 is a presentation of TFNN the Tiger Technician Hour with your host Basil Chapman call now toll free at 1-877-927-6648. Well folks this is a six minutes pass to eastern time and we're looking at and this is the hour that we're filling in here so we're looking at the Dow which is down 237 the S&P is down 25 but what I wanted to show was this here's the one minute E-mini this is the S&P E-mini and you can see you see look at this particular instance right here on the left and forget about the letters in the Chapman methodology just look at the MAGT the moving average convergence divergence look how wide the distance is from the green line that's a nine period differential to the 26th period exponential moving average the red one look at this the MAGT is at this particular point right here that's the high look at the way the on balance volume the blue line made a v-shape turn around right let me just check to see if it was right at that exact moment so that was the first side yes right at that first leg E has the parallel high of 41 let me just check what it is 41.53 very next bar one minute was 41.53 and look at the stochastic is holding beautifully up in the let me just check what it is here the stochastic is in the 92 percent area all right that's fantastic so let me just move it to the right so here we are everything is great leg E now keep this in mind here's your picture that you want to be looking at on balance volume there's a little bit overboard and turns around this gray line is a relative strength all very strong have a look at this chart here this is oh I didn't mean to do that this is the VIXI index I was going to talk about that there was some mention about the VIXI index I was going to talk about it and I will I will talk about it but let's just go back to where it's almost like here we go INDU so here's the doubt as we're talking right now this is your leg D it made a new high so it's still leg D in the chamber wave we identify the lowest bar then can't eat successively high peak alphabetize them uppercase on the way up lowcase on the way down you can see there on the way down the idea is to go from a buy signal as the technicals improve increases to a buy mode it says there should I've been talking about this for two weeks now actually more for about three weeks saying we should get a leg D we've got a buy mode in place for the Dow daily there should be at least four higher peaks it should go to leg D and then a peak D so wait a minute where are we look at the MACD look how strong it is look at the stochastic flat at 92% look at the on balance volume making this little double top like a little m shape pattern right and pulling back as the as the price is pulling back look how strong the nine period is over the the black 14 period exponential moving average and look at the price still way above wait a minute why are you showing us this because look what happened everything was just perfect over there the difference is from the previous high that high right there at about noon or was that when and when was that uh that was a 1203 this morning this afternoon from that high this E is a little bit lower and that says you got to be a little bit careful why so you took one bar of a parallel high then one bar with a red chap we've read this is called a Roman candle and we're going to now in my tiger technicians hour discuss it next week that's 10 o'clock to 11 o'clock Eastern time and then there was this huge red candle but wait a minute the 90s still look how positive it is look at the MACD it's only turning down hasn't crossed negative look at the stochastic is now just turning down to 90% on balance volume went even higher then it turned down wait a minute look what happened the next two three bars you saw them the nine start to the green nine period moving average sharply lower hasn't yet crossed negative but it's touching the 14 period moving average the MACD has crossed negative in such a short period of time and the stochastic has plummeted way below 80% so that's the thing that's what would have to happen here for the Dow to reverse to go from a cell a signal which is not even in is still in the buy mode to then to inaugurate a cell signal and then upgrade it to a cell mode and then this look what happened here nine crossed negative and then you got your left side right side bar symmetry and you went bam right there try to balance made an automation retested successfully then when peak a the MACD turns around up the stochastic is starting to ready the stochastic is much higher on this test retest than it was there that's a big positive the on balance volume turns around sharply and now we get peak a peak b peak c and lo and behold you get your d and then it stalls at the double top of d so wait a minute how does that apply well this is what we're looking at the Dow at this particular point has pulled back it is still within this big green candle of yesterday what would what would it take and this is the question I was asked just before I got off the air for my show this morning at 11 it just went so quick and you realize I was in the very last segment of the of the show so I never had a chance to answer two questions and I get to both those three questions actually so the three questions was what's the relationship of the of the stochastic MACD on balance volume 914 move across over to the price and yeah