 is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Oh, toll free at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now, Steve Rhodes. Good day from TFNN. Sorry about that. Welcome to the July 26th, the fantastic Friday edition of today's Trader's Edge show. I'm your host, Steve E. Perseverance Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Hey, let's make sure we have an extraordinary day and an extraordinary weekend and extraordinary life, the easiest way to do that. It's to always remember that life is happening for us, not to us. That's right. When you and I make that one little two-by-four shift, it means we can find the gift in every set of circumstance that life is going to toss at us. Today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I just passed one o'clock in the afternoon, except right now, it's just past eight in the morning. So if you're listening on the normal show, I'm going to make this show as pertinent as can be. Of course, if you're listening early, I would love to hear from you. So give us a call at 877-927-6648 if you can't call in. Send me an email like Michael did here, an email at Steve at tfn.com inside that subject. Head in, please put radio show question. Of course, our Tigers don't any ping will do. So let's go ahead and get this show started on Fantastic Friday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to LUS Show. So here at 8.08 in the morning, you've got Dow Equity Futures trading up 82 points. S&P up eight and a half. NASDAQ futures up 30. The Russell up two points. U.S. Dollar Index is up nine pennies. Gold's up about six bucks. Silver, nine cents. And Light Sweet Crude, 43 cents. Let's start off by just simply getting a feel for what's going on around the globe out here. Nice thing to do when we start our morning off. And here what we're looking at, the chart in the right hand side is the FTSE, I'll go ahead and expand it up for you. But just short term, shorter term and taking a look at, you know, where's the, what are the international markets look like compared to the U.S. market? So we take a look at the FTSE. We can clearly see a current descending. Now we're just looking at closing prices. So for the most of the day here, morning we're going to be taking like a candlestick chart just because of how they communicate. But right now I've just got this set to a line chart. Closing prices, nothing wrong with looking at a chart this way. Actually provides you with plenty of information. You know, you can see on a closing basis, this double bottom down here in the FTSE May 13th and the May 31st timeframe. What we can see right now is that currently it is in a descending price channel out there. And I just did that just to the line tool. You guys can do that as well. Oops, don't know how I did that. Let's continue. So that's the FTSE. Let's move down here. Let's take a look at what's going on inside the DAX, the German DAX, 29 points by the way. And we can see this little cone of silence. So we can see the descending tops and the rising trend line here. So market is getting more quiet so to speak on a closing basis. If we come take a look at the, well here, I'll expand the chart out just so we can take a look at it. You can see the DAX nowhere near its highs from back in 2018. Different than obviously US market. That was the same in the FTSE chart, but you saw that. You didn't need me to point that out to you. We take a look at the Nikkei out here. In the Nikkei we can see kind of a double, triple top so to speak out here right in the 21, 750-ish type area. But we also see a little rising trend line. So maybe price is going to come down and revisit the bottom of that rising trend line. That's the Nikkei over in Japan. Again, nowhere near its highs from back in 2018. If we take a look at the Hangsang, see what's going on over in Hong Kong. You see similar patterns that we just looked at inside the, I believe the DAX. You see both the rising and the descending trend line out here. So perhaps just quiet markets. Very similar to what we've got going on right now in the US, but you can see price here in the Hangsang. Nowhere near its highs out here from back in 2018. So much weaker market out there. And the importance of that is understanding, really, this is a visual way, an easy way for you to see where the global flow of capital is going to. It's a way of doing it. It's much easier. We take a look at my charts and take a look at each industry and how they're trading in the major currencies. But you can kind of get the same picture here. If we finish out the international markets or the major international markets that we look at or that I look at the Shanghai out here. Shanghai, you can see well off of its highs. And you can see just really a descending trend. Really, I could have come back here to the April highs and extended it. So that's what's going on across the globe. Nothing significant that we see. Nothing breaking out. If we take a look at the Dow equity futures contract and do the same thing, you can see here our markets in the US substantially different than what's going on overseas. Because we're just looking at the equity futures contract versus the indices. It's why some of my data kind of stops back here in the 2018 level, just because we're looking at the September contract, which is the current contract. The ESPN, we've got really the same kind of a pattern out here. In other words, we're up at the highs. You can just simply see the money flowing here into the US. A good old US of a kind of curious. Let me just put the US dollar index on that, where I know