 Come Educating Investors is a presentation of TFNN Traders Edge with Steve Rhodes toll free at 1-877-927-6648 or internationally at 727-873-7618 the traders edge now Steve Rhodes and Marty folks welcome to the trade what you see was Larry Pezzavento toll free at 1-877-927-6648 or internationally at 727-873-7618 now Larry Pezzavento okay looking good Billy Ray feeling good with us we've got some really colorful exciting charts to look at today folks we're going to start at the ones across the pond and then soon as we're finished with that I'll go into the thing about the New York or the Dow Jones yesterday when we were on the air people several people asked me about that number and what I was looking at and what are what I so I'll I'll try to do that but this if you'll notice here how this is the footsie on an hourly chart you can see all the ABCDs up here three drive patterns everything that you want to see we've already started to go down much like we have here remember yesterday one of the things that we were talking about from our friend Shane SmollionWolfTrader.com he showed us that we have a Bradley date that is due either today or tomorrow could have came in yesterday within one day between the 16th and 18th of August and so if that's the case we should have made some type of a top up in here now that doesn't mean it's going to last more than a day or two but at least the Dow was off about 300 points at one time today and went down very very close to the 382 went below it by about 40 people 40 handles and then rallied 180 points so maybe that's going to be enough to hold it that we don't know but you know what boys and girls nobody else does either okay what we're going to do now is we're going to take a look at the footsie on just a little bit longer time frame because these patterns are quite pronounced and that's why I'm spending some time with them today saves you a trip across the pond there you can see we actually have a modified one three five pattern there one of the far left there's your three and there's your five so that could be a one three five pattern along with that you know double ABCD that's been made up here so we're really critical levels in all of these now the next one we want to look at of course is the German Dax and we'll get up here and take a look at that this will be on a 60 minute and it's also pretty nice by the way tomorrow our guests will be Tim boss financial cycles weekly on Friday we've got Jim Bart the Leone of Bart's charts and next week on Monday the 22nd we will have none other than himself Mr. Norm Winsky from Astro trends down in Florida so and then we have they'll be Jeff Hughes will be on next week and I believe Stan Harley also we like to have those guys on twice a month because they have some really updated stuff that I think is really important so you can see what we're looking at here in all of these well the ones we're looking at is the footsie and the Dax over there they look a very very interesting member folks I'm I just I just do ABCDs and a little bit other stuff to try to get to where we are and I wanted to talk before we get to now let's just do the stock market one right now because this is not a rocket science I don't think so we'll get up here and take a look yesterday when we were on the air I saved this so we'd be able to see if this was at the close of the show we were looking at the major 1.618 expansion up here at 34,209 and we got to 34,242 and then we broke all the way down to 38,3809 so we dropped down about 400 points from that point now you remember we didn't make the 382 retracement on the Dow Jones we did on the S&P but we did not make it in the Dow Jones the reason why we were looking at the Dow Jones was twofold we were looking at it of course on the shorter time frame that gave us the last two days all of the 15th and 16th but also if you remember we were looking at the Dow Jones I'm doing this because I had three people ask me to go through it so I hope it's not boring it's not boring to me even though I'd see it all the time here's the possibility now this is the possibility that this is this big one three five pattern coming in there's your 78% level folks I mean that was it we were sitting right there on the money honey as they say and it stopped and it's dropped 400 points now anything going anywhere near that level again tells us that we could go higher so if you're in that trade you made a couple of bucks don't let it don't don't make any less than a thousand dollars folks that's the main thing that you want to do lock in at least 200 points because a thousand dollars or 200 points in the S&P is not easy to get and not only that it's not easy to keep so remind ourselves that's what we're watching it this is a very important one that we're looking at here right at this 78% level and it's important for several different reasons and I'm going to show you reason numero uno let's take a look at it I want you to see something here we're going to go back into time boys and girls hold on just a second get the old time machine up here and we're going to go back about 14 years to 2008 I think if mr. Basil Chapman is listening this one or Steve Rhodes or Tom will brand they'll probably like this because look where we are back in 2008 we were sitting right there at this old number of 2008 the old 200 day moving average and if you think these moving averages aren't important folks think again because they're a lot of these quants are using these things I mean I don't use them I use the Fibonacci numbers and numbers of sacred geometry but these folks that use moving averages are pretty smart too and you can see that's where we are now guess what we're going to get back into our time machine I hope you like this time travel stuff folks because it's very exciting for me being the technician that I am I want to show you where we are today where we are today hold on just a second here and here's where we are okay there's where we are we're sitting right at the 200 day moving average just like we were in 2008 is this similar to 2008 I don't