I'm going to tell you what it is you see in this particular instance we've got from this low right here this is the low of the 15th of March if you go left side right side parallel that's bar symmetry you today would be the day the last was it today yesterday that's that's 17 yeah so today today would have been the last day so you've run out of energy to the upside in terms of getting to the symmetry of the way down from that pd and look at the look at the negativity here pd at 34,331 of the Dow on the 14th of Feb and yet the stochastic the MACD was good but it was starting to fail already when it went to the deed was already fading the stochastic went back under 80 percent the on balance volume turned down the technicals were really negative that's not the case here the technicals are really strong so it'll take at least into next week for such such bad news to drag the Dow towards the 33,500 maybe even lower to start to get all that negativity with the MACD turning down the stochastic going under 87 percent not even under 80 percent it'll take an even a deeper decline for you to do that so it could be time or it could be just a sudden bad news where there's a one-day washout with the Dow down 800 or 900 points that would do it but at this particular point there are three things we're looking at one is that the technicals are still really good in the Dow chart in the dating the weekly chart got repelled to the chaff maybe inside track repellent zone right there to the almost to the penny behind today 34,082 and then it got turned down and now the price is holding on the pink line and the pink line is the bottom of the inside track repellent zone so this makes it really important and the weekly the monthly chart is the same thing so I want to apply the technicals because I know a lot a lot more people now over the years have been using chaff way methodology and then there are a couple of questions that they I try to answer during the show but at the same time uh I don't want to make it too complicated at this point we've probably got people that have not watched the chaff way methodology at all maybe and now I'm just saying to you try to identify the lowest low bar if it's a sauce to rally it gets upgraded from a bicycle to a buy mode you should expect at least four higher peaks to peak D this is still leg D if there's no new high above 34,082 on monday that makes the peak B a PG that doesn't mean to say you got a sell signal it just says finally you got to your D then you reassess I'll pack the dollars down 230 that's down 21,000 chaff and I'll be back currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe which is why it's a great time to try out teddy keg stats tiger forex report teddy keg stat breaks down the forex markets every monday using his 30 plus years of experience as a trading veteran of futures forex stocks and options teddy releases his weekly tiger forex report every monday morning with coverage of all the major currency pairs including the dollar index the euro dollar pound dollar dollar swiss dollar yen as well as many more and he also has weekly coverage of the crude oil market and the 30 year t bonds as they both influence forex markets tremendously when you sign up for the tiger forex report you also gain instant access to teddy 60 minute webinar archive he just hosted forex strategies and fundamentals what is behind the tiger forex report for all the details and to start your 30 day tiger forex report subscription today visit the front page of tfnn.com tfnn educating investors tfnn has just launched 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tfnn.com are you looking for a way to consistently add winning trades to your portfolio tom o brian is here to help tom o brian has been successfully trading markets for over 30 years a frequent contributor to tv america network and cnbc tom o brian founded tfnn over 20 years 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 brian'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 toll-free at 1-877-927-6648 internationally at 727-873-7618 hi folks it's a good battle champion yeah and this is the uh 2 at 2 18 p.m eastern time uh what a hot day here in boston unbelievable it was over 90 degrees i actually slipped out earlier one after my show to play uh outside a game in tennis canadian the three of us and whoo it was hot anyway um got back just in time to see that there was an opening and i decided i've done everything that i need to do for the week i'm ready to do a little bit of analysis live and here we are so this is part of the techniques that i teach as well in my webinars um there's a rectangle a narrow rectangle and a large rectangle these are two patterns that repeat themselves just over and over and over again throughout uh just like the oh let me just do this from the beginning in the chamois methodology i like to look at straight lines cup formations art formations there's a mix of one and two and one and three this is one and three where it comes down sharply and then makes an h pattern fails to take out and hold the left side low and goes much deeper here in the corner you can see it fails at a peak and it goes and it takes out that low well um that's called the dreaded ace because it can keep going down after that and this is the very positive reverse y pattern green one because if it takes out that left side high it can