I've got that here handy. Let's just take a look at this, see what we've got going on. So in the case of the US dollar index, we can see what? We can see really a bunch, a series of a bunch of higher lows out here. It's just been a series of higher lows and really a series of higher highs out here inside the US dollar index. That's going to continue for long periods to come. So that's what's going on. We take a look at what's going on around the globe. Let's try to figure out what's going on inside our markets out here. And to do that, where should we begin? Let's take a look at short-term. Since we're dealing with 8.13 in the morning, we're trying to just get an assessment of feel for what's going on, where our market's headed to. I know those are the questions you've got at 8.15 in the morning. You'll have those at 1.15. I don't know at 1.15. I'd be looking at the 10-minute time frame chart for the ESPN. But here we are. Now, on this chart that we're looking at, on your screen, you see a bunch of green and horizontal lines. You'll see the numbers associated with those. I want you to think of green as you should as resistance. Those green lines represent on a five-minute basis the levels where the ESPN, I'm sorry, 10-minute basis, the levels where the ESPN is broken down. Very clear where price is broken down. Now, how do we determine where price is broken down? Here we're not necessarily staying with the old swing point, the old swing point analysis. Instead, what we're using is a tool developed by Tom DeMark. It's called the TD Setup. This is part of his other tools out there. But I have found this tool to be extraordinarily useful in helping us to determine when price is breaking out or likely to break out or broken down and likely to break down and price pulling back to resistance, its breakdown levels, as well as its breakout areas. Now, it's determined by taking a look at each candle and comparing it to the candle close of the bar four bars before this. And what you look for is nine successive. I want you to think of actually this, when we use this tool here, we're taking a look at the sprint, not the marathon. The sprint, not the marathon. Where did that sprint begin? And when you get nine consecutive closes, my system will automatically draw a horizontal line, support or resistance. This is Steve Rhodes with TFNM. We'll be back in just a few. We'll see the key level of support for the ESPN on a 10 minute basis. Right now is 3,012. If you break below that, you head to 3,007. It's that easy. If you're not currently using the Taz Profile Scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The Taz Profile Scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks, ETFs, commodity futures and forex. 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Call now, toll free at 1-877-927-6648 internationally at 727-873-7618 Back up folks if you're listening in and it's 1-18 in the afternoon the show's actually being recorded at 818 right now we've got the EES mini trading out at 30, 1350 out here and just looking at a 10 minute chart the patterns that you and I use out here they work for all time frames this just happens to be a 10 minute time frame chart again so the way that you would use this tool for those of you that want to use this at home out here and start doing the counts so let's take a look at resistance lines 30-16 out here and that occurred back yesterday looks like at about 1130 or so I'm not going to worry about the exact times you can just see the pattern out there was 1120 actually 10 minute chart by the way that we're looking at so when price breaks above that it's a signal that it's a breakout wants to move by your ground you've broken above where price previously fell resistance where it broke down however if we do take a look at now you can say well why didn't price move up to 3027 you've got to pay attention to the nine counts that's your sprint when you get nine successive closes where the close in this case here we're talking to the upside is above the close four bars earlier that's where you're just picture yourself sprinting after the market is nothing more than a sprinter and you're doing the 50 yard dash you're giving it all you've got maybe it's the hundred yard dash if they call the hundred yard dash I don't even remember out here but either event you get to that ninth bar if it's a high on bars eight nine the bar following bar nine you've really got to pay attention the market will typically either turn move sideways a little bit of a burp but you want to be paying attention to here that the current high inside of the ES mini which took place at about six between six thirty six forty there was your nine count and now price is pulling back to support this just on a ten minute basis thirty twelve may hold that's normal for price to come back and tested if price falls below that we don't we have a nine count going on to the downside we're only in bar number two potentially out here and you have to have those nine consecutive closes my system's not going to count bars one you have effective nine counts that are in place out here so they're really it's really a great tool so price falls below thirty twelve on a ten minute basis a twenty just before the market opens we would anticipate that price will pull back to the next breakout level that's three thousand and seven out here and again you can do this for all timeframes that was the ten minute you might say ten minutes way too fast for me what are the thirty minute time frame show out here also have my roads momentum indicator tool those are where you