How I Trade Double Tops

– Is this actually turned
into a perfect double top. I still had, I made like
two or three cents a share because it did get close to breaking out, but when it did not break out I did not hold in hope. (upbeat music) I wanted the summers to be dead but the past few years, like it just hasn’t. There’s just been so many plays. I think due to, like,
this overall bull market. You just, in social media and the fact that you can send information so much quicker than in years past. There’s just so much junk
spiking all the time. I want a gigantic crash. I would love for the Stock Market to get annihilated. And I could take five years off and I could write a book
that I’ve always wanted to. But while the bull market is here and while the opportunities are here I take advantage of it. Even though I’m going to Mykonos, I’m still gonna be trading. I’m gonna be in Rome,
I’m gonna be in Venice, I’m gonna be all over
Europe the next few weeks. I freaking love it because the Stock Market opens at 3:30/4:30 in the afternoon. I sleep till noon. (beep) I’m out till one or two AM. I mean, it’s beautiful. – But you know, my answer is, you know, especially the last three or four years we have not seen that summer lull. Especially, since where I
say, lik, Low Flow Mania really began was kinda late 2015/2016 and since then summers have, in my opinion, summers
have been almost busier than the winter months at times. – Well, a lot of people
want to try to plan. Oh, I’m gonna take Thursday
off from work so I can trade. And that kind of puts you in this mindset where you have to trade on a certain day. Instead, the mindset that I have is that, this is counterintuitive, but it works, I’m a retired trader. Okay, I don’t need to trade. Right now I have zero positions. I don’t have to trade,
I don’t want to trade. I’m traveling, I’m enjoying myself. But I will come out of retirement if there’s a play good enough. And that same kind of like weird thing where I don’t have to trade instead of I’m taking a day
of specifically to trade, that gives me more patience
to wait for the best plays. Sometimes I miss a play, you
know, being overly patient. But I would rather you guys miss plays and under trade than over trade, which is far too many people. – See actually, that’s
the perfect philosophy. And I share the same philosophy. I mean, I traded with a business. I learned Tim’s method for five/six years. I had a business, I had kids, ten thousand customers, 20 employees. Busy, busy, busy. But I’m hoping, okay, if you’re
here at the Trader’s Expo, well welcome, but I hope you
didn’t quit your job yesterday and you’re gonna start
day trading today, okay. So, hopefully you’ve got a job, you’ve got school, you’ve got family. You’ve gotta treat it the same way. I mean, you gotta be
very, very discretionary and only trade the best settlements. – And I also want to bring up, since TTCM is such a perfect breakout, you know I don’t want you to think that every breakout is
gonna be that perfect. Let’s pull up, KBLB, which is another penny stock
that’s run the past few months. – Which they make, by the way. – Spider silk
– Bullet-proof spider silk. – Spider silk. They have all these millions
of spiders spinning silk. It sounds like science fiction, but they actually have a
partnership with Polartec. The Polartec CEO said
this is amazing material. Who knows if it’s gonna work or not? But this one I actually
went for the breakout just like TTCM, but this one’s stuffed. And you can see it, this actually turned into
a perfect double top. I still had, I made like
two or three cents a share, because it did get close to breaking out. But when it did not break
out, I did not hold in hope. I did not say spider silk is the future. I did not try to rationalize. I accepted that that was a potential top. – And see, this is a point
that Tim made last night and I totally agree is, the great thing about these, again we’re primarily all on these, but we know they’re jokes. We know they’re sketchy, and
that, the beauty of that, when you heard us say it last night, you heard us say it today, knowing they will fail, you gotta. You’re in this mindset, if it
doesn’t work you’re just out and you move on. So be skeptical, you
don’t have to short them. You just know, that when that breakout, when that double top
fails, I mean, you are out. There’s no questions. – Although you could short this one. And I know a lot of
people who did short it. Because again, if you
know that these stocks are gonna crash and fail eventually, and you start to see
a potential double top or a potential triple top, you can kind of say wait a minute, logic tells me this could be the end. And then this stock dropped 50%. Also, pull up RAFA. R-A-F-A. This is another one that I was buying. And I thought this was
gonna be a big breakout. – Very similar pattern- – [Tim Sykes] Instead,
it’s a perfect double top. So, you never know if it’s gonna be a double top or a breakout. TTCM I sold way too soon. RAFA, I bought this one
and sold it into strength. Did not look back. I actually sold this right at the top. This did breakout. I don’t
know if you can zoom in. – Yep. – This one did breakout
by like three cents. So technically, it was a breakout, but it wasn’t a convincing breakout. That’s the difference with penny stocks. It’s not, like, technical indicators, like oh we’re looking at Amazon at 2,033 and the breakout is 2,034. And it’s a very exact science. – Did you buy this late day then? – [Tim Sykes] Yeah, I
bought this late day. – So, again, now you know, this is another stock
that’s up big on a day. Notice that kind of gray
line is the market close. Tim buys this and closes and you can see it gapped up
five cents a share which well- – This actually, it didn’t gap up. It actually opened flat but then it spiked for
two or three minutes and I sold into the spiking
because this was a weekend play. People learned about
this over the weekend. There’s a lot of lazy people. Forget about just the degenerate gamblers, there’s a lot of lazy
people with penny stocks. They read about news,
they think about stories, and they read it over the weekend. They read it at night. And they put in their market orders at the open the next day. This is what I love. You know, I told you guys
not to use market orders, please don’t tell anybody else. We need all those idiots
using market orders, it pushes these stocks
up to ridiculous levels. So, this is like Fight Club, you know, don’t talk about
Fight Club outside of this room. We want everyone else using market orders. – Hey, Tim Sykes, Millionaire
Mentor and Trader. Thank you for watching my videos. I hope that they help you. I want to share everything that
I’ve learned over the years. You can check out more
videos right over there. And also, click Subscribe, so that you can watch all of these videos. Get that knowledge and become
my next millionaire student.

15 thoughts on “How I Trade Double Tops

  1. it was a great double play cause you could ride to the top and then it switched to a great indicator for a short because it obviously didn't break past resistance and it shows that it will have to retest the support so its a great entry point πŸ™‚ I also wanted you to know I'm releasing a video today about how you inspired me to trade bro 10 years ago you'll be able to see it later today on my channel thanks bro

  2. When stocks are in play, you’ve gotta be ready to trade. And you gotta learn to adapt to what the market has to offer. Learn one of the most exciting patterns happening right now!

  3. Hey sir I hope you dont think I was calling you a scam on Instagram I was commenting on others posts saying that you are not a scam. I do not think you are. I appreciate everything you've taught me. And will continue to teach me. I in no way think you are a scam. Anyways have a great day sir God bless and good vibes to you and yours.

  4. You are the man….. I was also born in 1981 and all the best most hopefull years for me were 1996 through 1999

    with all the windows 95, 98 and all the plataform being created in all the fields. I happened to developed in the music software field and you in the Graphic skill but in the same amazing time Thank you TIM

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