 Sign up today and become a part of this educational community of traders. Just visit the front page of TFNN.com The following is a presentation of TFNN. Trade what you see with Larry Pezzavento call now toll free at 1-877-927-6648 or internationally at 727-873-7618. Now Larry Pezzavento okay looking good Billy Ray feeling good Lewis on the offices of Duke and Duke 100 South Broad Street Philadelphia Pennsylvania we are going to take a look at this treasury bond chart that I posted up this was a four hour chart and folks I really messed up on this one and I got to show you why because you know we try to get as many good trades as we as we can we have had some really good ones we had a really good one today in short soybean oil and it's dropped you know well over $1,300 so far a little bit more than that now and then we also exited our goal position and got a little bit on the short side which was good but I wanted to point out to you the thing that I did wrong you notice those little triangles that are there those are the swings that I was looking at and what happened was that last swing I didn't look at the longer term trend line or the longer term a pattern on this and so what I'm going to do now is to show you what I did wrong and then you'll be able to to see why we did a had a really great day on Friday but this would have been a spectacular day unfortunately the trading gods were not with me on this one so I have to show you what I did wrong I did not go back far enough when I heard that Bill Ackman was talking about how heavily short he was these bonds and I looked at this pattern here on the long-term daily you can see the big abcd measured exactly to the low folks 1925 that was the low it's rallied almost three handles to the upside now it's backed off a little bit from that level but that was still a big move now this could be something really dramatic if this holds but folks if it goes below 120 uh below that one 1925 now then there's real trouble because that low on the day that we hit it on Friday after the report was exactly a 1.618 and a multiple abcd pattern with a three drive to a bottom pattern you can't get that many patterns lined up together and for me to miss that was uh that was that was a toughy because I thought about it all weekend what I did wrong and I know what I did wrong is I just didn't look at it in depth especially when I was listening to what Bill Ackman was saying he wasn't saying it but they were typing in it on Bloomberg and that guy's pretty smart and I just don't believe that he would be doing that by the way open interest on that big update that we had in treasury bonds on Friday increased so that is actually bullish there was no more short selling so that's another thing that you want to keep in mind here on these treasury bonds and also with the treasury notes they are just very very oversold and due for a rally that's basically what I'm saying folks as a pattern recognition swing trader the trend means something to me but the pattern means everything to me because within the pattern tells me what my risk parameters are and that's what I have to be able to do now Tom Hougard has asked me to do a one minute epitaph of David Paul and I'm going to do that I'm going to give you a rough idea this is going to take me one minute to do it but I'm going to basically tell you that you know David Paul enriched the lives of everybody that he met I met him 10 years ago he showed me his track record and I said my goodness I said how can you be so good he said I keep it simple and I control the risk he said the secret to winning is losing and I said yes I'm certainly aware of that because I know Tom Hougard and you trained Tom and he said well I didn't train him he said he gave him some ideas and that was it and that is the proof of David's legacy folks the best loser wins one of the best losers out there is Tom Hougard he makes he doesn't make thousands doesn't make 100 thousands he makes one digit up from that sometimes two so he is one of the greatest no question about it and it was nice enough for David to spend as much time as he could with Tom and Tom basically had David as a surrogate father and it was really quite spectacular the relationship between the two so he will be missed super nice guy and he used to do these one arm do these one handed push-ups that I couldn't get over use any 60 died at 68 a week 10 days ago and it was really quite sad and anyway I still think about it to this day okay let's take a look now at the British pound first of all we're going to take it we're not going to make the mistake like we made on the treasury bonds we're going to look at this on the weekly first and then we're going to take and look at it on the daily our guest today for the break at the half hour will be Mike Moore of more analytics he's always got some great things oh dear I wonder why this happens to me but that's okay we'll get it straight here bear with us folks and usually it's a second time that it works I don't know I'm going as slow and as methodical as I can but let's take a look uh well we're not going to try the weekly let's just go down to the daily with the British pound and see if that one will work if that doesn't work I just throw it out the window I have so many technical problems today with Google folks someone's hacked the accounts and I'm not able to get the videos out on time and sometimes the newsletter was even returned from some people so if you didn't get it you know just be patient and we'll hopefully get this fixed today or tomorrow and we'll be able to look at this is the British pound you can see here that we stopped right at the 78 percent level up there that 130 and change