know but the fact that it's setting at that 135 pattern right at the 78% level you got to get you got to respect it because these markets repeat over and over again and it's important that we look for that reputation that's what we're you know we're really trying to do here now we've got ever other markets to cover this morning because we have been watching this crude oil like a hawk for the past several days it's trying to make a bottom but boy it's not an easy bottom so we're going to be showing you what we're watching here in the crude oil we also want to go through and show you what's been happening with one of our very favorite things natural gas because something very very important happen in natural gas today and I think you'll enjoy seeing that pattern unfold if you have any questions today folks it's 877 927-6648 and I'll be happy to answer any questions if I possibly can now we'll be right back in a time of booming inflation we are purchasing powers eroded there's no better place to protect your hard-earned money than ain't gold this the golds flagship asset is the monk cod gold project in Northern Territory of Australia this is Australia's largest undeveloped gold project we are talking a world-class gold project in a tier one mining district this is a large-scale low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction this the gold just completed the Mount Todd feasibility study which resulted in a seven million ounce gold reserve in a 16-year mine life all of this combined with the approvals of all major operational as well as environmental permits this distinguishes Mount Todd as an attractive dearest pot ready development stage gold project this the gold trades on the New York stock exchange and the symbol VGZ Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019 finishing at number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his mastering probability newsletter Steve's award winning newsletter mastering probability is delivered every trading day with updates throughout the afternoon sign up for Steve's market newsletter mastering probability and you'll receive access to seven of Steve's educational webinars absolutely free at TFNN all our newsletters come with a 30-day money back guarantee so you have absolutely nothing to worry about visit tfnn.com and try mastering probability 30 days risk-free today TFNN educating investors 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 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 in our gear 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 okay folks we're going to change gears for just a minute because we've got something exciting happening from the old 382 standpoint I posted the chart here the old eight-minute chart of the Dow Jones e-mini and by golly guess where we're sitting folks right there at the 382 retracement of that whole move down and so we'll keep a good eye on it now if you're going to do that trade you know you don't have to risk more than about 60 points which is roughly 300 bucks so the first one would have made a lot of money you know if you don't went down there you can see the 382 on the downside down there just below 3900 excuse me at 39 and what was it yeah 43900 but anyway it's all about risk control folks and probability they don't always work remember they don't always work and so that's the important thing but it keeps the excitement alive here at the old trading room here at TFNN so we'll be watching that very very closely now what we want to do now is go back and take a look at this natural gas because there's a beautiful story told here if you like TFNN and if you like to listen to some of these trades that we put on I think you're going to enjoy this one because this comes fresh out of the old AB equals CD floor traders handbook look at this folks you can see this market went up and made a new high above 9600 the old high on this natural gas folks at one time was 17 so we're about halfway there you can stop and think the people in the UK are paying four times what we pay for their natural gas because everything that they have there is very very important so let's remind ourselves that hold on one second I have to take a little drink of water okay now here's what here's the here's the sequel to this and here I want to give them a big hands up and thank you to my good friend Steve Rhodes for switching times with me because I never would have got this one had I not been able to be watching it because it was happening a little while ago early in the morning but let's see what's happened if we believe in abcd and everybody that believes in abcd raise their hand oh my golly there's our hands are being raised and I'm sure sounding corny today and guess what we finally got the old air conditioning fixed hold on I'll tell you about that a little bit later okay here is now there's you're going to be looking at the short-term pattern in the natural gas and as you can see there's absolutely beautiful abcd pattern up here now this isn't much of a move folks from the high up here down to the low and then to the 382 retracement this move down with the margin is 3900 okay that move down was only 5500 but but it took a whole hour to get there so I mean just shows you the volatility that you're having in natural gas and then of course you went up to make the 382 just like we're just like we did in the the Dow Jones here just a second ago and now you can see this is backed off so anyway that's what we're paying attention to today folks they don't always work but when they do they work pretty good I've asked someone asked a question about the moving average why why don't I look at moving average is more folks I do everything based on abcd because that's what the fractal of the markets happens to be that's proved to us by by Gartley and also by and while Mandel brought and also in that floor traders handbook absolutely you know shows it perfectly that that's what it is does it work all the time absolutely not does it work more than it fails yes absolutely it does but that's what I do now moving averages and