 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Toll free at 1-877-927-6648 or internationally at 727-445-1044. The Trader's Edge. Now, Steve Rhodes. Good day from TFNN. Welcome to the June 28th, the fantastic Friday edition of today's Trader's Edge show. I'm your host, Steve. 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 one and an extraordinary weekend as well. Of course, the easiest way to do that is 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 change, it means we can find the gift in every set of circumstance that life is going to toss at us. Today, you and I, this morning, you and I, we're going to go check out the circumstance of these markets. We're going to go figure out what the bulls and the bears, what those buyers and sellers are communicating. T.U. and I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but more important than that. During this next hour, I'm here to serve you. So feel free to pick up that phone. You can dial on in 877-927-6648 if you can't dial in. Let those fingers do the walking. Send me an email, Steve, at tfnn.com and inside the subject heading. Please put radio show question. Of course, let's go ahead and get this show started. This is June 28th. It is fantastic Friday. It's the close of the week, the close of the month, the close of the quarter. Today is a more important day. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to LUS Show. Right now, we're coming to you live at 8.08 in the morning. So if you're listening in at 1.08, I'll make this show as pertinent as I can for the day so that you know what to be looking at during the day as the day comes to an end. Right now, we've got the Dow Equity Futures contract trading up 74 points, 26, 6, 20. All the equity futures contracts are trading to the upside. The Russell 2000 big day yesterday up a couple of points. The NASDAQ is up for the, ESMini is up about six points out here. Now that's different than what we saw over in Asia last night. Over in Asia, we saw the Shanghai finish down six tenths or percent, 19 points. Hangs hang up 78 points. That's a quarter of a percent. The Nikkei down 62, about three tenths or percent to the downside. Over in Australia, they closed down 47 points or seven tenths of a percent to the downside. In Europe this morning, the major indices, the DAX and the FTSE, that's trading to the upside. A half a percent in the DAX up 63 points. And the FTSE up two tenths of a percent or 15 points. Gold is trading out at 14, 16. That's up four bucks. Silver is up two pennies trading at 15, 31 lights. We crude up 14 cents out there. So that's what we have going on. T-bonds are pulling back just slightly. This is the first chart that subscribers and I take a look at each morning. Just to have relevance as to what the markets are doing at the time that I'm posting the newsletter out here. But what are the markets doing? Just to get a feel. Where's the spot volatility index trading? That's always important to me. So in just going through the spot check, what are the other charts that are many of the other charts? I'll show you some of those as long as we're doing the morning show out here. We take a look at this chart here. Now this takes a look at a handful of instruments. We take a look at the Dow and the ES mini. And it takes a look at where it's trading in four major currencies out there. The U.S. dollar, the yen, the Euro, and the Great British Pound. Now we can see that both inside of Gold, as well as Treasury bonds, lights we crude, and the DAX. Of course lights we crude I'm going to have to change. So I've got to do this sort of on the fly here. So let me change that. I believe as lights we crude as, and maybe I'm wrong about this. In any event, this is, I can still flop flip. And then we can take a look at the DAX. Now the reason to take a look at how things are trading, I'll come back to that. The reason to take a look at how things are trading these currencies and see if there's any kind of major divergences going on. Because when markets are moving higher, they really need to be moving higher in all currencies. In other words, you're not the only one trading the ES mini. By far, we're not the only one trading the ES mini. It's being traded around the globe. Nearly 24 hours a day out there. Same thing when you take a look at Gold. Same thing when you take a look at T-Bunch. Don't do yourself a disservice and tie 75% of your hands, so to speak, behind your back. Because you're not focused on how these instruments are trading in other currencies. You know all the great technical tools that you and I take a look at. You realize the one that is the most important, the one that is going to give you the most information, is actually this chart. Because when you see, for example, the ES mini right now, you can see it's trading just slightly lower in pound sterling versus the others. Because on each person's screen, if things are moving to the south or to the north, it's in their currency and that's how they take a look at it. Just like you take a look at it. When you wake up in the morning and you eat your Cheerios or your Wheaties or your Lucky Charms or whatever it might be out there, you're only thinking in terms of, hey honey, how much money did we make today in terms of dollars? You're not interested in terms of Euros or Yen or Pounds. I get that. But if you're trading, and if you're an intraday trader, like this is this quality, this is important for everyone out there. I mean this is the key. Well it's one of the keys because there's many