see the black diagonal lines drawn when you see those that's telling you that the market is stretch but there's a whole series of of there's a whole series of steps in order for that pattern to enact itself to confirm itself out here you can see when the markets were making a low on a thirty minute basis here yesterday at one o'clock you can see price was moving lower doing less relative energy that's that road momentum indicator pattern bar eight was the low on that thirty minute time frame bar nine was a hammer candle confirming everything I know it's not displayed here but that's what was actually formed so right now you've got resistance at thirty twenty three hundred thirty minute basis and really support between the three thousand four three thousand six we're going to really call three thousand and four area again you can do this for all timeframes here is your daily time frame we can see once price inside the ES mini got about twenty nine thirty eight you know it was indicating to us that it wanted to move higher as far as where we're at right now on a daily basis for the ES mini we're in bar number three of that count but we can all see that price is moving higher doing with less relative energy those will typically lead to some type of pullback support here the breakout level for the ES mini is twenty seven forty four out there so one of the tools that I use just thought we would take a look at it from a short term time frame let's go to a couple of questions that have come in first let's go to the ones that mentioned earlier that Michael H had sent in a question and his question we get my tools all set here get to the proper spots and he wants to take look at a couple of different equities to stocks he says gapped up yesterday the first one is a B E V that's Ambev and I believe no key is the other one since I don't have task profiles yet how should I find entry points well your entry points are not necessarily going to be based upon profiles what he's referring to folks now here's our daily and our weekly and our monthly view and you're going to see horizontal lines here these are different horizontal lines of the ones that we looked at these horizontal lines are also terrific for identifying what otherwise would be invisible levels of support or resistance you're not necessarily going to see these at swing points either and they help us to understand and kind of like the game of of war so to speak where the other side is sitting where their front lines are at and that's going to be the top or the bottom so on these charts here that's going to be either the green which is the top the green which is the bottom or the red which is the top and then you've got one more line that's the center that's the blue or cyan colored line out there and those levels help us understand where both so at the top in essence that is where sellers are located the bottom that is where buyers are located if you can overcome sellers and it says you you've overcome resistance you want to move to higher price out there these tools the the task market profiles are are really like the really I consider them to be the virtual first down markers and and you know in plain football out here so we really can't Michael use the the task market profiles to identify tops or bottoms just simply to identify support resistance and when that center line is closer to the bottom as it was in Ambev on the daily basis it says that there's really strong support because there's more sellers lined up between 463 and 467 says what Stevie likes to term as a bullish structured profile now prices taken on it's prior high I'm referring to Ambev that had 27 million shares from July 7th just looking at the daily time frame yesterday was 53 million that would be what we use to call it confirmed A to B equal CD to the upside pattern out here now the small A to B CD looks like this your question was though how should I find an entry point this is run away now just because we have confirmed A to B equal CD pattern doesn't mean they work under percent of the time and in this case here the one to one level on the small pattern just simply takes you to 522 that's on Ambev out there as the way that in small I'm just really coming back to a prior swing point which would be July 2nd moves higher into July 11th makes a retracement down into two days ago it was a 0.786 it was really 73 percent retracement but the way that this pattern completes an A to B equal CD you're paying attention to the D point ABCD becomes our projection level and when you're moving into the D point with a wide ranging bar and yesterday was a wide ranging bar gaps are our friends you mentally have to draw in that gap color because if you turn this into a real wide ranging bar which in essence is what it is it's really not how markets end and it's not how the D points are typically made so it looks to me like A, B, E, V, Ambev is headed up to 536 554 now that's the I mentioned there's at least there's several there's two that's not several but there are two A to B CD here's the larger one that we'll put out there we'll pull this over and so the larger one let me just do this let me just delete the small one there we go so the larger one says this thing could be running up to 581 out there you're looking for an entry point now the only caution sign right now I don't know how we'll end here because it doesn't have to end but yesterday's move higher out here showed or triggered a rose momentum indicator top but that can go away by price continue to move higher and pick up it's a relative strength out there but no other