oscillators and those things are lagging abcd is not lagging it's right on the money I mean hey sometimes the money takes it away from me but when you're setting up there at point D and it starts to work I mean by the time a moving average turns folks this thing's way down here you know so that's one of the advantages that Steve and and also Basil Chapman do I mean they they don't put their entries in on that I mean we looked at this 200-day moving average that came from our good friend Jason over in Micronesia where he trades all the time and you know it maybe it works it maybe it isn't but the fact that it all lined up together gives you what it gives you some information that's really what it's all about and what you have to do is take that information and convert it into you know a situation where you don't have to risk very much okay that's the that's the bottom line of you know what we're what we're really looking at you know so let's keep in mind okay that's basically it okay now let's move on to a couple of the things that we want to cover here before we get on to something else getting on to that E-mini S&P we talked about the Dow Jones and let's here's the Dow Jones we'll get this up here because this was the E-mini S&P I wanted to get in here because it was also included in what we were looking at and there it is right there you can see the levels of the 382s all the way up okay and that that's all that was doing just following along what we were trying to explain each day excuse me folks and let's now let's take a look at what happened to the S&P after that occurred now we believe in ABCDs and if we believe in you know what we call 382s here's where it was last night you can see here the market made the high up here it came down what did it do over almost a 30 40 minute period it goes right up to an exact 382 retracement and comes down and stops right at look at this this is what's important folks you see that arrow that I drove drove here that I drew in the reason why that's important once that market starts breaking below the 611.618 man alive don't be long there just like if it would have broken to the upside if we'd have gone above 4340 or something that doesn't work the numbers no longer work these patterns are there for two reasons they're predictable within reason AA the keyword there being reason and the second thing is is it tells you when you're wrong and you can't stand in front of it when you're wrong and as you can see we went all the way down to actually Steve Rhodes magic number of 42 58 to 4260 and of course we rallied you know 25 handles said Sam but 25 handles in a market like this is nothing so that's what we're that's what we're watching here is to watch these numbers as they unfold because they're they're very very important and they don't always work as I've said many times but in fact they do they do work when we get back from the break which is coming up pretty soon I want to go over the old famous pork bellies of the old commodity markets these days which is the crude oil natural gas happens to be the sequel to that but crude oil is just an absolute if you believe in numbers in Fibonacci my goodness you have to pay attention to this one because it's really trying to tell a story I wish I knew what the ending of the story was but it certainly had some wild swings here today that we were expecting and they did work out relatively well okay one other question someone's asked is about the gold yes we are still buried the gold we believe we got the Fed today don't forget here in about 40 minutes the old Federal Reserve will be out there and we'll be talking to them after I'm off the air but watch that gold down there at 1768 folks you'll never guess what that number is it's point it's between 0.39 right and 0.37 what would that be 0.382 so watch 1768 in that gold market because if gold's good it's going to stop there 877-927-6648 we'll be right back 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 tfnn is excited about our new software charting program the art of timing the trade charts in collaboration with Tom O'Brien and using his best-selling book the art of timing the trade your ultimate trading mastery system David White has programmed an outstanding piece of software that will complement any trader's 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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 by 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 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 okay folks one of our listeners has been kind enough to send us a copy of the cash s and p the spx and i really would like to focus on this level right here if you'll notice you're right there there's your 382 retracement with your abcd pattern i'm not sure but would you let me know can you let me double check to get into uh-oh i think that's the old um the dow Jones seems to be going above the number is that correct larry let's double check here see where we are yes it has say this may be trouble in river city folks the number was 33 973 we're now at 33 982 now if we get above uh you got to risk the 97 43 you got to risk 40 points you got to get above 34 and change for it to be wrong but now we're 10 pips above that the number usually it's perfect but not always so remember this is a game of not risking very much and that's the whole key here of what we're looking at here is not risking very much what i'm going to do now is because the limit minder went off is i want to be able to know if it's going to continue to work or not because it doesn't work all the time that's the main thing sometimes we get pretty lucky on these but other times it's not the same okay that covers the spx i wanted you to see that because i took it off the air and the reason why i'm trying to make a an appointment the limit minder went off and everything's happening at once shut the front door raise the rent okay there's the this is this is the key level you see this folks this is what i think is happening in the gold market i think we're getting ready to hit 1768 in the gold we