go quite a bit higher so those are three core patterns at the same time what i love to look at is if i can just get is there are two types of rectangles there's a long narrow rectangle with something stays in a training band i'll show you the tlt in a minute and it drives you nuts because it goes to the top of the range you think is going to break out and then it turns around it goes down again it goes to the bottom of the range you think is going to break down it turns around it goes up again so that's the narrow rectangle and lasts a lot longer than your patients and very often a lot longer than your money because you tend to think you're going to trade it and it just fools you instead of recognizing that there's a cap on the upside and a base on the downside and you're going to be trading in within that number one number two is and then i have a whole take a series of technical aspects that we can deal with in the long narrow rectangle remember that's when we watch uh ages ago copper breakdown we've watched a whole bunch of things that apply to to this narrow rectangle then the large rectangle says you've run all the way up you've made a sharp pullback and now either you're going to make an arch formation that drainage or you're going to make a cup formation or you're going to pull back and make a lopsided gravy cup and in other words it's not a cup because it's kind of either lopsided with the left side sharply lower and then you move to the upside or it's the just go down down and then there's a sudden spike we saw that in the e-mini 10-minute chart i'll show you in a little while that where it goes down down down then it has a very quick spike to the upside but this large rectangle says watch out because if you start to make higher highs and higher lows you can have a rally that takes you to just under exactly on or just above the rectangle horizontal line high from the flagpole on the left and then be careful because then there's a bunch of other techniques you've got to watch for the halfway point of the of the of the rectangle et cetera but wait a minute why did i talk about it because look in the one minute chart you made the arch formation the drainage after coming down and you tested it and you held beautifully and then you start to see the technicals improve and then with the nine cross positive and look what's happened higher highs and higher lows but instead of just going to a pd it's continued up and it's gone to alternate count e f slash b because you've got to have an altar i don't want to go into that right now an alternate count right up against there so you stall just above and now you've got this horizontal line that's like a magnet can it go higher can 4153.50 be taken out to the 4154 yes as we speak so now you've got a leg g to the upside but i i like to be a little careful according to this g a parallel g slash c why because the magnet is still very strong it's making a little deflection up that's good stochastic sorry to weaken a little bit but it's still at 83% on balance volume is good and look at this gray line that's the rental strength line so so far this is really good action we've gone we're at 4145 the low today is 4138 i would say uh 26 points to the upside not bad huh on a day that's a really had more digestive day so i said i'll speak to you about the the rectangle formation look at this yeah it's a 10 minute chart and it goes low highs low lows low highs low lows no and i drew in i drew this in i like to put an x where i think it's going to end i'm over here when i'm drawing the x i'm just way way over here somewhere uh wait where was it uh 414 uh this is the 10 minute chart uh that's last night so i'm yeah i'm over here at six o'clock in the morning i was up and i drew all this in and i thought and i'll put the x well what happened is we got the new spike and we ran up and pulled back from a peak d remember peak d is where other things can happen there's your d goes quickly to an e and then we pull back wait a minute there's a pattern that i call the eiffel tower or the a uppercase a failure pattern what happens is we've seen it almost every day this week there's a big on the news 8 30 news this was the 10 o'clock news there's a big spike and then that spike pulls back sharply gives everything up it looks like the eiffel tower straight up straight down so that's a failure pattern now what i've done is i circled in during the break we were down at the 41 48 area and i circled in the 200 period exponential moving average which was a midpoint for the move up cross it down held for a little while and then broke down now it's the magnet line there it is and i'm going to show you copper in a moment what how why why is it so important the magnet line the 200 period moving average i in fact there was a period where i was about to i discussed i had a whole series of weeks we were talking about this david white and i and the nine period moving average and he made his own study and he did some really good work on his own on his own parameters using the nine period exponential moving average in the end it turned out to be his usage was a little different to mine and that's the way it should be you got to take something and then turn it into your own that's the way i mean that's how you can go from a heightened to a Mozart to a Beethoven to a Schubert and that's the way these progressions