 The following is a presentation of TFNN the Tiger Technician Hour with your host Basil Chapman call now toll-free at 1-877-927-6648 I wanted to show you something as we start off the day this is Monday the 22nd of August the S&P fuses down 63 at 41 67 I wanted to show you something you can see this is a 10-minute e-mini S&P 500 September futures contract I had questions over the last week every once in a while could you actually show us how you draw trend lines because this is what I do especially in my my all-day webinars and whenever I'm teaching something it's such a simple technique I'll first of all show you the way I drew it earlier on look a rectangle formation can last a lot longer than your patience so there's a 10-minute chart I will show that and I'll show it right now I believe this is it let's hope it says yeah I think there's the one no it's not it doesn't matter okay so what we're looking at is see this 200 period exponential moving average right here there's a 1 minute there's a 10-minute e-mini chart it just hangs around it for for hours hours goes to P D pulls back goes below it goes over next thing it breaks down right well I drew in this channel line and what is a channel line basically it's two parallel lines right that makes a channel more importantly I drew it from the top and I went to the top and I did something it was not a hundred percent because I gave it just a little bit of room so it's a trend line that touches the candle highs and it goes to one important one later on it goes to this one at about 9 a.m. 9 a.m. on Friday I believe it was yes okay and then it continues continues and look at this look how that line I'll make it as I usually don't make it green and then I'll make it red I mean there's just nothing to that you don't even eat all the stuff I'm just doing this to demonstrate and that showed you the resistance and the breakout level but at the bottom I loved it when it's a parallel line and it hits perfectly all the lower lows not all the low lows but a chunk of the low lows and at the same time what it's telling you is that is an important line now I like to add the chaplain wave inside track propellant zone or in this case the repellant zone so this is green right above it and where are we now look at this it continues and continues and it's starting are we're talking about something this is now I don't know how many hours this is given hours right so we started from right here and what was the time 23 that's 11 o'clock on the 18th so 18th was when was the 18th that was on Thursday Thursday it starts that was the high there's a 10 minute chart I don't have to tell you how many 10 minute bars there are going into this moment they're in right at this particular right the second it's a lot so what we've done is we had four bars after the failure before of going higher and holding higher it would just do peak being arched over went to a lower low now all of a sudden in this first 45 minutes of trading you've had and the intense seller follow-up from last night the intense follow-up from this morning rally attempts that failed very quickly now you're getting to the point where some people say aha we've been sending off for a few days this is where I'd like to at least attempt along in some of the positions maybe in the S&P and that's where this will be beneficial but the way I read this is that the MACD is still negative histogram still negative the stochastics under 20% to 16% say it's had a little bit of a rally off the low that was just a tad low about I'd say by I am saying 14% on balance volume is not showing anything so I don't think we quite ready yet but what how what will happen it'll be the first time if the E-mini trading at 4164 sausage rated 4158 it'll be the first time that this very narrow declining what what would it say I mean over here and see if I can get I'll try to get it okay let me get my I wish I for for 20 years I've been wanting to call trade station and say hey come on why don't you why don't you make a percentage on it on a trend line it's so easy you can do it in the split second if I if I press a dot here and I draw a trend line like this all I want is as it's going down it's got a percentage but I've seen the charts before that they have the percentage why I don't know why that maybe they do I should find out anyway in this particular instance the angle is oh I haven't got the right protractor and I'm going to do something very close oh let's call it about a 12% if that a 12% decline right and we're at a cusp moment moment right now why because if it starts to trade underneath now you've created this inside track repellent zone plus the 9 and 14 period reading average of 41 71 and 41 74 as resistance levels and that means you have to climb all the way not only that I usually like to put at a certain moment I say you know what I'm going to put in a midpoint line because that midpoint line is very often very important in a channel so there's the midpoint line and it kind of coincides with that 41 74 level so if the S&P at any point which we know in the next hour and a half can actually trade in the 41 82 area it says huh maybe it's going to go towards the upper part of this trading band it's just a trading band think of it as a glass tube that you can see through then you're watching the worms inside walking around I don't know anyway this is what I look at it's a very simple technique I was going to do something else but I have I'm running out of time because there's a lot to do so I had a couple of questions and I'm going to do this very quickly look the thousand four hundred twenty six of thirty three thousand two hundred eighty so we've been long starting off right on the doji candle low of the 17th of june we've been buying the diamonds and we take some money off we try to keep a core position we still got a call from 20 2020 the 23rd of March that we we're still holding and basically what I'm