rallied 150 bucks up from 17 from 1676 to 1824 that 382 comes in at 1868 and we got the federal reserve today so keep an eye on 1868 i i disliked that number i uh you know i i said buy it at 1868 put a ten dollar stop on it you know it's uh it's better to buy it there than to buy it at 1822 so that's what i'm paying attention to you can see all the way up here you know this thing was very very strong and we were talking about it all the way is because you know we kept going higher and higher the real key to all these is when we went above 4200 in the s and p folks last week that was a really key number and remember it stayed there at 4200 42110 backed off a little bit down below 4198 and then came roaring back that's when it tells you that you're wrong and that's why it's important that's why the 1.618 is such an important number because boy when that thing breaks oh dear just uh it's just really the most amazing thing i owe i mean i i knew these numbers i knew 1.618 618 and 382 uh like the back of my hand but it wasn't until 1988 uh well you know it was early early 1988 february 1988 i was in chicago and brice gilmore was giving a speech there i i knew who he was but i'd never met him and one of my students came running up to me and he says you've got to come into the room here and listen to this guy talk he said because boy he really knows fibonacci and i saw it was brice gilmore so i walked into the back of the room there's about 200 people there and he sees me he's never met me before and he says oh he says look who's in the room he said mr fibonacci himself mr pesavento he says why don't you come up here to the front row here and see and sit down for a few minutes and maybe you learned something and everybody cracked up and i did too i thought i said oh brother what am i in for now so i sat down there 10 minutes into it i said oh my god this is it and at the break i walked up and i said when you're going back to australia you said well i was thinking to go into california and i said well i've got a trading house in california that's waiting for you you can stay as long as you like we've got an extra car everything you need he stayed three three months with me and from then on he spent several months with me from 88 all the way through 94 then i moved here and he came over and spent some time here in tuson with me but he really got me started seeing sacred geometry for what it is basically you know the fibonacci sequence is part of that but it's also the square roots and the reciprocals of numbers one two three four and five equal to our five senses that pythagoras always talked about that his wave trader program put all these numbers in and it flashed beautiful colors and that's where i started to see the butterfly pattern and that's why i called it the butterfly but uh when i started seeing that but the thing that he had on that wave trader program it would be ranked from one to ten so if you got to a 10 that mean that all the ratios were ready to go but boy let me explain something to you folks i did about 13 trades in a row with that thing and it worked every time but on the 14th one it was a second day and i had of course i had to stop in on the market and steve schepiro and i were trading together and i i believe it was treasury bonds and this thing just went popping through that number of 1.618 and when brice came in a little later i said look what happened here he said yeah he said when it goes through 1.618 he said that's your proverbial line in the sand and i will never forget that but my most memorable story i've got a couple minutes here because it's it's important to me and hopefully it's important to you this was 1988 it was probably april and we were trading at the house and brice didn't have an account because he was in australia and australians couldn't trade us markets and so i was letting i was putting contracts on for me he wanted to sell for treasury bonds i believe the price was like 103 and he said put it i want to sell four of them at 103 and i want to put a stop at 104 i said one tick i said get out of here so you gotta trade bonds for one tick he said if they see 104 i'm going to take all of my books and i'm going to go down to that pier there at pismo beach and i'm going to throw them into the pacific ocean and let them float back to australia and i'm going down to los angeles to start buying exotic cars again put them on a boat and that's what i'm going to do i'll be done for trading forever and i said come on one tick he said it's not going to see 104 so i put the order in takes about an hour we finally get filled i don't know how many times it hit there we finally got filled and then the market started to back off and he was out putting his golf clubs in the back of the car and uh he yelled up and he said what are the bonds doing i said well they hit 103 we got filled and it's down about a half a point i said you know he said you mean i've made two thousand bucks and i said yeah you made two thousand dollars he says well let's book it and i said you waited all this time to get there and you want to just take a two thousand dollar profit he said yeah i'm happy with that so i took off the four contracts and when we went to dinner that night i never said a word because he didn't know where the bonds had closed because the bonds closed are you ready boys and girls $2,500 lower and they didn't see 103 for several years but uh that's the i asked him i said can you tell me why that was so important he said you're not qualified to learn that kind of stuff and that's what he told me i said yeah you're probably right but anyway that's my story and i'm sticking to it steve steve and i chat about that all the time well not all the time occasionally we remember brice we remember that story there were a lot of other ones too but uh now he's a real character a real daemon run-in character we got another break coming up here already and we got to get back here and get to our crude oil because we haven't even covered that yet and that's uh i think very important we got a real chance here on crude