level and so far that has been the top but it's still a little early in the game to see whether it's going to do very much at all remember the key to this was the dollar index because it had made such a beautiful pattern and I will hopefully bring this up and show you what that pattern is if other trading gods are with me and sometimes they are and let's just get this up here this might not be one of those times but let's see if it is here it goes we'll get it up here if this doesn't work folks I will definitely get this thing fixed today or I won't be coming back on the show because I'm not getting any charts I can't really show you what I'm talking about look at the the 135 pattern folks there's one right over here there's three right in the middle and there's five right here plus you have another 135 that tells you that that dollar index has made some type of a major top which means a year old a pound Canadian dollar Australian dollar should be rallying a little bit well they are a little bit but not very much you'd think it'd be exploding through there but it certainly isn't so we have to pay close attention because should we get above this line here up at that 103 level this means that these markets are going to go with these foreign currencies are going to have some spectacular moves so we're paying very very close attention to see if they do in fact break that out or break it to the upside that's what the whole key to what we're looking at here so I hope that gives you some indication of what we're looking at for today and we as we said before we bought the gold on Friday at 1955 we sold it out at 1982 we went short at 1976 and that was based on the video that I did but I don't think you folks got it so there's not much else I could do all that was was a nice ABCD pattern on a 15-minute chart that turned out that it worked okay so those are the things that we're watching here today as this market keeps on trucking and that's the whole key to watch this thing going we've got a we just hit well we just made another ABCD pattern just now up here at the Dow Jones we haven't made it quite yet in the S&P that comes in at 4535 but the Dow Jones has been the leader of the packets up over 350 points and that's what's moving the markets you know really really quickly and we're glad to see that because the more volatility you have the more chances you have for making money and it's also chances of losing money so the key is keep your losses small and let your profits run let's take a little break here folks 877-927-6648 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 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 ready to take your trading to the next level introducing tom o'brien's award-winning newsletter market insights your key to successful active trading tom o'brien renowned for his expertise in the financial markets has designed market insights to be your daily guide to profitable trades tom publishes his daily market insights newsletter every market day before the market open along with updates when warranted stay ahead of the game with tom's real-time analysis and trade recommendations delivered straight to your inbox whether you're a season trader or just starting out market insights provides the edge you need to navigate the markets with confidence ready to join the ranks of successful traders head over to tfnn.com and subscribe to market insights today don't miss out on this opportunity to supercharge your trading results market insights comes with a 30-day money back guarantee for all new subscribers so you have nothing to risk don't miss out on this opportunity to revolutionize your trading game head over to tfnn.com right now to join the thousands of traders who have already experienced the power of tom o'brien's award winning newsletter market insights firsthand tfnn educating investors toll free at 1-877-927-6648 internationally at 727-873-7618 okay folks i was asked over the weekend uh someone that has been studying the abcd patterns and not not not with me for not like a student but someone's been read the book and listens to the videos and he goes to the websites and you know practice with the patterns and stuff and he says why can't i see what you see and i say well it's quite simple i said you just haven't looked hard enough and he says well i look i look at these charts all the time i said yes you're looking but you're not seeing that's a big difference i said when you learn to see what the patterns are doing then that's different just looking at them doesn't really mean very much if you can see it unfolding that is a whole different animal and that's what you have to do the skill involved in the trading folks is you have to perceive what the operate what the opportunity is and you have to have a methodology that works well my perception is i see opportunities when i see ab equal cd patterns that's what i look for now the precise methodology that i use is quite simple everybody that's seen me trade before knows that i use ab equal cd basically exclusively that's why i'm only right about two out of three times sometimes i'm wrong three or four times in a row lately we've been right four or five times in a row but that'll be followed by a few losses in a row so you just have to get used to it because you don't know which ones are going to work and which ones aren't going to work but when i get into trouble and that's if i have a couple losses in a row i take a deep breath and i wait for a very nice ab equal cd pattern or a 382 pattern the 382 of course is when the market rallies back in a strong trending market and you're able to buy it or sell it at that particular time at that 382 we covered that in the