 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. Hey guys, good evening everybody. Welcome to another edition of the AccessaTrader.com nightly wrap up show. Hope everybody is doing okay. So before we get to the thousand point move on the Dow Jones Industrial Average, which, well, it's the biggest drop since October of 2018. And the most amazing part is I went on my Instagram. I remember, I never put any trading stuff on my Instagram. And I remember putting Dow 14, 1500 because very rarely you see something like that. And today, again, today, this is two years later, we had a thousand point drop. Now, again, I personally think, in my opinion, okay, in my opinion, I think this whole coronavirus is very, very serious, right? It's very, very serious. I think a lot of people are underplaying it. Today you saw four more cases today in Italy, okay, from just taking the Wall Street aspect out of it, just from the human side of it. Again, it's very, very hard to turn around and say, ah, don't worry, it doesn't make a difference. Of course it matters. And again, this afternoon, I think a couple of minutes ago, Trump came out and said that they believe that in the United States it's under control, and they're going to speak to everybody that's involved and blah, blah, blah. And hopefully he's right. Hopefully everybody is safe all around the world. From the trading aspect, if you watched last night's video, the weekend video, yes, it was the first time I was 70-30 cell biased, okay. Again, I was in 70-30 Armageddon, okay, and that's exactly what kind of we saw at the open last night. Last night's futures, when they got, obviously this was after I recorded the video, they were down 350 by four or five o'clock in the morning. They were down 6,700 by the time you turned on your computer, we were talking about down 800, 900 points. And I looked at my work from last night and I said to myself, well, obviously everything's blown up, right. The shorts already, you know, just dead, like we talked about, for example, yesterday on the weekend video, Apple, you know, Apple, the 310 area, okay, 310, damn thing, got murdered, right. Netflix murdered, Netflix, everything, everything got murdered. And obviously anything that I was watching on the upside got murdered as well, except for one. We'll talk about that in a second, actually one of the bigger moves of the day. So my game plan today was really torched. And the mark of a trader, at least as an experienced trader, you want to try to, you know, you want to try to play the cards that are dealt, okay. Sometimes you get dealt the aces, sometimes you get dealt the 4-9 offsuit, right, whatever the case may be. Your job is to assess risk and see if you actually want to play, right. If you want to play, not want to gamble, but if you want to play. And the one thing that I saw today was I definitely did not want to sell stock at the open, okay. I even talked about this on, I even put this on Twitter feed and I said, hey, how many of you guys want to go out and short, for example, right. How many of you guys feel comfortable shorting, for example, Tesla down 60, Amazon down 90, right, and so forth and so on. And anybody who shorted the market at the open, they got ran over, right. At least they definitely, definitely got ran over. Because again, when you have extreme circumstances, the most aggressive markets that I've traded to the downside always had a snapping effect. The problem with those snapping effects, there was no valid pivots there. There was nothing you could enter a trade and say, well, I want to use just the dollar stop. No, it doesn't work that way, okay. You don't just randomly put on a trade and say, well, I want to put a dollar stop. Again, that's mindless trading for any risk parameter that you have on any asset class that you're trading. You need to have a specific reason, a technical reason that you're buying the stock, not, oh, Amazon's bouncing, let me use the $5 stop. Okay, that $5 stop could come before even finishing your sentence. So it's very, very important today kind of to get in, get out, see what we can get. And my comments that morning strategy was, number one, if you're a new trader today, this is probably not the day for you. Not because the ranges were going to be wide and big. I thought most traders, if you were trading less than two, three years, I don't think your mind can really wrap around what we saw today. Think about it, you don't see many 900 point opens. You see a lot of days of the market opens up down 300, 400 points, it kind of drifts lower. But the open down, you know, the open down, down, you know, 900 points is, you know, pretty, you know, pretty steep. You don't see that all the time. And the one thing that I said pre-market to everybody was number one, take a deep breath. I think a lot of people, because we had such a big aggressive move to the downside, I think a lot of people, especially the newer traders, their mind was running a thousand miles an hour. They were already sensationalizing the day more than they needed to be. And the one thing that I always tell you is there's no such thing as a big trading day. Okay, what I mean by that is nothing to do with financials, but there's nothing that's a big trading day. A trading day is a trading day, one that opens up at 4 a.m. in the ECNs, 9.30 