topping patterns that I see let's just do a quick wave count before we go to the breakout here and it made wave 7 hey we'll be right back since 1984 Basil Chapman has been using the Chapman Wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil found that computer software which included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls thus was born the Chapman Wave sequence using the Chapman Wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a 2 week free trial to the opening call Basil's daily trading newsletter by visiting the front page of TFNN.com cancel at any time during that trial and pay absolutely nothing get your 2 week free trial to Basil's newsletter the opening call today by visiting TFNN.com the path of least resistance is David White's daily trading newsletter you're looking for active trading ideas that now is a perfect time for a 30 day free trial to this powerful daily trading advisory service David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter using a 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using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including Gartly's ABC's Butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing DFSNN dot com This segment is brought to you by think or swim for more information just click the think or swim banner on the front page of tfnn dot com Welcome back, folks. Thanks for listening. And if you're listening at one thirty the show is actually being recorded at eight-thirty we're taking a look at a ticker symbol a B. E. V. For Michael and so one of the things Michael so you're and the only entry price here would be trying to chase this or trying to take this to the short side with yesterday's gap to the upside I wouldn't recommend that but we do have two potential topping signals out here for ABEV one is wave number seven that count that's letter G on my screen the second is just recognizing that yesterday's move higher was with less relative energy out there so it's worth paying attention but you need to see a bearish reversal signal out here otherwise I'd be telling you to chase it I can't tell you to chase it with those two patterns in play is that's what we see when we take a look at the daily time frame when we look at the weekly time frame out here Michael just to get some type of perspective we can see you see how this closes this week you can see it's up at resistance now how do we know that here you've got a weekly shooting star back in when was that that looks like February 8th 2019 you've got a little dark cloud cover back in the week of July 12th out here so we know we're up towards resistance now look at price can close over I would typically say that shooting star high that price point by the way is 510 it would say okay you've got a change in probably a change in trend out here with the with price potentially moving higher on a weekly basis the target would be that green horizontal line at the 735 that's where price really broke down you can see the roads momentum indicator bottom pattern out here that was forming as it's made a low on a weekly time frame see how the week closes but again you're just trying to chase things and you're up at resistance so not a good time to be looking at a time to enter here's a monthly chart we spent the early session the morning session the first session I take a look at that TD set up nine count pattern on a monthly basis that's what formed the bottom way back here in 2016 it formed a high in 2018 there's no count that's underway as we speak right now so the other symbol that you want to take a look at was Nokia ticker and OK is the ticker symbol again they're gapped up you're looking for entry points it's Nokia right now is likely this is a take a look at prices above daily weekly and it's traded in the center of its monthly profile so it says it closed above 575 we'll call it what is the actual number 575 70 should run to 649 but looking at the daily time frame let's go see what charts it has out here looks like 584 is its next resistance point that's where price broke down so it should be able to get to that level if you can clear that then 634 would become its price target out there by look at a weekly time frame chart for Nokia it formed a bottom with that TD set up nine count you see how value we can see the top form with the TD set up nine count out here really nice weekly bar that's underway says 641 becomes the target so so really Michael the answer to your question where was the entry point on on these equities that you're looking at really it's the the nine count that is helping you to identify those tops and bottoms so utilize that for the different equity symbols that you are looking at out there so I don't see any entry points inside of for you Nokia or even though they may be moving higher you know you're running after I'd rather you buy bottoms and sell tops and go ahead and consider using that TD set up a nine count to help you do that Earl wrote in and Earl says hey Steve hey Earl using seasonal timing will a fall pullback reach a correction level down 10% from behind yeah you know I don't first of all what we need Earl is we need to have confirmed tops out there and we just don't we just don't have that what do you mean by confirmed tops well here if we take a look at the ES mini as an example we can see one of those topping patterns there's two that are present at the moment there's one that's already in essence that is in place that's a rose momentum indicator signal that took place right here that was confirmed on July 16th it had followed through the very next day that high