patterns that we trade. So it's really important to understand, this is when you buy, you know, when people take a look at gold and all they do is take a look at gold priced in dollars, you just got to say to yourself, why? Why aren't we taking a look at how gold is trading and all the other major currencies out there? Okay, so anyway, this is kind of like the first check start. This is how I begin my day to try to understand. Then the other thing that I do is try to look at what went on overnight, what's going on on the shorter term timeframe charts out there. Now I've got this cool tool out here. This tool here is taking a look at the ES mini, the NQ, the YM, the Russell 2000, even gold out here. And I'm looking at it for the 30 minute, the one hour, the two hour, and the five hour timeframe. So I'm looking for topping or bottoming signals out there. This helps me to say, okay, where should I focus my time out there? The other thing that we can do, for example, is we can just look at this 30 minute timeframe chart. And we look at this 30 minute timeframe chart here for the ES mini, looking for any type of topping signals. It didn't show up as a topping signal inside that tool that I showed you out here, Bob. Like I referred to that as Bob. That's our bullish or bearish system out here because there is no topping signal other than the fact that prices made it all the way back to a previous high. We can stretch this in just a little bit more but you can see that things are consolidating so to speak. This is a consolidation pattern inside the ES mini. You might say, what is that? Well, if we take a look at this, we can just use a, let's do this. Let me do it on a clear screen out here. So let's go take a look at the, let's put up the ES mini. Let's put it up on a, we can choose whatever timeframe it is that we want but we'll just simply stick with that 30, whoops. Why didn't that go out there? ES, ESU 19, give me a second here. Okay. And now let's just switch over to our 30 minute timeframe, right? It's really important to understand where we're at. Now, the reason why I say this is, looks like a consolidation pattern to me. The top of the consolidation is, is so easy to be able to pick out up here. You know, and I'm not going to worry about being exact or what have you. But it looks to me like this is really the consolidation. In other words, this, this breakdown here at about 430 on June 26th, a few days ago turned out to be a false break, right? Price gets back in the consolidation, prices up near the top of that consolidation. Now, the cool thing about this folks is it creates a measured move, either to the upside or to the downside. So in essence, we would say today a close above 29, 39. Well, that could be signaling. So, hey, we'll be, we'll be right back. We'll take a look at this. We'll get back from the break. The Taz Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, the first thing you'll need is a strategy that will help you minimize your risks. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. The Taz Profile Scanner instantly scans and filters over 2,500 global financial markets, such as stocks, ETFs, commodity futures, and forex. 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Visit us at the same TFNN.com URL, but when you do, you'll see a new and improved homepage with a much simpler navigation, whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com, educating investors. $7.8, $7.7, $7.8, $7.1, $7.6, $7.7, $7.8, $7.6, $7.7, $7.6, $7.8, $7.6, $7.6, $7.7, $7.8, $7.6, $7.7, $7.6, $7.7, $7.6, $7.8, $7.6, $7.8, $7.8. Date 18 in the morning, if you're listening at the normal time slot, the show's being recorded early, we'll be back to normal programming hours on Monday out here, but what we're taking a look at is the consolidation pattern that's in the ESMINI 30-minute time frame. Price's up near the top of the consolidation. Is this a place where you'd be buying ESMINI? because it's a consolidating pattern it gives us both upside and downside potential we uh we it's what's referred to as a measured move in other words a breakout of a consolidation it can be false right we saw that down here at the bottom but if it is a real breakout then your measured move is equal to or greater than the consolidation so 2960 to the upside approximately and to the downside 2896 on any break i don't know to anticipate or expect today i don't have any topping signals on a 30-minute time frame chart you know like a td setup nine count wave number seven we do have wave number six so that says even a punch through the high that we've taken a look at on a 30-minute basis one should be careful and wary and wait for some confirmations out there but that's what we're taking a look at and in essence explains the markets in the reality as it wouldn't expect anything significant to occur today but hey what i expect and what happens it could easily be two different things out here in essence just prepare yourself for the pattern if you see a clear break uh to the upside if price is trading above uh this stage here we'll use the prior high that's from uh 5 30 this morning the price is trading about 29 39 75 and it's a one that's on the es many folks at 120 in the afternoon um then a good chance that you're going to see a run all the way up to the 2960 level out there likewise price could easily move down to the bottom of the consolidation which is 29 17 another 20 points to the downside and in doing so really doesn't change any characteristic in the market other than the mere fact that