resistance and it held and fell out of the gate right of ways into the morning period. So the stock had a quick short in here in the morning you could have gotten all out down here into 9.45 or you could have been all day and actually was in it to get the move to see where it was going to go actually did not break the low of Friday 753 was a low today 752 was a low on Friday this is still lower though on the overall daily chart you know the next number for this is here but actually now that if it breaks 750 or once it breaks 750 I think it's gonna go right down to $7 and here's the thing I don't know how this is gonna set up the stock may just gap under 7 or under 750 and go or it could trade under it on the day I don't know but there it's definitely gonna break 7 the thing is I mean when that happens the stock collapsed or all the way down here to $6 I mean it collapsed all the way down here to $6.30 or $6 once it breaks this area so anything's possible for this the stock can have a big move this bar over here the day this thing collapsed was you know this is a $1.70 something for that bar so yeah I mean this is very possible that once this breaks 7 this could come down here to six bucks I just don't know how it's gonna formulate itself and I'm definitely watching it nice short today in JCP let's go over the one minute chart and had a great exit let's go over the one minute here so this is one of these charts where you watch the stock you're waiting for it to break you could be in this as a core swing trade or a long-term trade you could be in this so many different things watching every day for a day trade doing as a swing trade doing as a core trade there's so many different ways to play this stock again I like to do day trades but I called the swing trade and the core trade in this and it's on the way to the target at six bucks and and further actually so the aggressive short in this would have been right here under 93 I saw it as it was hitting here at 90 and stop would have been over the high of the day waited till came all the way down here to see if it rallied some and then did it here at 84 this would have been very aggressive to do but I saw it setting up and I called it here at 90 so 84 initial stop I wanted to give it enough room okay but you could have had it tight here actually this would have been fine if this held all day came in came in came in and again it was just a nice easy trade that fell over fell over and did the ad here actually did the ad on the 60 did the ad here in the 60 minute this is late okay and then I lower the stop I lower the stop two pennies over the original entry price okay so you could have actually taken the trade not done the ad just lower the stop to break even and gotten the whole move okay so from the original position size it was a full 3r trade and then if you did the ad you would have even made it better because you could have doubled your position size or more actually taken this down to lower the stop taken more to try to maximize this full-on move here which is only 20 some cents but again if you do the ad and your price was at 85 and then you added at 75 as that ends up being much better and then you're lowering the stop and you have a smaller stop so I was watching this area down here because the day was getting late to see if it was going to break Friday's low I want to double the bottom there and it didn't and as late in the day it was I just got out so it's a nice trade here in JCP we watch this again tomorrow again I don't know if this sets up where it breaks by gapping down or just continue to trade down that's like here I'll show you here it is double bottom 315 reversal time one penny over the previous bars high one penny from the target from Friday from the first target out just perfect exit every once in a while you get a perfect exit something because it goes right to a number at a time and does everything it's supposed to do it tells you should get out and that's really what this did today actually did that Friday in the afternoon trade Friday to if you did in the afternoon Friday so I had traded this Friday in the morning you could have traded it all day Friday today ended up trading it all day just because I was waiting for it to break in a paid it was a nice trade here and start out the week again it's earning season now second quarter earring season really gets going now this week where there's going to be lots and lots and lots of things to do starting like Tuesday night into Wednesday and then it's just going to be busy busy busy for the next six to eight weeks which will be wonderful and fabulous to trade gaps so be on look out for this JCP it's going to break $7 and I think when it does it falls off a cliff it's very important though when you're doing something like I did today that you know how to read price because this was this was not easy today I don't know how I even saw this was going to work today but I did and sometimes I just see something in the live moment when it trades see the number see how it hits read the chart and go for it and that's what I did today it's just you know combination of how I know how to read charts price and gaps and again this was a gap up today but it is a bearish chart no one should be buying JCP at all it is a short it is a definitive short and the nice thing about this chart is that I really am following the institutional selling and shorting the stock there was no institutional buying that made this gap up here or the screen bar here okay the power and the momentum of the institutions in the stock is to the downside you always want to trade with institutional moves and money that's how you will make money that's how you get momentum that's how you can take entries like I took today and something like this that was you know very aggressive for the overall picture of the position of the chart of the gap today in this it was aggressive to do but I'm waiting for it to fall off a cliff and it's going to do it just soon here I know and even if it relies back it's not going to recover and it will break this area it's you know this thing is on its way down really nice short in JCP today and Friday as well follow through move the nice chart in this again following the institutional selling and shorting in the stock in JCP this is Melissa with the stocks which calm if you would like to learn how to read price action gaps and overall trends in stocks email me at Melissa at the stocks which calm this is a really nice chart here in JCP the next golden gap class is April 26 and 27 if you'd like more information on how to sign up for that class to be able to learn how to trade gaps for second quarter earnings season here in April and May then feel free to email me at Melissa at the stocks which calm thanks everybody and have a fantastic day