saying is it's to get down to the 2965 three low of the of june the 6th of june the 17th it would take a lot of bad news how we come out of this bad news right now with it remember the silent doji candle chapwave silent doji candle that I spoke about after the hi there's not an f that's an fc that's now an f confirmed f top all right and 34 281 that's a very very fine a rally attempt to 11% I can't remember of hand maybe it's a little more because we've we've got profits now what I did is for subscribers I should have done it on Friday I had it all written down I didn't do it I did we did get a short position off and we've taken all of our on the first position of our three times long qqqs we're out of that position and I believe we've now been stopped out of our semiconductor three times along fabulous fabulous gains taking lots of little bits off that's the way we work it and we still got that second position in the qqq so the dow is getting close to the 33,000 what is that maybe I think it's 30 yeah it's getting close to this the key support of 33,200 in the in the 200 pound really average I'll be back to talk about what should come up Vista Gold owns and operates the largest undeveloped gold project in Australia the Mount Todd Gold Project. 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Vista Gold trades on the NYSC American and TSX under the ticker symbol VGC Vista Gold executing a strategy to create shareholder value are you looking for a way to consistently add winning trades to your portfolio Tom O'Brien is here to help Tom O'Brien has been successfully trading markets for over 30 years a frequent contributor to TD Ameritrade Network and CNBC Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you Tom's Daily Market newsletter Market Insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio get Tom O'Brien's newsletter Market Insights today and try all of our products and newsletters 30 days risk-free with our money back guarantee at TFNN.com TFNN Educating Investors everything in the universe is governed by the Fibonacci 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programming hosted by a variety of professional traders during market hours the Tiger's Den available to all tigers and tiger's for just one dollar for the year there's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of TFNN.com toll free at 1-877-927-6648 internationally at 727-873-7618 I've also read back so let's just go through what I've got you on the back screen behind you can see is this is with the chaplain wave automated chaplain wave notations of resistance and support it's a long way around but that's the way it is green for resistance and red for support but you can see here look here the cues there are no support levels that always makes me a little nervous and in fact the reason why I want you to stay long for so long is that on the upside for a little while we didn't have any resistance levels now we have look at this cluster in the 331332 area on the QQQ's got the exact high look at the Dow INDU the Dow had look at those 33917 it went just above 34,000 remember I said 34,000 could be a key right yet could be the millennium resistance level and here we are at 33,246 and there are no even the 10-minute chart it does it has 34,472 we've already gone below that and you've got the 120-minute chart with a whole bunch of levels and we're below those so I'm always a little nervous it takes a few days before the technicals as I dictated them to Herb did this particular software program for me before they can kick in so we've got a couple of days even if there's a balance we've got a couple of days before I can actually see support levels look at the S&P S&P went right to the there is 4265 level and broke above it a little bit and then turned around and now it's down to the 4159 level and we haven't got any key support levels no it's nothing it's gone through them all so that always makes me a little upsetting nervous I should say just in terms of having a visual icon a number I don't have that and IWM same thing done very nicely 201.01 was the resistance level it went a tad above and now it's down to the 1991 level and we've got some support levels at 194 and 192.45 so we're just a little bit underneath that one in the 120-minute chart and you can see the monthly now has a ton 176.166 and we're trading you 191 I don't want to see 176.166 let's get out of this let's go back to our story and our story is that within the context of this cup formation we went to the left side high that I was targeting that was in the 33.900 level and in fact I can't remember exactly what it was it was 34.117 we went above it by 34281 by 160 points and now we're right sitting just about on the 200-period moving average so that's the reason why I said to subscribe we've been for a week now we've been taking money off our lungs some fantastic gains so I have a couple that are still showing good strength I may maybe if I I don't know if I'll talk about it anyway the S&P so this is a question that came in can you look at the gap in the spider well we're into the gap right now the spider the SBY had had a trade on the 9th of August between 412 75 and 410 22 but the next day gap up over the 200-period moving average with a low of 416 so where are we now we're at 415.27 I suspect we are going to fall that and we're probably going a little bit lower the 50-period exponential moving average is at 407 seven points in the spires is a lot I mean that is a lot that's what 70 points in the S&P so I'm not ignoring that that's a possibility so the question came in can you quickly show that 10-minute chart ever got it right here and there it is so now we've gone underneath and that's what I was saying I didn't see any support because the MACD histogram is still expanding but now 13% in the stochastic the on-balance volume I only use on-balance volume as overbought and oversold I don't use the SPI I don't use