things are moving sideways out there now there were a couple questions that came in yesterday that i didn't get to one was let me see if i can pull it up see if i can figure out who it was from i don't think i can i don't have it but it was with regard to bitcoin the question was was there any signal inside of bitcoin to suggest that maybe there was a top that was coming and the answer to that is we take a look at the weekly time frame chart the answer to that is yes so one of the tools that you and i use to help us identify potential tops or bottoms out here because that's really what it's all about well you and i want to become experts masters of is being able to buy bottoms and being able to sell tops right there where your risk reward is the best where you're well we like to use the expression here at tfnn where your back is up against what we mean as a trade's either going to work or it's not if it doesn't work we go ahead and close it out we protect our capital out there so when we take a look at the td setup count out here on bars eight nine or the bar following bar nine is where we can see potential changes in trend now this is the bitcoin chart through yesterday so this is where i download all of the data out here and that way i can display it to easily if we take a look at bitcoin you can see that last week was the was bar number nine this week being bar number 10 out there or the bar really bar the bar following bar number nine now we've got or we did at least as of yesterday a shooting star i don't know what it's going to be the candle formation that is at the end of today's trading session out here but so there was your topping signal just simply to be cautious on the daily time frame we didn't get that same type of a signal out here i'm not sure where we're at on wave counts we can try to go figure that out the question becomes you know where do we start if you take a look at bitcoin as an example on a daily chart out let me just expand this up for you so you can see how this tool this is the roge momentum indicator tool and i teach it to subscribers so if you'd like to learn about this tool and i think you do well no let me restate that you better you better want to learn this tool because it helps you do buy bottoms identify bottoms learn this tool use this tool pass this on to your kids and your grandkids it's worked forever yeah even though i haven't been around forever i've tested it forever i've gone back and looked at it forever forever means going back to the 1890s and taking a look at data in the doubt but if the question is was bitcoin giving us any signal of a bottom when it was trading in that three thousand dollar mark well here's your answer an actual bottom signal came in on the week uh this is daily chart around december the 17th when a small little bullish engulfing candle formed now that small little bullish engulfing candle came after where it needed to that roge momentum indicator signal out there and so that helped to identify the bottom inside of bitcoin and we look for those same types of pattern now i could start my wave count there and then from there i just got to do a bunch of retooling but i was looking for that lowest low let me make sure that i grab that correct candle out here but on the daily chart and i still don't want to you know overkill this thing but uh uh you know let's go see what it says out here and what we look for we look for these seventh waves now i like when after wave number seven that's letter g my chart out here where we see some type of retracement because then i like to just start my count right there in other words recycling because that's the way that i was taught and i was taught by uh one of the best out here now in this case here where we had that seventh wave this is on around june 24th no pullback out here so in this case what i would do from a daily count out here is i would have to begin right about there so no signal on a daily basis here's what you had on the daily basis so you had price coming down and testing steve's what we'd like to refer to a steve's red line it's red or green i've changed the color of that line over the year so i just simply know and now you know whether you have a price oscillator above zero or below zero because that's very helpful to understand the meaning the message of the markets as long as the price oscillator is above zero in prices above steve's green line that's the oscillator and change line may sound like a bunch of gobbledygook here's all you need to know if the line is green and price is above it that is a bullish condition if the line is green and price is below it it is a retracement condition a retracement condition the case of bitcoin says hey i might pull back to my last breakout area if you're wondering what that price point is in bitcoin it's 78 62 now it's more likely to do that if you see bitcoin and i don't know where it's trading right now 11,059 is the number the trade below that that is very likely where bitcoin is moving back to 7800 yep that is the uh so there you go with regard to answering the question yesterday about uh bitcoin we've got other questions that have come in or at least one that came in this morning let's go take a look at this and this is to take a look at ticker symbol you can put it up on your screen this is for Largo resource limited the ticker symbol is LGORF let me see if i can figure out what was the oh geez Louise out here the question was this is really important this is from Michael Michael H writes in and he says hey steve Largo