on the eastern time, and it ends at 8 p.m. on the ECN fees. So there's nothing, there was nothing outrageous. I wanted to make sure everybody was comfortable. Again, if you were trading two, three years, you needed to kind of take a step back. This really wasn't for you. But the most important thing I knew about today is there was a very, very good chance there weren't going to be any technical pivots, because again, stocks were getting destroyed on the way down. Nobody's going to short Tesla down 60 points, right? And we would have to wait for a channel to confirm back to the upside to get a range, a confirmed pivot upside. So I knew none of that was happening. We were waiting for that, waiting for that, waiting for that, and never did. The great thing about the PS60 theory, or this PS60 process now, you don't need channels to make money. What we do now is trade within those channels, a lot of remount plays, we use a lot of option flow, and this is one of those days that you couldn't step up to the plate and try to hit a home run. Hell, all you try to do today was literally make some contact, right? Get on base anyway, hit by pitch, take a walk, bun single, whatever you got to do today, get on base, and try to go from point A to point B. I think that was an incredibly important point of today's session. And that was kind of it. If you look at the Twitter feed today, right? I mean, you can see it very, very light. And I said this right before the open for all you guys who are trading on the Twitter feed. And I said, pretty marked ago, we're going to try to play some remount plays in the live webinar on the corona names. And we did so. You know, we did so on Gilead. I think it was one on NMVC, and there was one on, there was one other, there's one on the corona plays. Like I personally traded Gilead today just scouted on a remount. But my notes were, we're going to try to play some remount plays in the webinar. I don't see any clear pivots with risk-defined risk. That's the key. Risk-defined. That is the key word here. You have to be patient today. Raise your hand if you want to show a Tesla down 60. Obviously I was joking. Let's be patient away from the natural pivots. The only natural pivot that literally triggered today was actually a pretty good one. SDGR 518052 needs to build. This stock has just been a monster, really, a really, really big monster. And here was the 5180, right? Here was the 5180 right here. Excuse me, it was right here. 5180, right? 518052, and went to 56. It's a really, really very, very strong move on SDGR. And everything else, literally, everything else were remounts play. Remount plays, option flow. You can see here, Tesla 862 needs to build. No one near that. Stamp 173 needs to build. No one near that. Gilead never got to 76. I did the remount play on Gilead. It was at 7260s, right? Just to give you an idea. I did the remount at 7260s, so it never got there as well. Yeah, that's it. And the one that I did was, the most amazing part. The one that I did was on an option play. We saw a buyer come in. And this stock was actually on our watch list. So for all you guys on the weekend update and the Twitter feed, this was actually on the watch list. We had this as a $7 break, but we saw the buyer come in. A buyer came in for, I believe it was the August 10 calls. And what I like is when I see a small cap stock, I don't trade a lot of them, but when I see a small cap stock, get some ridiculous bet and it starts taking out the opening range high. So I'm going to take a shot at it. So I bought this thing today at 655, and the market was at like 800, 900 points. So when it got to like the 690s, I was like, you know, let me get the hell out of this thing. So I was happy. I mean, who the hell is not going to be happy to make, you know, 40 cents on a $6 stock on a day that again, my first trade today was Gilead. My second trade today was this BCLI. So I'm looking at it. I'm like, yeah, listen, I got on base, right? I got on base. I was actually surprised at the results. And I was like, all right, that's cool. And I'd turn around three minutes later. I mean, some ridiculous buyers came in. They took this thing almost $8, which I actually still like for tomorrow, either on a dip or the remount off that $8 level. So, you know, today was one of those days that, you know, it was easily, you know, very, very easily to get off track. You know, sensationalize the day. Your emotions are running wild. And this is a lot of traders were so emotionally charged up. It was like two hours before they opened. Okay. And their mind, they almost had a, how to compensate for such a crazy market because they again, they believe on social media that the ranges are so, yeah, of course the ranges are so wide, but the problem is that the ranges are not confirming all you're going to do is get ping pong back and forth and churn your account because the spreads are so wide. So this is a perfect day. And I was saying to the folks in the webinar, I said, this is a perfect day to show your maturity, right? To show your maturity, to show that you're an adult. And I said out of all the days, you know, for the last several weeks, we had some really, really aggressive days, you know, big, good, really aggressive pivots. I thought today was one of the more important days of the year because