oil to make some type of a bottom in here but whether we get it or not you know remains uh you know remains to be seen so let's uh keep that in mind also so we've got the music coming up or not i can't tell whether the music is coming out uh there's a music hey we'll be right back eight seven seven nine two seven six six four eight 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 basil 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 basil Chapman and 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 the technology around us is changing every day with so much happening that can seem impossible to keep up with all the information David White's investment newsletter the technology insider is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future David White has made his living staying on the cutting edge of technology his weekly newsletter will give you specific recommendations for value tech stocks as well as entry prices target prices and stops to set for each trade Dave delivers his weekly newsletters every friday with updates throughout the week you can get the technology insider at tfnn.com for only $37 and 50 cents sign up for Dave's newsletter the technology insider and get an 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 bear etfs visit directioninvestments.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 principle 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 okay folks we're going to talk about crude oil now you'll notice here up at the high at 95 which was also 382 retracement we had a big a bcd pattern right there that was the one we it was quite quite a few days ago then we came down and you can see we made the 382 retracement here you notice we went above it a little bit that's maybe what happened with the dow Jones here in just the last few minutes completing that a bcd or maybe it's going to fail you know this is the head this is where you flip the coin and put your stop in because you don't know whether you're going to be right or wrong but that's that's what we're looking at right here is that beautiful pattern now if you believe what we always talk about here these markets do two things one they repeat and what do they do they repeat with regularity that is predictable within limits and the key there word is the word limits so remember we were looking at that up there at 90 and change at that point now let's take a look at what happened right after that just a second i've got to get the i've got these marked up so that we're able to see you'll be able to see where we are here okay here's where we want to get this up here to see where we are because two things happened that i want to show you why these patterns work and when they're you know using a 15 minute chart you can see here here was the big high that we made up here okay that was the 382 up there at 90 60 we came down we went right up to the 382 again you can see right there look at this pattern right here folks here's the one that i did last night so i bought that abcd pattern right there i put my stop in and of course uh i had to go to sleep sometime and uh what happened was i got out at breakeven and of course from there you know it just kept going down down down that's why you want to be patient and also put your stops in because you know when you you can't watch these things 24 hours a day i've tried and it doesn't work so let's remind ourselves of that but there's another one here that i that i think is that is really important and this is the one from last night i i printed it out just to show you what i was looking at this is where i went long okay and bring it up here this is the kind of trade that i would do today if i were trading crude oil i'm not in the crude oil right now but i'm out of breakeven but anyway there's a there's a three you can see the 3a2 there's your abcd just right before the 50% retracement your risk there is very small perfect abcd by the way you can see it just there's your a leg b leg c leg d leg and then of course you went up and you went all the way up a lot higher before you finally you know rolled over and then it was stopped out you know a little bit later how do i know that this is going to keep going up i don't know because sometimes you do them and they just keep going up and up and up and you don't know what else to do but to hang on and that's it remember their part predictability but the main thing that these patterns are for is one thing and one thing only folks risk control because when they fail when they fail stand aside or learn how to glide because it's going to tear you a new hair piece even if you don't need one so remind ourselves of that folks we're looking at it from a very very important standpoint here for risk control that's what they're all about you can give you all the patterns that you want to look at but by golly when they fail and they do fail you've got to you've got to stand aside and you know do the best you can now let's move over here to we want to talk about i think that was the last one on the uh oh no here's there's the last one on the on the s and that the uh the hello operator crude oil let's get this up here here's the last one i wanted to show you in crude oil because this one you see it went through you see it made the 382 retracement here then it came down and then it exploded above the 382 went all the way up and made a 61 percent retracement of the high that we made yesterday okay but guess where this was this was 382 of the high that we made the day before so by golly pay attention to that it's a nice little pattern that pays a few dividends when it works that's the key when it works we try to only show you the ones that work and if you believe that i still have two shares of the brooklyn bridge okay now for my air conditioning story we had an air conditioning go out and we've had the same air conditioning man for 30 years his name is jim and he is a i don't know how old he is he's probably close to my age but it's 100 degrees out and he's hopping up on my roof with a a 60 pound motor that he has to install and it