historically work i you form a some kind of a template and then everyone expands on that well that's great so i'm i'm looking at the 200 period moving as i was about to get into it with david obviously i'll i'll never do that it's a terrible shame anyway and so yeah we are at the 200 period moving average and that was the target i put a little yellow circle there and we've gotten close to it so i thought i'd show you a couple of things are live because this is the way we all learn and if you don't think every single day i'm not learning i after thousands of of these positions absolutely i love to learn in fact i love to experiment sometimes it cost me something but if you got you have to put your your money on the line if you really want to learn you you have to do it live a paper trading is fantastic to learn a technique but that doesn't teach you about trading all right so we've gotten to a g staff c just above the previous peak and now we'll see if you're going to pull back this is this is really good action concerning that we could have been down 450 points in the down instead of just down 200 which shows how strong that nine period moving average over the 14 period moving average is because it confuses to allow the mark just to tank unless it's a pretty bad use event going on and so far it's just hey maybe a bit of free space with you that's fine i'll be back in a moment bowser chaplain seeing you for this hour and i'll be back at a couple questions if you want to look then or the tiger youtube i'll take those 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 guarantee so you have nothing to lose every monday morning i publish the gold report with coverage of gold silver bonds the xAU hui gdx as well as more than 30 different mining equities to see for yourself the types of profitable trades that are recommended within the gold report sign up now by visiting tfnn.com don't miss out on the next great gold trade sign up today sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day from 8 30 a.m. to 4 p.m. eastern for free each host is an experienced trader and gives their take on the market while taking 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 are you looking for a way to consistently add winning trades to your portfolio tom o brian is here to help tom o brian has been successfully trading markets for over 30 years a frequent contributor to TD Ameritrade network and CNBC tom o brian 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 market's 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 brian'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 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 our folks were back down 185 interviews down 15 so my engineer L wonderful engineer who said to me let's me uh let's see what did he say he said belzel can you tilt the camera down a bit so i i did this and i did that and i did this and better or no he's just actually done anything and then finally i i decided to put the chair just the way i usually do but it reminded me years ago when i was a professional musician and i was conducting this orchestra i stopped in the middle of the of this movement and i said no no no this is this is when bait open is walking in the forest and uh it was his favorite time of the day four o'clock and the leaves between the leaves the sun would be shining and get this splay of of of light and shadow and light and shadow and and i suddenly hear from the back of the of the room and i'm sure it must have been a trumpet player because that's what trumpet plays do i hear do i play louder or softer so i said to uh el do you want my head higher or lower so um that reminded me of that a long time ago i just that was great i mean all the yeah this is like um i we went to uh the boston ballet the other day that's a contemporary ballet but the write-up had this long story and it had this thing about uh it was just this kind of feel-good stuff that people write now these days and i just said i said tomorrow oh my god too many words what's gonna happen anyway turns out that yeah for the first piece it was too many words it was very very well done but it was it was kind of the same or same the second piece where they took Debussy La Mer and they uh they danced to that that was absolutely fantastic i must say so that first piece and the and the the uh write-up to it was too many words so yeah we go okay too many words what am i saying i'm saying that within the context of the the the very things i'm talking about look here's your pattern in the weekly chart of the doubt it makes the h pattern i have a rule with the h pattern that you've got two i might make it three bars in which to get back into the rectangle after taking out the left side low so the lower the 20 week of the 23rd of december was 32,573 it rallies all the way up into the 30 um high 33 000 then it comes back down takes it out and the second week it closes under it and the third week so now it's gone back into that rectangle so it's used up the time then the second part of this rule it's like a corollary there's there's another part to it and the other part says in the interim period if you get the technical strengthening it could start a brand new move to the upside not necessarily a bi-sign or a bi-mode because this weekly chart in the doubt is still we've actually we for subscribers we have the law of 2020 we