resources is yesterday's candle a hammer candle so let's take a look at it and in order to have a hammer candle the opposite of the shooting star you must be in a downtrend we can see here that Largo resources made a high on June 17th you can see the downtrend that's been established and therefore the answer to your question is yes yesterday was a hammer candle now uh mike you should have also been asking this question was yesterday's candle a gap to the downside now i know that that's obvious out here but it is so now you have both a bullish candle and a bearish candle out there now let's come back to this we've got a caller on the line we have call ahead seating here at the traders that's actually we'll we're going to a hard break we get back from this break we're going to go out to isaac in new york who's got a question about timeframes steve roads with tfnn but 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 roads author of mastering 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 s and p 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 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searching to find and right now we're offering licenses available at only 79 dollars a month we are so confident that you're gonna 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 the trade charts today by visiting tfnn.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.com welcome back folks let's go out to new york i don't know if it's new york city where it's going to be 91 or 92 today it's going to be warmer in new york city this weekend and it is going to be down here in little old delray beach florida in the deep south but let's go out and speak with isaac isaac thanks for calling thanks for holding how are you this morning i'm fine how are you i'm doing i'm doing well so you've got a question about time frames uh tell me how i can help you okay so i basically trade just like once or twice a week and it's just precious metals i'm there i look at i have been watching you now for the last couple of weeks and i'm very very impressed and the question is how do you decide which time frame to use for example most of the times i'm using a daily time frame during the day if i'm looking for something i'll use a 20 minute time frame how do you decide if you're using a 30 minute or 60 minute or 120 or what the story is well let me do this let me ask you i'll answer the question but really my my goal maybe your question is really the same outcome which is to help you but in in helping you specifically what time frame is right now you say you're using a daily and using a 20 minute are those tell me your primary time frames that you're using i'll use a 20 minute time frame and i'll look for a good spot based upon a 20 minute chart and then but it's oh it has to be consistent with my overall daily you know where i think it's going to be heading sure so so if i were to summarize you're using the daily time frame to give you the larger picture and then you're using your 20 minute time frame to generate some type of signal correct okay so here i'm gonna what i'm gonna do is i'm gonna change it first i'm gonna first what i want to do is is uh i want to answer both questions how do i determine what time frame should be used if i were just keyed in and focused in on on precious metals on gold specifically and the answer to your question here is what i look for is i i go through so my chart my charts have these automated tools on them and what it means out here is it because i can change the time frame in those tools will simply just uh regenerate themselves recalculate themselves so i can understand where they're at and what i'm looking for is i'm looking for the the motion of the ocean the wave so to speak where is it that price is running into resistance or support that is held that then is going to give me the next edge so to speak the next trader's edge as to what the intention of buyers and sellers are so what i have up on my screen because you trade precious metals what you should know is right now the two hour time frame is providing you with excellent information that excellent information is support and resistance one of the most important things for you and i to be able to look at and here's what we know we know that the change in trend in gold to the upside has not changed or at least i say that it has not changed based on the two hour time frame chart the reason that i say that it is not unusual for an instrument to on on its way up to come back and test support that's a normal thing that's just called a retracement and when support holds then and when it does hold it tells you that the original trend is still in place out here likewise in a bearish market it's not unusual for price to make those nice countertrend rallies what that really means out there or should mean is price just bouncing up into resistance well on the two hour time frame chart for gold these are not resistance lines out here that i've drawn in i have drawn in the numbers although i've got my program working on this tool so it just simply adds the dollar amount so i can turn that on and off these are the tv nine support the resistance lines exactly so 1439 80 now you said 20 minute time frame i'm just simply going to take this well let me just get rid of the those dollar amounts because those why did you try to choose now the two hour time frame because i went through all types of time frames to figure out which one look like it was providing us with the best information sometimes it's not a two hour time