by the way from July 16th was really tested yesterday and rejected and in doing so went to wave number seven that's letter g now we won't know until today that can be a topping or bottoming pattern or signal out here indicator so it's really an indicator that we use we can also see price continuing to move higher doing less relative energy so you do have the confirmed top out here but but Earl the first thing the first thing that must take place in order to get a 10% correction is the trend must end and the trend has not ended out there price must close below 2969 50 inside the ES mini in order for there to be a change in trend and and I know you say well I gosh how can you how can you say that with such certainty out there and the reason I can say that with such certainty well the reason I could say it would be I would have to show you the tool that I use that just plainly shows that let me see if I can find that out here where where did I name that oh man what did I I'm just looking at my saved files out here it's not that normally I have this set up so that it's much smoother than that but let's try this let's see if this will pop up the there we go here's your ES mini and this is just really simple and this is this is in using this is in using these profile levels so you know the what I what I said to Michael is that what he was asking about hey I don't see the TAS profile level so where's my entry points in essence he probably was asking where his support and resistance and so so you know you you we're not necessarily going to see patterns it's nice we see patterns associated at the tops or bottoms when these profiles show up because you know our sellers and buyers are so if you see those patterns that's very nice out here but the other side of it is and and and maybe I misspoke just slightly out here look in confirmed and sustained up trends out here what will happen is all those pullbacks will not bust through support they're just retracement into support out here remember look at the TD setup because of its breakout and breakdown levels well we can also use our TAS market profiles for identifying support and resistance and you can see that pullbacks in a support I don't know if there was a topping signal back here in early February there probably was but all price did was pull back and tested support that was the bottom of the profile out there and that's really where we're at now now when there is a change in trend some type of change in trend doesn't tell us to wear this here was a completed a to b equal cd to the downside that was june 3rd out there so that was really a gartly by pattern that had formed because of that three river morning star pattern that's these three candle sessions out here but you can see when price closed below the bottom of that box that was telling you okay you've got to confirm change in trend to where it goes you really have to see what patterns are setting up out there so right now Earl's asking the question because we're in an unfavorable seasonal cycle that should take prices lower into october and he's asking you know what result into 10 percent I don't know what it will result in but we just simply would follow the patterns on the way down but right now we can't really entertain that idea because we can't entertain that idea until we see a change in trend and see that change in trend inside the ES many we do see out here with regard to the daily profile for the ES many you can see that this is a bearish structured box says to you and I that this is significant resistance 30 2350 so that's the level that you would be watching today because a close above that says wow price wants to continue to move higher because it's broken above resistance so hopefully Earl that answers your question most certainly the best that I can do at this stage so we're going to another hard break folks I'd love to hear from you 8779276648 if you're listening and it's 830 or steve at tfn.com and if you're listening at 130 thanks so much for doing that and we'll be right back we're going to take a look at coffee we're going to have a little java see where it's headed to if you're in the cd market and looking for a secure investment the tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in st petersburg florida the tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30 000 to 75 000 the interest paid is 7% yearly paid on a monthly basis according to bankrate.com the best rate for a four-year cd in the country as of february 20th is 3.1 a $50 000 investment at a normal four-year cd rate of 3.1 would give you income of 1550 per year or 6200 over the four-year period that same $50 000 investment in the tiger first mortgage program would give you 3500 per year or 14 000 over the four years what should you prefer 6200 or 14 000 of interest on your investment if you'd like more information about the tiger first mortgage program you can call me at 877-518-9190 Tom O'Brien published the 900th issue of his weekly newsletter the gold report on July 22nd it's amazing he started the gold report more than 17 years ago when bulb was trading at only $252 to celebrate we're having a special tiger dollar sale right now you can spend only $495 and we'll give you 200 extra tiger dollars so you'll end up with 695 tiger dollars which is the yearly price of the gold report tiger dollars can be used for any tfnn newsletter or service and this offer is open to new and current subscribers with gold making six-year highs and gold mining equities trading higher this is a great time to sign up for the gold report at a dramatic savings for all