all day trading section now to do this the way that i do it you have to execute your trades without any hesitation at all because when you see the moment to act that's when you have to act there's no other way to look at it okay that it just isn't you just have to be able to believe without any hesitation that it's going to be a trade that you can put on you don't know if it's going to work or not but you know that it's a tradable pattern and you have to do it because you don't know which ones are going to work and which ones aren't no one knows that okay so if you've got a valid signal and you ask yourself how much do i have to risk to get into this trade and you can answer you know yes to that it's very small then you must take the trade because you don't know which ones are going to work and which ones aren't and so that's that's really what you know trading is all about from the way that i look at i'm a pattern recognition swing trader i sure i get a top once in a while i get a bottom once in a while but that's not what i'm looking for i'm looking for a pattern that tells me how much i have to risk at that particular time and so that's what i'm watching okay frankly right now what i'm watching is i'm watching the s&p here at 45 30 okay and it has a whole bunch of abcd patterns that come in up here at around 45 36 so that's where the old cowboys are going to say hey let's get out of the corral put up the last you get out the whip and ride this puppy so i'll be looking at 45 36 and if we get there then by golly i'll say this is the time where we want to be able to get on the horse and see if it's going to ride in the direction that we want the good part is i only have to risk about six points on this because the market's not crazy you know of course if it gets up there really fast it's only seven points if it gets up there really fast and that would be a totally different animal but we've had a couple of very nice patterns here in the s&p for the bully side since early this morning uh actually last night when the market could not even open to lower it actually opened a little bit higher and that was the tip off saying oh this thing's not quite ready to go down yet and uh that's exactly what happened we had this big rally in dow jones of uh 370 points i believe the s&p has rallied down to 20th around 32 points so we're having big rallies but they're still following the patterns they're not doing anything different than when we watch these uh at any particular time another reason why this young man was having trouble he just really didn't have enough knowledge about the market i quizzed him about you know fibonacci numbers and he didn't quite understand how they fit together with the patterns i asked him about money management he said he really didn't do much because most of his trades were losers and i said well okay now why are you losing folks he was trying to trade the s&p with a two-point stop folks no one can do that believe but they might be able to do it once or twice but now that that's just the normal flutter of the market so that was it so basically it boiled down that he didn't have a trading approach so what i told him to do was to uh well give a little commercial i said buy the floor traders handbook read that it'll prove to you that the abcd patterns work and then you can go from there and so i said okay i'll give it a shot well i never heard from him after that so that's neither here nor there so you have to have a methodology you got to believe in it without any hesitation at all and realize that you're not going to be right all the time the times that you think you're going to be right are the ones that are most dangerous uh mark douglas proved that to me over and over again in all the years that i worked with him which were five here uh in tucson and i saw him almost every weekend for the next nine years while he was living up in in scott's dale so anyway he was pretty really brilliant guy and uh as was david paul david was the same way a little bit different background and stuff but uh his his background was in mathematics and uh but he he was certainly good very very very humble and just uh those of you that got the meeting know he was really a stand-up guy that was making it you know really a lot of fun to make it now a couple things about trading is that i got from roi longstreet and uh basically if there's no mistake in guessing wrong the mistake is in staying wrong the difference between a professional trader and a neophyte trader is the neophyte trader won't take care of his loss right away he'll just sit there and watch it go and go and go till he's out of money the professional says oh this is not what i thought it was going to do i'm going to get out of dodge okay so if you remember the words of paul tuter jones folks you know how great he is lose your opinion instead of your money and that's a really good thing to live by because everybody has an opinion and what's like every everybody has an armpit and it usually smells so you got to be careful about opinions of other people all you have to do is read reminiscences of a stock operator by edwin lefever the story of jesser livermore and all it is is everybody in that bucket shop had a different opinion of what the market was going to do that day okay but that's not what counts the market's going to do what it wants to do and that's basically the bottom line what we're looking at when we're watching these markets go up and down the way they're doing right now so whatever you think you're going to believe that's probably what you're going to experience so if you believe you're going to lose you're probably going to lose if you believe you're going to win