frame sometimes it's it's a sometimes it could be a 20 minute time frame or 30 minute time frame for example Isaac and it's a great question on June 26 the morning of June 26 when the market was crashing remember christmas eve and the market finished at its lows and just looked awful looked like it looked like santa was delivering coal but you don't open you're not supposed to open your presence on the 24th you're supposed to open them well in this case here in the stock exchange would be the 26 it was the 30 minute time frame for the es mini in the nq where the same td resistance lines were holding as resistance each bounce up into each countertrend rally from back in october down through december uh uh each countertrend rally found resistance but the morning of the 26th and it was about 3 34 o'clock in the morning yeah it was up and it was the first time we saw a crack above resistance it was the indication that a change in trend was underway and subscribers and i went long uh at the open on the 26 in the face of fear in all the bad news in the world was falling apart we know that's not the case we know that our responsibility is to identify support and resistance especially support and resistance that holds and then the way that you treat resistance it doesn't guarantee you of a trade it just gives you your best possible time to take that entry into that trade out there and uh and so so it's always a different time frame during the cycle out here so so i just do that but here i'm going to put up for you let's just see i don't know i got to put in a custom time frame here for 20 minutes it's not just one of my normal defaults but that's no big deal let me just change just to 50 days so it just populates uh just the last 50 days worth of information out here and so on a 20 minute time frame here's what i want to share with you your trading precious metals and a 20 minute time frame you would know that at about 7 40 last night or specifically the price point of 14 12 40 that that was a key support level that was where price had most recently broke out on a 20 minute time frame and it was at about three o'clock this morning when that level was hit so if you're trading this if you're daily is saying you want to still stay long here that was your trade that was your that was your that was your price point to get into a long trade out there if that level fails on a 20 minute time frame then the next level of support and this is the beauty of this isic is that it's at 14 10 20 so really you know if you're trading uh gold out there that's not a huge stop you just change your position size on that trade and any close below that you would know that being wrong is long in fact you would go ahead and consider trading this to the downside out there uh but that just take a look at we only looked at the 20 minute chart we haven't looked at the daily time frame now we can take the same tool out here and put on a daily time frame and on a daily time frame this says that if gold were to pull back let's say that there was a high in gold a few days ago which I believe that there was but until we get a close below that level on the 120 minute time frame I'm not willing to go to the bearish side but I am willing to be neutral which is the position that I'm at right now with gold so gold has to prove itself to me but if gold did top that my expectation would be that gold will pull back to 13 36 60 that's just simply using this system there are some other things that you and I need to go investigate to see for example in the case of gold because you're trading it you called in I want to provide you with as much information as I can that information is there's also a new market profile that has formed have you ever used market profiles Isaac no that's the one I'm using everything else that you've done besides for the partner profile okay so um there's a brand new market profile that formed out here and this should the reason why I want to bring this up is not to confuse you but you said hey I use the daily to help me figure out what I want to do on the short term time frame well you have now a brand new daily profile that formed this says resistance is up at 1432 80 so what this would then tell us also is if price were to close above that which is not the actual high that came in a few days ago you should be looking to the bullish side likewise ultimate support perhaps is at 1392 50 that's the bottom of the profile does that help you out okay yes it does okay okay thank you you bet thanks for calling that was Isaac in uh sweltering New York I wasn't sure if it was New York City though Steve Rhodes with TFNN we'll be right back 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. 