the details visit the front page of 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services LLC don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv for the latest market information back folks let's go help out ruby and the tiger's den taking a look at the coffee so ruby when i take a look at the uh copy chart and i'm gonna apologize for a uh for it looks like a bit of a delay in pricing uh on my white background charts out here the ones that the one that is real uh is a sept in september is it's a september contract that you're trading i believe that is the active contract for uh coffee out here and so i'm gonna pull open the daily time frame chart first because this is this is this is what we know when we take a look at the daily time frame chart we can see that uh from a profile standpoint we can see that price uh closed below the bottom of its daily profile and that was on july 23rd remember folks we're just taking a look at a chart daily chart for the es mini and how those uh you know in a sustained uptrend those levels should hold the support when you break through it support has failed where do you go you go to the next level well the next level here for me would be just go up to the larger time frame this would be the weekly those are the green horizontal lines to try to identify where the next level of support is so with regard to coffee at this stage and looking at this chart it says the next level of support is 9706 now what i also clearly see out here is the potential of a gartley buy pattern now a gartley buy pattern has an a to b equal cd in it well the a point out here is the high the swing point high where we saw really a change in trend that began on july 5th then price moves down and i'm going to use the uh i'm going to use the low out here i've got to use the same candle uh for both the b point and the c point because the low out here is going to be the trading session july 15th and the high the highest high from that point also happens to be that same candle so now what we can see is that price hit the 1 to 1 a to b equal cd so regardless of the fact that 9706 is a weekly support level we know that this has completed at least the 1 to 1 level of an a to b equal cd to the downside but what's required for this pattern to complete for this to be the gartley buy pattern is a bullish reversal candle which is not what we have right now we can see the prices towards the bottom of the candle so on a daily basis there is no confirmation of a bottom this would suggest if we don't see a bullish candle formed today uh ruby um that price would likely extend itself down to the 1.272 expansion level and that's at 96 40 which is just really slightly below the bottom of that weekly profile out there so no weekly bullish no daily bullish reversal signal which is what stevie would need to see from at least a swing trade standpoint maybe you're trading this interday and i'll get into a couple of interday charts for you as well here you can see where the last breakout occurred that red horizontal line at the 98 60 level but again no bullish reversal so you can see how this formed atop it was what that roads momentum indicator top out there that occurred with that bearish reversal candle the dark cloud cover and then follow through on that very next session out there so now let's go to a shorter term time frame let's go take a look at a 30 minute time frame again my you know there's there's slight delays in between my e-signal data feed and this chart right now it looks like we're in sync at the 99 95 level on this 30 minute time frame chart out here and i know you've taken a a long trade you really want to see resistance fail i don't know if it was a 30 minute time frame or a 60 minute time frame that you're using to trade this well i'll show some different time frames out here for you but 105 first first part of the issue is there's no bottom signal that we have here as far as a td setup nine count on the 30 minute basis but 105 is something you'd want to see from an interday standpoint otherwise that's resistance what you don't want to see is price get up there and then turn down again if you're not using a 30 minute chart and instead you're using a 60 minute chart here what we'll see it's 101 65 again no bottoming signal that we see down here as of yet meaning using that td setup nine count pattern i don't think i have no i don't so let me add my rose momentum indicator pattern here as well it's nice if those show up on an interday basis too and nothing there let me close this out so i've got nothing there nothing there there on a 60 minute basis and i'll just go to one more shorter term time frame for you here on the 15 minute again no no confirmed bottom signal 101 70 101 20 being your levels of resistance that are out there so i hope that that helps you out maybe one last thing we go from one hour to two hour out here so let's go do that throw that in that way we're just really providing assistance for for you know our wing i'm your wingman out here at this moment again no no bottoming signal on a two hour time frame chart either so hopefully that analysis of the september contract for coffee assist you with that trade you can also see profile levels out here here's your 60 minute 100.39 you're below the bottom of that box out there so i i would just have to say be careful at least with regard to stevie's tools and what they show or don't show at this moment so no other questions that we've got out here so let's just take a tour around which we go take a look at some of the equities that are moving and grooving in the