still have that position in the doubt and we have the law of october we still have that position i we trade around and we've we still long three times long uh on a trading position as well so we are um i i look at this as if to say and maybe i'll do this right now that the rectangle formation that we were looking at is exactly what i looked at in the there we are in the dating chart and i said we've taken out the halfway marker of this rectangle if we do that again watch out because we could take out the 200 period moving average well lo and behold in the weekly chart we're back into the rectangle and we're above the halfway marker that would be at $32,500 about would be the the the level and we're at $30,845 so so far what we're looking at is the attack on this resistance line right here this chapwave inside track repellent zone if the if the weekly 200 sorry if the weekly mag d which is still negative actually crosses positive next week on a closing basis we could finally see a push above that and that makes a deflection lower if if there's a failure next week that makes it really important that's why i'm saying the closed closed today in another hour and 30 minutes 20 minutes there's going to be really important so that's what i want to talk to you about we were talking about the rectangle formation well look at this look at crude oil crude oil this is the weekly chart let me just expand this a little bit here on the left is the weekly chart you had a big rectangle and i the the the midpoint of the rectangle i changed a little bit only because at that particular point i felt it was important just to show something else but really this was the rectangle midpoint right here the reason why i moved it before is because we had this inverted chapwave roman candle and holding at the weekly chart holding for any day above 114 and the continuous contract price says that there's a good chance you're going to retest the high or get close to it and then we'll see what happens and that's exactly what happened then we broke down it isn't an arch formation but it's the inverted v shape you're going from one point up and then back to that point how do you deal with it well we broke down and you had three bars that were underneath the low and then the fourth bar went up and it failed inside that rectangle i i took it away because it was starting to look messy but i'll expand it just for the moment we went back in it now we've fallen below it and what have we done so i was asked about five weeks ago i said someone asked me as a weekly chart what would i do just do an analysis of crude oil and what i said is this high to that low and i drew a rectangle in and this rectangle that's forming says that there could be a technique that i call the chapwave propeller shaft pattern what happens is the blade of the of the left side and the fulcrum can see the exact same price movement to the downside and then you got to see what happens well it went instead of to the 62 64 level that i no 62 level that i say was a possibility it went to 64 and then rallied where did it stall it stole the right today on this rectangle that's important the rectangle can be right there it's stalling right here so if crude oil it changes the pattern completely if the magazine the weekly chart starts to it's positive but starts to increase sharply if the on balance volume increases and if the stochastic which is only at 57 at any time any day next week if the stochastic is running sharply with the price of crude oil above i'd have to say 80 is at 80 to 53 if i get to 84 30 to 85 20 any day next week that says you're changing you've you've turned this into a basing platform and crude oil could then go quite a bit higher so that's how i like to use the rectangle but at the same time there are other things to consider look the 200 period moving average was in it was supposed to work then boom resistance resistance resistance resistance resistance all of a sudden it's like a magnet and we try to pull away from it so in the daily chart the magnet is good the stochastic is at 94 that's fabulous on balance volume is a little bit overboard the nine is way above the 14 and the nine has just crossed the 200 if the black 14p really average crosses the 200 level 85 60 to 87 will be here in a snap boom just like that so crude oil has this huge gap for 1 2 3 5 7 9 10 11 12 days it hasn't even gone close to breaking the low of 79 around number 79 on the 3rd of april in the continuous contract if that gets broken then watch 78 if we go back to 78 it says you could spend some time filling in the gap but so far crude oil is holding really well question that came in about the XL oh they said there were three things i said i've discussed those things as they apply to the markets the other thing i wanted to talk about is the estimators the semiconductors are failing they're not they're not running there they did fantastically and in video the star the darling has made a pf round number top twice at 280 around number highs two weeks ago and it's just taken out the left side low in this dreaded h pattern i have to watch that for the week we sold very strong legs see i'll be a pizza i'll be back sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day from 8 30 a.m to 4 p.m eastern for free each host is an experienced trader and gives their take on the market while taking 