takes him a couple hours to do it and it's you know extremely hot up there and then when he gets down you know and i ask him i said how come you don't have some help he said i can't get anybody to work for me he said he said i've tried you know raising the price 50 he said you can even double the price he said people just don't want to work and he said it's a little bit of a skill because you have to pass some tests and stuff but it's hard work but it's honest work and he said just said i can't get anybody to to do it and so i said well i can i can certainly understand that and then i thought of ourselves here we are folks all of us sitting here in front of these little tiny machines trying to figure out where to be a buyer and seller we're not up on the roof in 100 degrees temperature and by golly you know that's the main thing she want to remember here that you are very lucky to have a job like this and the fact that you have this electronic trading the way we have it now shut the front door it's like owning a seat folks i paid $119,000 for my seat you know to get to to see that i could trade for two bucks on each side and now you pay four bucks in and out so you know you're just like a floor trader there so as long as you don't make any really stupid mistakes then you got a really good chance of uh you know doing something that's the real key you know to watching what we're doing right now i haven't heard the limit mind to go off so that tells me that we're still trading near that three eight two level so we'll keep watching that if you have any questions it's all we got only got about 12 minutes to go is eight seven seven nine two seven six six four eight so if you're in that trade you know put your stop in at 34 or one that rate that way you're only going to risk a hundred and fifty dollars hundred fifty dollars the price of a good stake at martins for you and your wife if you ever get to chicago but that's uh pretty much it so hopefully we'll see where we at i was just told that we're trading exactly at the three eight two now at 33,973 in the e-mini and we'll see if it's going to work or not but your risk there is 30 points if we get hit we'll make it back on something else but right now that's what we're looking at now i wanted to go and talk about one other market and that is the market that just keeps on giving let's get this up here to take a look at it and that is the euro remember we got the federal reserve here in the next 40 minutes or so so it's going to be wild so get ready for that that's uh no no question about it's going to be pretty wild here's our euro looks pretty much like the crude oil look at this this is a daily folks look at this trend to the downside you know selling these rallies little abcd rallies all through here 61 percent retracement three eight two retracements i mean this is uh this market's extremely bearish now when when will it change well if we get it above 104 i'll say yeah we got a chance for it to change but right now this market looks like it wants to go to par and that that means below that 101 level and believe me it's not par that you're going to be looking at you're going to be looking at either 96 or 94 remember it was 20 years ago 22 years ago uh this month that the euro was out trading actively starting in 1998 and we got down believe it or not folks to 84 in the euro that's how low that puppy got and it went from 84 to 160 shut the front door and raise the rent let's pay a few bills 877 976648 this to gold owns and operates the largest undeveloped gold project in australia the mount todd gold project this to gold just completed their feasibility study resulting in a 7 million ounce gold reserve this to gold has all major permits approved and has retained civc capital market assistance in evaluating alternatives and in completing an accreted transaction this to gold trades on the nyse american and tsx under the ticker symbol vgc this to gold executing a strategy to create shareholder value 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 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here folks we've got about a couple more minutes to go then we got the Fed talking we're trading pretty much at break even here on this at 3-8-2 you know if hey look if you can afford to risk 150 bucks put your stop at 3400 and I believe that's it yeah 34 yeah 3402 34 yeah yeah 3402 3410 somewhere in there not risk more than just a few hundred dollars you got the you're playing against the Federal Reserve but you know they they they let you play against them because you can put your stops in so you don't want to risk very much at all this is one of those times where you don't have to risk hey stop and think if you'd have done it yesterday you made 400 handles at you know 400 points at one time today at least 300 that's you know that's well anyway just don't try to lose too much tomorrow we're going to have Tim Boston we'll have some stuff about bitcoin of course he's very very good on Friday we'll have Jim Bartolioni of a Bartch charts the next week we have Norm Winsky we're also going to have Jeff huge and Stan Harley and JC Parris of all-star charts got some guests coming in we're hoping to have John Pennell on not John Pennell johnny person from back in Florida as one of our guests he really understands the the dowie many he's been trading that forever and that's his specialty so we hoping to have hope to have him on next week too so that's what we're watching live every day in an attitude of gratitude folks and try to do something for your neighbors i say that every day but it's really important because there's a lot of folks out there that are having a great deal of difficulty and it's not any fun when you're happen to be in the situation where you don't know whether you're going to be having a next meal or not fortunately in our neighborhood there's only a few families raise your hand Larry haven't missed many meals lately but you never know so anyway let's take a deep breath thank god for what we have live every day in an attitude of gratitude and may god bless