you're probably going to win so have that positive thinking for you or going for you at all the time and you should be okay but you've got to have a methodology okay you have to believe it and hold it dear to your heart to know that yes it does work and then just go for it that's all you have to do the problem is most people won't do the work they won't sit here six and ten hours a day day after day here after year to learn this i did that and so that was my years of medical school anyway that's what we're watching here today we're going to be taking a break here and when we come back we're going to have our good friend mike more of more analytics and tomorrow we have a grace morris of astro economics on wednesday we got the wolf trader himself shane smolian old report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the london otc market the us futures market and the shanghai gold exchange the gold report tom obrien publishes his weekly gold report every monday morning for subscribers consisting of coverage of the xAU hui gdx the dollar bonds the south african rand as well as 25 different mining equities with specific buy sell recommendations the gold report new subscribers get a 30-day money back guarantee so you have nothing to risk subscribe to tom obrien's gold report newsletter now at tfnn.com 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 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 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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 don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then watch tiger tv okay folks with a little bit of luck i think we might have mike more of more analytics in the in the house today mike are you there i am good my friend how are you today same as same i noticed that the crude oil made another new high today what seven weeks in a row it's made new highs yep tell us what you're looking at here let's start out with crude oil and go through the complex and then do some of the other magic that you have for us okay all right so okay just to back up in the crew can you hear me okay yes you're coming in perfect yes first of all hello to everybody that's watching thank you very much for taking the time to come and visit till we's an honor to be able to share on larry's show so um so anyway the crude here just as a backup of for those of you that have been watching in past weeks and months on a shorter term basis the break above 65 31 to 31 a decent strength we've seen 17 dollars and 99 cents of that so far and there's a couple other formations in here that have projected us higher as well um let me just drill down one time frame now the only other issue is is as we had broken above a significant pattern here projected upwards just about hit that stop and rallied again but right in here this warrants that this may be the last stretch and this move up from this low and this may be due for a bearish correction so we just came just shy of this exhaustion level right there at 83 44 with an 83 30 high and started to roll over here now if we settle below this it could roll over so it's kind of confusing right here because we have broken below this formation and then broke back above it so that's bullish right in here but then we held this exhaustion and we're sort of floating in here so right now the markets basically it's kind of confused kind of hard to say right here how to play it but if I was long I would I would be overall longer would have taken those longs off at the short here with the tight stop rolling down if this takes takes this out we do have a significant exhaustion level just above in here at 83 oh this is at 84 17 a 441 now if we take this out in this ascending line right here then this opens up the upside to a run up into these areas up into the 88 48 to 87 95 area and this ascending line came in at 83 39 plus 3.3 ticks per hour this morning and that comes in at 84 02 as of this hour Mike do you see anything in there in the gasoline or in the heating oil that gives it clue that maybe this is a time where crude oil might turn over um that is so I mean that the heat was really the one leading the charge on the upside and uh the unleaded has been more weak recently I mean the unleaded broke below this formation which made it bearish and then we held exhaustion right down and here between this area and this area was sort of popping here so in general this is still bearish with the short term hedge on the bullish side in the in the unleaded gasoline the heating oil the heating oil has really led this charge up here and now it just broke above this peak and is rolling over a little bit so that's not unexpected but if we start taking out these lows here at 296 78 to 296 33 if we sell them below those I don't want to drop back down into these areas probably the 283 area and just to show the importance again of paying attention to the spreads that I'm always bringing up like I said again to a lot of your listeners that have been watchers that have been watching for a while it's always important to understand what these spreads are doing um and you can see here in this heating oil spread this heating oil spread uh we I said we had held exhaustion at 2353 to 2212 which had the potential to bring a substantial bounce my idea of a substantial bounce means multi-weeks kind of thing we held that with a 24 93 low in the July and ride 2510 ticks so but more recently out of this this run you can just tell you know just in the past number of days up here that's a difference in just two weeks a 14 grand per lot being on the heating oil instead of the crude oil and that's that's why there's a there's a huge edge in trading the energies