the MACD and the on the SPI is getting a little bit oversold so it's getting ready for a little bit of a pop at 41.60 the whole area 41.69 to 41.72 that's going to be a big test but isn't it remarkable how long a narrow trading ban can last in this case with a slightly descending I wonder where my other protractor is it's just so much easier it falls in this one so one of the CVS ones this one has a big hole in the middle so I'm just guessing I'm going to try to get protractor I'm thinking that is parallel and I'm thinking it goes from zero wrong around let's do that way ah there we are okay yeah 10 degrees 11 degrees and now it's underneath and that's very negative and you can see the um look it's it's pink that means that the nine is under the 14 period moving average so this is exactly the area that it better start showing some kind of support right let's get out of this add a bunch of questions let's get to them let's go in order so I've I've been saying that I love the action when you use timeframes I love the action of the Dow pushing above the 200 period moving average in the daily getting to this leg F now recorded with a silent doji a peak F and it helped the weekly chart for the very first time give a signal that I can say I believe now that the this is the spy I'm looking at I'm going to change right now the spy is in a in a buy signal three reasons the stochastic set 85 percent the MACD has expanded and crossed positively the price has gone above a peak A and is still expanding and the nine period expansion moving average in the weekly chart has flipped to positive it's not a buy mode yet I don't have the evidence of a whole week of being above the nine being above the 14 period to go stay green and that's a key element and I don't have the on balance volume routing as it should this on balance volume at about 20 of course the right side is not related to the price here but I'm just giving it an as an example is is okay but it's not great and it's not it's not even good it's just okay so that just says to me it's the start my feeling is that the 400 area is going to be critical because we could give back maybe a third maybe even I don't really want to see it but maybe a half of the gain and then start another move to the upside that's all I'm saying right now okay so that's the that's the same thing that so the question was is this a time to be buying and to be adding to my to my long position on the Dow and my answer is no what I've done is I've gone with the subscribers we're still long the core positions from our entry points in the diamonds but we've also got to to counteract any downturn we've got the start of the DOG because the DOG is fresh and the diamonds we've already started taking off the weighting is slightly more negative if there is a balance and my assessment is that we should still have another at least one more leg down for a trough C or maybe even a D in the daily chart I might then add a two times long a short or a three times short on the Dow because I'd like to maximize I should have done it I talked about and everything I never did it when we had the DOG candle close on Wednesday on Thursday it was just a perfect time and that gives you the cushion I would have been we would have been short within 250 points 280 points of the of the high most recent high that gives you a really good cushion now it's going to be a little tougher so yes I'm looking at the weekly charts improving even if you look at the QQQ which only I went slightly above the daily 200p moving average and only broke out but didn't close more than once above the weekly chocolate inside track I'm staying even there I think this internal strength I'll be back in a moment does the traffic take if you want to take advantage of this sector now is the time to subscribe to my gold report the gold report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets new subscribers get a 30-day money back 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calls and questions live from around the world from the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts to help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors 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 you're looking at all the technicals to see the in the green here the nine period exponential moving average is is sharply moving down but it's still well above the 14 that gives you a little time to say well if it's going to cross negative we can still go more to go okay so the answer is no i don't think this is the time to be adding to your doubt positions um most importantly you will have a chance maybe in the next few days and then you could even scale in making a split position um but i i don't think there's actually a rush right now to get into it maybe a little later in the week we'll see what happens when is it is a friday when there's a been pal has that meeting uh i i just wait i wouldn't be in a rush even if you miss a balance i think okay my my my assessment here is that we've got a sharp pullback unfolding which is absolutely necessary very important number one number two is i think there's going to be a pretty decent rally but i would not be surprised if once again they just go towards maybe just barely above the 200 period moving average and then we get a deeper correction so i'm anticipating this is a very volatile period i don't see any rush to do that and there's even no rush to actually go into short positions because i think you'll have time there'll be bounces that you can do that and then you've got to be careful because i think you'll be ready for another big bigger rally okay next question i had was number one that was that number one number two is xle uh a bunch of people and treat as a generic question a lot of people ask me about s and p select energy spider fund let me just do this so that i can see if any questions in the tiger youtube youtube there we go i don't see anything