pre-market out here take for example amazon am zn where is amazon headed to was there any signal yesterday so right now it's trading out at 1945 let's let's come over and take a look at the profile levels out here and so the question is the first question i posed to you was amazon generating any signal yesterday that was giving you a little bit of an edge as to what it would likely do that's my question and so to answer that question what we have to understand is was there any kind of top that had formed you know a couple of weeks ago out here and here we pull up in the daily chart what do we know what did we know yesterday we knew that the topped form with that td set up nine count it did it on bar number eight out there so completed that pattern we knew that price was below stevie's green line that's at 2004 and what we also know is that 1906 63 is where last broke out 1963 what did we say it's trading at it's trading at 1945 so it's trading below the breakout area so what do we now know if price today stays below 1906 63 we don't know whether it will or won't today but if it does then what that sets up inside of amazon well one it would be an a to b equal cd to the downside but also sets up the next lower target in the 1759 49 level but there is an a to b equal cd pattern here we can draw that in at this stage of the game but it's well below the one whoops sorry it's well below that one to one level what did we say price was i wish i could remember everything what was it oh shoot i'm sorry 1943 let's put this back up here so 1943 still not to the one to one a to b equal cd area which is a 1917 1943 watch 1906 1943 watch 1906 that would appear to be its price target and that was in the case of amazon what else was out with earnings facebook facebook to the upside let's do the same thing that facebook generate that's trading up but well it's actually flat 200.25 so let's but but still just to just to answer the question was facebook generating any type of signals for us yesterday and this was before uh this was before the uh uh the release of numbers and voila it had confirmed a rose momentum indicator top with its dark cloud cover candle out there the price continues lower if there's a close below 198 37 the bottom of its daily profile 189 94 is the target we come back snp wants to take a look at twitter which will do for him or her we'll be right back i'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets i'm steve rhodes author of mastery probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the snp 500 for the last 12 six and three months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and i'll teach you the exact set of tools that i use that has transformed me into one of the best at what i do sign up for mastering probability today by clicking on the newsletter tab on the homepage of tfnn.com and get 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primal edge banner on the front page of tfnn.com hi folks this is steve rhodes stay tuned for another great hour of the trader's edge heard here at tfnn.com welcome back folks hey uh let's go back we'll go back to twitter in a moment here as it was just noticing uh as i as i looked over to one of my screens uh gold and uh and and just simply utilizing the tools that we've been talking about this morning and and how they work now quite a flush to the downside for goalie locks looks like it was just really trying to take out a bunch of stops out here right at eight third this is just simply a one minute chart uh you can see the volume that picked up forty two hundred and twenty eight contracts now as price was pushing lower you can also see a hammer candle on that very next uh session out there one minute chart i'm not suggesting we use one minute charts or anything out here but just trying to understand what went on what it was that was looking at when i looked over to my screen remember the red horizontal lines are support when we take a look at steve's white background chart out here fourteen thirteen fifty that is where price on the gold contract on a 30 minute basis had broken out so if you're an intraday trader of gold then you saw that flush to the downside price was just really coming back to support on a 30 minute time frame like 30 minute time frame is going to give me a different picture than the daily time frame for example for gold if we take a look at the daily time frame for gold steve's been the only paul revere that i know that is warning you that uh there is a significant top in place here for goldilocks you've got wave number seven that's letter g on my screen you've got the rogment and indicator of course i can't really call that i can't really use the uh the megaphone until we see a close below thirteen ninety one seventy that's the bottom of its profile out there but uh yesterday a perfect test of steve's green line that's also the oscillator on changeline says that there's more retracement coming again a 30 minute time frame chart is going to give us a different picture than the daily chart out there so uh i just happened to look over on my screen just to take a look at hey what's going on and uh uh and okay so let's go back to twitter sorry about that but hey it is what it is so let's go back to uh twitter out here take a look at it let's look at his three time frames and the question is the heck oh my goodness i didn't realize it was the end of the show my apologies folks sorry snp that i didn't get to twitter for you hey folks have a fantastic friday fabulous weekend i look forward to seeing you at the normal time on marvellous monday take care