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looking at Largo resources and looking at the daily weekly monthly set of profiles out here we know on the daily basis you're below the bottom of a bullish structured box that happened yesterday so that says be careful because key level of support was broken but at the same time it looks like the low of yesterday was also the bottom of the bullish structured weekly profile at 121 out there we're also trading right now at or as a close last night we're trading right at the bottom of the monthly profile so the question from Michael is what would make this a long consideration what do the other tools in essence show us so let's just look at the daily time frame and it's possible Michael you want to watch to see how this trades today because yesterday was day number eight of the TD setup nine count as long as price closes below today that's right below 140 and it closed last night at 129 you'll get the TD setup nine count pattern today even if it doesn't make a low or low remember the bars number eight nine to the bar following nine can't be the low out here now you did see in Largo or not large yeah Largo you did see the bottom you did see the roads momentum bottom signal back here this was on the trading day of and I think my system's off by a day looks like the the 18th or the 21st out here but you can see you can see the candle step the piercing candle let's just do a quick wave count from that low out there only in the wave number two that low hasn't been taken out so I know you're looking for a long trade wait to see how this trades today and you know you can get you can fire away if you want and your your stop really should be below 121 your average through range is nine pennies out there so your your stop has got to be you know wider than nine cents but probably even wider than that that's just going to impact the number of shares so that you have the proper position size out there if you're not familiar with position size and then just subscribe to the newsletter and there's an there's a 45 90 minute a 90 minute video on money management and position sizing is a key part of that so best of luck with the potential trade in Largo gold inside our Tigers Den gold 25 is thinking of going long oxy so let's go take a look at Occidental Petroleum in the news quite a bit out here but if we take a look at Occidental Petroleum let's start you're I don't know if you're if you're thinking of a longer term trade or short term trade out here but I'm going to start with the long term because you're thinking of a trade always good when you're flying you're playing to know what's up above you and below you your eyes can typically see what's right in front of you if we take a look at Occidental Petroleum out here what we notice is that this month the month of June is going to be that bar following bar number nine of the count that says that as long as the low holds of this month this month by the way that low is 47 bucks even Steven hey Basil likes those round numbers out there so this is saying potential bottom that's what the monthly time frame chart shows if you get a lower low in the month of July then that pattern is no not going to be the one calling the bottom out there that's on the weekly on monthly time frame the weekly time frame out here shows what shows that the bottom was a TD set up nine count that looks like the week of June the 7th the following week even though it says bar number one and two out there you can don't worry about that it was a higher close out there now on a weekly time frame gold and I don't know you know your your tolerance for whether you're a conservative and aggressive trader out here a conservative trader would say you know what I want to wait for price to close above Stevie's red line out here because there's a falling price oscillator prices below the oscillator and change line at 51 60 I've got a weekly falling price oscillator below zero before I enter the trade or maybe it's an intermediate term type trade out here I'm going to wait for proof well proof would be a close above 51 60 out there that is your resistance level on a weekly time frame if we take a look at the daily time frame out here the daily time frame did not generate a a TD set up nine count but if we simply do our wave counts from the bar on May 8th to the downside you got to wave number seven that's letter G so now you've got all of the bottoming considerations that you need in order to go along this so yes if you're asking is Occidental Petroleum a long candidate the answer is absolutely positively yes now where's Occidental Petroleum trading right now I don't know but let's go take a look at the at where it is in the pre-market last trade fired off at 700 shares was 50 bucks and 300 shares at 50 bucks a thousand shares at 49 90 let's come back to it and now prices trading with inside it's a daily profile out here so if you take a look at where support should be here on a pullback it'd be 49 23 on the daily time frame what you're looking for is a close above 51 10 now it was 51 60 on the weekly you know and if it can close above 51 10 really the ideal would be 51 63 with more than 10.2 million shares you'd have a confirmed a to b equal cd to the upside but to answer your question if your question was has Occidental Petroleum generated a bottom signal because that's the only reason that you want to really take along right it's generated a bottom signal well you now have your answer Occidental Petroleum has generated a potential bottom signal on the monthly won't be confirmed until next month but looks pretty good so far the weekly about three weeks ago so that's confirmed that's nice because that goes along with what we just saw inside the monthly time frame it just needs a close above 51 60 the daily generated bottom signal several weeks ago and so yeah you've got your and the average true range folks out there you're interested in taking that trade it's a buck 22 your stop must be a buck 22 times something I like to use Fibonacci expansion multipliers those would be their 1.272 or 1.618 and your stop is then simply that much your average true range time those levels less your entry price that's it be done with it because if a average daily range just think of this logically Stevie's logic may not be logical you might say it's most illogical thing you've