yet i don't see stuff nice yeah okay there'll be questions coming in but right now i've got a little room to talk so xle is the s and p select spider energy fund trading down a dollar forty seven is seventy seven ninety eight so i believe that this weekly chart see this beautiful up channel well this up channel has been going for a long time i've also got um the notations of uh this is this is the yeah okay there's a fit of notations and we kind of stuck in the middle of of of those in fact i'm going to take them off because it doesn't fit with my eye right now what i am looking at is the weekly chart is suggesting that the that the it's very selective in the xle and that there's a very good chance you can see this weekly chart yeah let me just move it back to where it normally sits in the middle of the monthly on the right and the daily on the left well you see what's happened here in the daily chart you see the rally and the stochastic flat at 89 percent which is very good rent of strength the gray line is okay at about 53 percent on balance frames oh not good it's just okay but you see the way the nine is sitting above the 14 but the rally has stalled sideways and this is in energy this is in an area that well going to the june 8th high went to 93 31 in a very quick time frame look the same kind of time frame that we've got now but back in may late april to to the june high look how quickly it went to a d and then it didn't wait more than a day and it started another move up within five days it climbed above d went to e and then an f the fractional a tiny plus sign doji i mean when i teach these courses we're always just absolutely eyes pop right out and say look at that major turn from 93 down to 65 a tiny doji candle i only use about three candle four candles in the in the japanese candlestick formations at least three of them on my own making that is the techniques of my own making one is entirely my own making that is the the chapter may roman candle and it has a specific function as well as the chapter may silent doji candle when it's just above a turning point so in this particular instance that tiny doji candle gave you a run all the way down to the low around about july the 16 17th and then there was a silent doji candle and moved up and now look what you've done you've stalled so the answer to the two questions one is i i i may as well just read it if i can find it here is this the question here yeah uh good morning i'm a subscriber to your news there and also attended your recent uh webinar and appreciate the time you take to go over the markets i currently took a small position to excel here starter position as i believe it is headed higher with a price target of 84 in the short term and i'm going to say i agree with you but not as short term i think it's short i'm going to say more towards intermediate term i still believe that there's buying pressure in the xle so this is get that out the way why i purchased some shares i also took a couple of options as well with an expiration of september 16 2023 i think you mean 2022 because my september is friday the 16th so i i think that you just miss wrote 22 and put 23 they are the 79 options as i wanted them to be in the money in case i'm wrong and the x somebody does not close above 79 40 by monday so i that whole 23 things gets thrown out if you're a short term trader you don't even i mean 2023 is like a lifetime so we don't have to even think about that and it's a 77 83 and it's monday so by now you're probably out of the position but i do have it as a as a peak c now this is something i'm going to discuss it should be friday in the chapwave this is called technical friday where i go through some of the techniques in the chapwave you see this peak b here that went to a high of 78 66 and you see this little peak right here which is also it's called a gray b because it's underneath that peak b you made a little peak a and a and so i'm looking at this and i'm saying okay that 78 54 high which is just under the 78 66 high which is 12 cents i have wanted to build a technique and i've done it over the years but it's just for me i don't talk about it i don't it's just something i've experimented with but believe me it is potent and what i've wanted to do over the years i use the phantom peak now those of you who know and see me how i use the phantom peak if there is just a fractional a double top at at at a peak c or a b or something like that but everything about it says this is in a buy mode or if it's even at an a where the two parallel highs i tend to say i'm going to be a little ahead of the game and i'm going to call this a peak a but it's a phantom peak so i'll make it red to just show that i've this is not the chapwave this is the an alternative count an artistic count you never there's no computer that's ever going to be able to program that well with us be i spent some time on this last week and i said you know i would love i can see what's happening here i bet that this is going to turn into a phantom peak scene otherwise it never did get to see but all the technicals are suggesting that there's a chance that i'm going to get to a d in the xle and then it's going to pull back so with that in mind i'm saying to you even if it's not a phantom peak c but a real peak peak c over here i don't think we're going much higher at this particular point um in the xle without further consolidation in other words i think that the upside is somewhat limited and there should be a fractional peak cc one and then it pulls back but i think we're in a digestive area so i am going to say joe that i like everything about your your plan and you've said uh i wanted them to be in the money in case i'm wrong the xle does not close above 79 40 on monday i would stop out of the position to the small one what do you think i know it doesn't have to price it like a day trader so when i'm wrong preservation of everything is there so