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 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 7 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 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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 how about the champion here and this is my second hour my first one was 10 o'clock to 11 target conditions out by services the opening call so here's invidia and made a round number 280 high on the third of april and made a round number 200 and oh well what happened 280 high on the third and the fourth and now it's pulled back and that makes 280 the round number really important because at any time in the next week if there is a spike above 280 it's negated that is resistance it's almost like a magnet but i have the pattern that i'm going to talk about just a moment here look the mac let me move this over to this is the daily yeah this is the daily chart the nine was way above the 14 the magnate was good but just turning down the stochastic was really good it was up in the 85 or so percent area and then look what happened all of a sudden very quickly it turned out but the nine has not yet crossed negative it's taken look how long it's taken to do that and that's what i'm saying about the doubt if it's going to turn down it's going to turn down over a period of next week maybe runnies and can't get very much higher and then it starts to turn down i'm talking about the down when i say that i also mean the sb the cues etc but the cues also relate to the semiconductors and invidia is one of the leaders in the semiconductors but the weekly chart has a leg c now i had a choice i could have used what i call a phantom peak i haven't found any necessity right now uh 230.20 was the high february the week of february the 10th uh and 230.49 was the next week it is so close that i could have said that could be a phantom peak like a peak c but it's not real because it didn't it wasn't lower high it was just fractionally higher but then you did it twice at 238.88 on the week of the 24th of feb and 238 239.00 12 cents higher so i have two and i have two instances of potential round number highs and we're going to a level that i think is getting copy in my the back of my mind i might do this in real life but most of the time i just say don't don't don't do it just yet there's no need for it just yet we could still have a so many times you do a phantom peak and then it still goes to d so i'm saying i'm treating this as a peak c if there's just a mild pullback and he has your support in the 258 area and that says if normally i would do this and put a little x in there and say based on this particular work buy the and then name the date buy the right there that'll be april the 21st by the 21st we should be testing 253 i mean that's a big ask right that's the means that we really have a big sharp pullback all right so with that said i'm just going to go to right here we have mike in omen beach hi mike how are you hey basil i'm doing great i'm looking at the the dollar dollar sign dx y yes and it looks like we made a double bottom and it looks like we have a bullish engulfing candle so far on the daily chart and my question is is there anything you can see that would tell us that this is just going to be a very short term bounce or if it could be the beginning of another you know a decent move up maybe like to 105 or something like that so let me go back since i'm i'm trying to treat this as a live trading session which is kind of what we love to do around here now let me just show you something very important i'm going to go to the e-mini again and i'm going to go to the 10-minute chart and you will see that and oh so whatever we always expect in the in the chat wave as a buy signal gets upgraded to a buy mode and it should go to at least a d so the one minute chart just went to your peak d right there d and the 10-minute chart and what i wanted to point out is look at the pink nine-period moving average when across negative roundabout just before 11 o'clock this morning only in the last 10 minutes has it crossed green and it went all the way down it took all their time to turn around to the upside so what i want to do i'm using that now as an example we're on i might want to know about the the double bottom well 100 point 82 was the double but was the low of the third of february that wasn't necessarily um uh let's see yeah so what happened is it ran back up again to peak eight i should also mention subscribers have been along the dollar since 2018 and we run it all the way up to the 121 area and all the way down again and then back up again and we have taken some money off but i've kept it because i think the dollar is going to tell us a huge story later on this this year so in the meantime the price time that's this this bar symmetry that i'd love to look at in the dollar it's uh it's two two days late so if you go to the low that was the high that was made on the eighth of march at 105.88 at pd with a doji candle and it was exactly the left side right side price time match that i've chosen to a different midpoint going on the way up and stored right at that same level and these double bottoms and double tops have been potent for the last year as you know as we've been looking at all these different charts and that says that the move that we had going down here which should have made