ever heard Stevie logic we'll just simply call it if a stock or equity of position is moving more than 1.618 of what it's done over the last 10 days if you don't like 10 days use more days out there I just like 10 days 10 trading sessions in essence out there that is telling me something else is going on go ahead stop me out of the trade I need to go ahead and take a look and figure out whether to come back in or or go to the other side if you want I'm not saying go to the other side okay so there's your answers on on Occidental Petroleum let me see if there's any other questions that have come in here this morning we do have one this one coming from Alex Alex writes in and says a Steve June 20th S&P hit an all-time high will the end of the year be above that high I don't know yeah great question in so here's the question let's just take a look at the chart the question is out here here's the S&P he's referring to the high out here on June the 21st he said June 20th out here the actual high was 29 64 15 let's not maybe it was referring to a closing high versus an intraday high out there what we know is that here's what we do know we'll just simply look at it like this and this will be the reason why I don't know the answer to your question give me a seconder to try to find it it's right here here's what each of the markets are doing you got the Dow in the upper left the S&P upper right the end to get end the X100 lower left the Russell 2000 lower right we're in a consolidating market Alex I don't know when the consolidation is going to be broken I don't think we're going to be above the high but that's irregardless right now which is not a word by the way irregardless regardless is though we'll be right 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 the computer software which included the standard market technical indicators enhanced the degree of accuracy and 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 two 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 two week free trial to Basil's newsletter the opening call today by visiting TFNN.com if you haven't checked out the newsletters page of TFNN.com what are you waiting for all of the TFNN newsletters are informative up-to-date affordable and a must have for every trader looking to gain a competitive informational edge in today's markets TFNN newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk-free for 30 days from all aspects of the markets including stocks bonds metals commodities and tech there's a newsletter to fit your needs exclusively from TFNN stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to TFNN.com and click the newsletters button near the top of the page TFNN.com educating investors you know what's cool taking something that's 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edge banner on the front page of TFNN.com don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com and hit watch tiger tv that's TFN.com and hit watch tiger tv for the latest market information welcome folks so i'm pretty sure that uh at the g20 tonight about eight o'clock their time three o'clock our time on the east coast macron and trump will be watching the world cup and you should too out there at least you'd have it on in the background you know go go team USA maybe they'll serve some french fries and some hamburgers that would be pretty good out there so if we're going to say you know the market's giving us any indication as to how they're going to trade sunday monday you know ahead of whatever statement might come out from both uh china and the us with regard to just talk discussions out there here's what the message of the markets is right now the message of the markets for gold is that it has topped the reason why that's the message of markets is because did it with that td setup nicole it'd be pretty disingenuous of me to have us use now they don't always work these counts out here but it'd be pretty disingenuous for me to see this pattern and uh and suggest to you otherwise so this would say that gold is going to trade lower that is top now maybe it's just going to pull back to 1400 steve's green line maybe it's 1390 250 the bottom of its new profile out there but we've got a topping signal in place for the uh gold contract treasury bonds have also suggested that they have topped what have they formed out here well they formed one of steve's roads momentum indicator tops it did it last friday when we had that bearish reversal candle out there now in this case here price is just consolidating within its profile too maybe price is just going to go down and test support but it's suggesting the way that it wants to move lower by the way moving back to steve's green line in gold isn't bearish out there just says that price wants to trade lower two topping signals there now at the end of the day on what you're going to want to pay attention to or one of the things you'll certainly want to pay attention to is where's the spot volatility index trading is it above or below the 50 day exponential moving average that level right now is 1576 about where it should be at two o'clock in the afternoon as well we're trading at 1586 right now it's back above it new york stock exchange advance client oscillator above zero all this says that the equity contracts actually want to trade higher coming into the sunday monday news out there let's recheck on this on monday hey have a terrific weekend folks thanks so much for being here stay tuned david white will be up next well that's at two o'clock larry's next at nine