i'm not i'm going nobody right now but i think it's limited upside i would you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave the chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening 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inside look at everything the technology sector has to offer try it risk-free today with our 30-day money back guarantee tfnn educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade labu or labd directions daily s and p biotech three times bull and bare etfs visit direction investments.com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four-side fund services LLC this program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz problems were back so i want you to go to the naked chart the e-mini at the two-minute chart and just show you i mentioned the channels right so what happened is there we go oh got it okay so we'll just put that over there so we have the 200p the sorry the 10 minute and the 10 minute had that channel and i said this is the this is the first time that we're looking at the channel which gone below and we'll look at just the simple things like the candle like the 9p moving average all this all this stuff and it says this is the first time that they could be at least a more sustained sizeable uh rally rather than just a bouncer flat one then starting to come back again and then within that context i took the naked chart there's a two-minute chart and i drew in a trend line that said look i just take the tops of the trend line so in my uh in my webinar the other day i discussed channel lines and i said in the channel line sometimes if you come off a low very quickly or for high very quickly you can't take the actual top because the the real starting point is just visually so obvious that you'd be you'd be going in the wrong place look if i took this top right here in the in the uh two-minute chart right here this is where i'd be well that that doesn't do anything for me but this is the second peak if i go down i say great now it's broken that support level and within channel lines to the bottom the chapter of inside track propellant line if i just took from the low here oops me i didn't do that correctly if i do that to here yeah let me get rid of all these channel lines i'll just do this life uh remove remove okay this particular channel run right here produces not a parallel line it's it's different to the parallel line because this is the one that i'm talking about right now this produces a channel wave inside track with four hits look oh one there's a second bar two three and the fourth one says oh look now the balance has gone above that trend line resistance so then what i do is i do a measure move from left side to right side and it says round about uh 10 56 if this is going to go on a strength and it doesn't break the 41 55 support um there's a chance that by what did i say by about 10 56 10 56 that's about another uh about another 10 minutes if it can pierce the high that was made right there it goes a channel wave inside wedge target resistance line that i always draw in right there so this is just showing you some of the techniques and um it's just nice that if you have you have the opportunity and there's two minute charts i do have time to where it was i even try to draw it on one minute but i'm doing one minute charts i try to draw this in and i try to do everything in fact what i've started doing now i'm not going to do it right now is put in the exact price and time and that would be uh 41 65 point 25 by 10 56 all right we'll come back to that it could be it could be a mess it doesn't matter i've done my homework and that's what it says so now the so xle i'm saying i like it i don't think the the next big move in the xle is just ready yet although it's it's doing a nice sideways consolidation i would say within the next three maybe five sessions this should be an attempt at a breakout but it's absolutely important for the xle on a short term basis to be holding 75 it's a 78 right now certainly close under 75 since you've got even more time than you think but if it holds here and it even touches uh the low today so far 77 48 yeah as long as it holds the 77s in the next two days and attempts to get to 79 it says yep it could it could start a move towards a leg d to the upside even then from all the action on the left it says to me the xle the s and p's energy spider fund is taking its time and i think oxy was one of those that's in it i should have checked over the weekend and had that spectacular move to a pig c a leg c on friday so that was really a big influence and look at i drew this in on another chart and i forgot to write down what it was what a silly thing to do okay enough with these let's get out of this yeah preservation of capital in this particular time frame is really important next thing is i hope you're all as well with you um have been trading boil and u and g in finally getting to some natural gas stocks uh have not please look at some of the names attached have not run chaplain wave analysis on them i'm just using the ibd filter well i have the ibd written out right here i did that on thursday and i did some of them on friday that i did live so you have a coincidence uh that you've got looking at you're looking at some of the charts that i was looking at i did all 50 i finished them up over the weekend many i had already done ages ago but i somehow lost the information but what i am looking at gary is so your question let's go en ph en ph this n phase i believe n phase energy i made a peak f top like i could quadruple top and now it's pulling back but it is down a dollar sixty seven two eighty two point oh three so you can see that even from the shorter term medium term and long term of something like n phase which has been absolutely expect even just from a month ago july the 18th a little over a month ago it's gone from the hundred and uh what was that low