the low on the 11th has made the low actually yesterday was pretty much 100 0.85 so it missed it by three cents so it missed it by one day today's the second day went to a slightly lower low the lower low is um 100.79 so it's really 79 three cents lower than the lower of the february uh february the third all the way to the march high so now i look at the the mag d the mag d is deflected lower but it's very narrow and it could very easily move up but it hasn't yet the stochastic is reversed from rallying and it's now 22 percent that's not very good the nine-period moving average has all this is the this is the daily chart has a long way to go to cross over 102.08 is the 14-period moving average and the pink nine is at 101.84 so i'd have to i'd love to go just step by step and all i can see is i've been talking about this for a couple of days saying was there a chance that the dollar formed some kind of just a tradeable maybe even just a tradeable low as gold makes some kind of a top and here's gold this is a continuous contract of gold it made this top at um i can't say a top it's made a high a lower high than yesterday the continuous contract is 20 61.6 and you can see the mag d is just turned down a little bit the stochastic is down under 80 on balance wanting to turn down but that nine is still way above the 14 so it's the same as i'm looking at in the in the in the dowel the dowel is going to take a while to come in cross negative it's not that it can't i'm just saying it will take a while or just really bad news and the dollar to move up might take a little bit longer but i think it's starting the basing period and you can see now another thing i look at as you as you might remember i look at a cup and a cup and handle one of my least favorite patterns it's almost like a head and shoulders that by the time you recognize the dawn thing it's already too late so you've got to recognize these things early and what i've done is i'd already drawn on the weekly chart of the dollar a dashed line to say are we going to be able to measure the low of 100 point 182 the low of the week of the third of february to whatever it is that retest the low and we're right there now so that says the stochastic the mag d is a little bit better but is still negative if you look at the history the histogram these vertical lines on the mag d you can see that it went positive just briefly and now it's negative but it's better than it had been the stochastic if it turns up from here is much higher than it was at the low that was made so if you uh if you're looking to see what will happen i'm i'm going to do the other currencies do you want to hold on a moment and i'll be back yes i can hold okay we've got micah norman beach we're looking at uh we're looking at the dollar we're looking at you're going to look at the other currencies and we'll be right back if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try tom yo brian delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30-day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of tfnn.com tfnn educating investors you might think that if you want to 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Hi folks so Basil Chapin sitting in here there's the last segment we've got and we're actually looking this is very interesting we've got Mike and Orman Beach so Mike the euro dollar has made this cup and a handle pattern and that very often portends a kind of a sideways move and this breaks decisively up into 1.09 it really needs to get to the 1.12 area to say hey I'm on my way back into the 1.14 and the USD Jpy which is the yen at this particular did I type in the wrong place yes I did USD let me just do that real quick USD Jpy okay yes it's stuck at the 200 period moving average so unless the yen actually starts to move from 1.33 right now next week hits 1.35 50 and or higher I think we have to look at the down say okay look at the dollar and say okay dollar tell us what you're going to do next because you've done everything that you need to do and now there's a chance that you use this as a base the whole 100 area to 99 as a base to rally and by it has to be speed is of the essence so if the dollar starts to move into the one 102 80 to 103 30 area anytime next week that says maybe now we have a bit of a breather in the general market and maybe that includes gold so I'm just looking at the same the homework I do this weekend is going to be really important this week was a very important week for many reasons to see what kind of residual strength there is the strength is still there how it unfolds in the next few days and I'm just going to make it as simple as possible if the Dow Monday or Tuesday is early next week is able to hit 34,300 that's fabulous action and if it slides it's got the 33,000 I'd even put it down to 500 to 300 major support that needs to hold on the shorter term so we're right on the cusp we'll see what happens with the dog this is the time the dollar could bounce a little bit hope it helps you have a great weekend thank you for course thank you so folks I'm ending over to Jacob James and Tom's out and Jacobson to be there uh two things I want to just remind yourself that this market is evolving it's trying to decide how to work its way through everything that's going on but there are some things that do well it's probably a little bad have a great weekend check