again, it shows you how you have to manufacture runs. Okay. Not every single day you can have that aggressive validation of channels that are confirming. Sometimes you have to wait for them. And if they don't come again, you can't trade daily charts right now. If you look at daily charts right now, they all got compromised long, short, sideways, middle of the range is way too extended. So you have to figure out alternative ways to put stakes in the freezer. And sometimes again, if you don't have the tools necessary, and today I was very, very patient. I literally only just took Gilead, Gilead and this BCLI. And I was okay with that, right? I was absolutely okay with that because nothing confirmed that I wanted, not even come close. And the most important part was, I just wanted to stay solvent, right? I wanted to stay solvent for the rest of the day. And tomorrow, obviously you can have an easier opportunity. So going into tomorrow, there's two situations, right? Because I'm kind of playing out my game plan, I'm playing out my game plan on both sides. I think if you're a bull, right? If you're a bull, you want to see the cues wash out, right? You definitely want to see the cues wash out. And, you know, they held the 50-day moving average, okay? They held the 50-day moving average. If you're a bull, what you want to see is the market go down like 200, 300 points, right? You want to see a gap down to 300 points. And you want to get eager shorts to get trapped very, very early. And then you want to start seeing some of the leaders, stamps, Tesla, hell, even space. You want to see those stocks start going towards green, right? Because again, the last thing you want to do for a bull, a permeable, is see a gap up tomorrow. If you see a gap up tomorrow, I promise you as the day is long, at least in the first two hours, that gap up will get stuffed into supply, okay? You don't go from selling over 1,000 points to a gap and go, right? If you look at stocks, again, you could just look at the cues. You don't even need to look at individual stocks. You could just look at the cues. If we get a gap up, look at what supply you have here, here, here, here. So the idea of, well, the market's going to recover tomorrow. Maybe it does, and that'd be great, but it doesn't have to. So if you're a bull, you want that flush out, you want to see some stocks hold the previous days lows, like the Teslas, the Netflix of the world, which, again, got some pretty good call-buying today into very, very depressed weakness. We saw it. We were just sitting there watching Netflix getting, you know, January, March, March 3rd, 3rd, 2400 calls. Like, it was nothing. Same thing, some 900 calls for next week, for Tesla. So there was some buyers. Definitely buyers coming in with some speculation money, but you definitely see, you want to see a washout. If you're a bear and you believe the market is going to go lower tomorrow, you are praying to God, at least to the market gods, okay? You're praying to the market gods that we get a 150, 200-point gap open right into supply, because if that supply gets rejected, you are going to get a whole bunch of names going green to red, and if they start losing their opening ranges, you're going to see somewhat, okay, of another selloff again today. So I'm pretty limber, right? I'm pretty limber going into tomorrow's session. I don't quite know which way I want it. I guess it doesn't make a difference which way the market opens. The most important part is have a plan, have an opinion, and try to correlate it into what you're seeing. Again, if you're a new trader, again, this is the great, it might not seem much right now, but this is the greatest time to kind of learn market structure and obey risk management, okay? Because again, not everything you need to do is clicking the button to kind of make yourself hold to try to learn this business. Sometimes just watching is the greatest gift, and again, it doesn't cost you any money to watch the market. So tomorrow, I have some longs, I have some shorts. We'll talk about the beta names tomorrow, so please get to morning strategy at 9 a.m. tomorrow, depending on how the futures open up, or our game plan could be completely changed. So let me give you some ideas that I like. Again, we talked about this last night in the video, BCLI, this is definitely the biggest move for me today. Either I like this thing on a 60-minute dip into rising support or a build above eight bucks. I also like this Guyana. This is the yoga stuff, right? This is the yoga. It's holding up fairly well here. If this thing can just start reclaiming this 1050 level, there's a shot it goes higher. So keep an eye on that. And let me give you guys one short I kind of like. It's not really beta, but it's a semi-play xilinx. Keep an eye on xilinx. If it starts losing like this 8350 level, you should start seeing lower prices to come as well. So crazy day. I really like that the biggest compliment that we received today was not that it works, okay? The idea that we could still be adults, pick our spots, choose wisely, and act accordingly is the greatest gift that you can do. Because again, being in control of this business is absolutely everything. Guys, God bless, and I will see you tomorrow on the field. Take care guys. 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.