on the 15th of july the lowest 175 point zero zero round number look at this it hits three hundred and three hundred and five and i was trading at 281 just a digestive phase so i like it where would i add to it i prefer to have the weekly chart one more week on the weekly chart before i can actually give you a number that i feel confident in but unconfident i'd say that this gap right here this gap of the 250 uh 257 to 263 area so 263 to 257 it depends on the the deepness of the closing price because it's already green even though it's down so at 272 this morning someone said hey i love this stock i'm buying it i want to see how it closes if that fails if in other words if it goes below 279 at the close then i think i can say that the gap is probably going to be filled in you had some others let's see dq i had already notated dq because it's on the on the 50 list this is in a cell mode in the daily it's not yet quite a cell signal in the weekly deco new energy company it was up in the hundred and 20 i think it just missed 130 let me just double check on that um yeah 130 33 was the high back in February of 2021 so it's been a big consolidation but look at the weekly chart this weekly chart is making a pattern not one of my favorite patterns because it failed at a peak d under the previous high but it is holding in this rectangle formation i suspect if dq trading at 86196 down 1.11 takes out on a closing basis the 56 support level of the 29th of june july it's going to make another um cup formation but like a cup and handle and that says that can be a little deeper the deeper it is the less strength it has so it is in time and in price the greater the chances of retesting that high that was made recently in 79th so that's dq i think i've got one more t a l o i'll look at that t l o tell oh yes tell i think i'll be back with that that's trading in 90 a little bit better are you grinding in the market but seeing little to no return or are you a successful trader simply looking to make your job a little easier learn to take the path of least resistance with david white's powerful trading newsletter david white is an accomplished trader whose deep understanding of technology and the markets allows him to consistently find and share winning trades support and resistance define the ranges in which stocks trade by understanding these trading ranges david white is able to find a path of least resistance david white's trading newsletter the path of least resistance is delivered daily before the markets open to make every trading day an easy win visit tfnn.com today and subscribe to david white's ultimate trading newsletter for $119 a month and try all of our newsletters risk free with our 30-day money back guarantee take the path of least resistance at tfnn educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave the chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by basal chapman in your inbox every day first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors everything in the universe is governed by the fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the fibonacci 24 seven newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader larry pesavento on stocks you need to pay attention to and you can trust larry's analysis after all he's got 45 years experience as a day trader larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from larry on market movement you need to act on at any time first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up subscribe to the fibonacci 24 seven newsletter today tfnn.com educating investors 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 so one of the things that you've got to understand is that when the the tide changes you want to be trading the uh the the direction of the tide to show you this chart this is not what I was planning to do but let me just do it right now if I can okay there it is so there's a chart that I like to show subscribers every once in a while if I'm doing the wrong thing I put this chart up it's from my cd book uh introducing the channeling methodology I show this pattern you see the way the price is moving up you see the arrow where's the arrow going the arrow is going down does that look right no it looks wrong and on the way down here it should be red this is the arrow that should be red and going down that and this is the arrow that should be green going up so you can and we did this on the way down going to the low of the uh was a june the 17th we did trade all the the balances and actually many of them were five 600 point balances but I was complaining because I should have had kept a down short position from the very top and just not worried and then switched when I got the major buy signal but you can trade that but the main thing is you want to trade the tide so in the in the tide if you look at this uh short term uh chart right here look we ran up there's always two fighting patterns ones the cup ones the arch and it couldn't break above it couldn't even get to a leg b and that's negative and that says this this ten minute chart of this this incredible decline narrow decline says this is going to be real tough 41 63 now it's really tough to support and and hold okay now a couple of quick things the gap that you're talking about paul from june I don't see that yet in the s and p as anything that I'm even thinking of going down to that was the the the low the doji candle low of the 17th that gap you've got to go through many gaps first before I can even include that then a quick question here and if it's a quick question just as we're going to break up to the end of the show uh oh get it I put it I put it find them under oh there it is uh break one to go about c y n and c y n I'm just saying it's all good well at 148 it's back to self drive the other solution I'll do more of this tomorrow and I'll try to find my others in the category yeah this is this is something that you