and understanding what is going on in the heating oil and the arba because they are what are leading the price of crude oil 85 to 90 percent of the time got a question if they lead them on the way up do they lead them on the way down yes okay that's what I wanted to know I mean you know obviously crude will take over if you know we start having crude can take over at times when you have something that's more crude oil centric you know if you have a war over a war breakout or something like that it can be different but just logically it makes sense that they wouldn't be because they are the products that are driving the demand for the crude oil that makes sense just to break it down simply I've done this before but if anybody watching this or listening to this is you know if you've talked to any of your friends lately and ask them if they bought a gallon and unleaded gas I'm sure everybody would say yes unless they get an electric car they'd be asked most of them they bought heating oil recently most of them will say yeah in the past month to heat my home but if you've asked anybody if they bought a barrel of crude oil lately you probably look at your pretty party so that's what I mean by the demand for the product is really what's driving the demand for the crude oil and not the other way around most of the time yeah that's good and just show you one other spread here this this arba to heat spread is critical as you recall I got bearish up in here I said the break above 796 and back below warrants of pressure and possibly a bearish correction we've seen 3945 ticks of that so far and just to give you an idea what that is 3946 times .42 yeah that's the equivalent of 16 1657 crude dollars so again just understand being low on the heat versus the arba or only gasoline's a different difference of 16 grand and just in just two weeks on a single lot wow you know mike I look at these things I don't trade heating on gasoline but when you explain it in dollars and cents like this it's truly amazing it's like if you're long soybean oil or long soybean meal and one of them is demand more than the other it's the same thing you know it's just really amazing if you pick the right one you know it really gives you a really good idea this is the kind of information that we like to have so thank you very much we'll be watching it closely good and glad I just want to reiterate once again I know a lot of your listeners probably trade natural or crude and S&P and other things but the reason why I analyze these spreads and I put them on here even though they're very thin and thinly traded is the power with which they tell you whether or not to be on one of those products in a certain direction and if you if you are getting on the products instead of the crude throughout the year on big moves you will make a substantially larger amount of money with your risk being relatively the same than you would if you were just trading crude oil in either direction wow you want to take a look at the natural gas or you have any other oh yes I'm sure I'm looking at it right now it's having a heck of a move today okay so naturally got it oh we've got to pay a few bills Mike stay with us so yeah Mike more and more analytics we'll be right back 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 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 are you ready to take your trading to the next level introducing Tom O'Brien's award-winning newsletter market insights your key to successful active trading Tom O'Brien renowned for his expertise in the financial markets has designed market insights to be your daily guide to profitable trades Tom publishes his daily market insights newsletter every market day before the market open along with updates when warranted stay ahead of the game with Tom's real-time analysis and trade recommendations delivered straight to your inbox whether you're a seasoned trader or just starting out market insights provides the edge you need to navigate the markets with confidence ready to join the ranks of successful traders head over to tfnn.com and subscribe to market insights today don't miss out on this opportunity to supercharge your trading results market insights comes with a 30 day money back guarantee for all new subscribers so you have nothing to risk don't miss out on this opportunity to revolutionize your trading game head over to tfnn.com right now to join the thousands of traders who have already experienced the power of Tom O'Brien's award-winning newsletter market insights first hand 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 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 866-4767523 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 we're back folks speaking with mike more of more analytics please continue young man okay so back to the natural gas here spare me the trade back above 216-151 a minute strength we'd seen 771 ticks of that then we uh that was a run up and then we held exhaustion above at uh 291-10 hold over 454 ticks into a bearish correction that's on hold and then noted noted that a break above 248-70 to 730 warrants of shore carving which could be decent so we'd seen 151 ticks of that we left a uh a minor bullish reversal below two days ago and then the trade above 26090 plus three of ticks per hour uh plus 0.3 of a tick per hour i said should bring in decent strength so today bear with me here we left that minor bullish reversal below right there we're also leaving a moderate bullish reversal below today and this is the price structure i was talking about in here i said the break back above 248-70 to 730 was this area in here that we talked about i think in the last show we got above there started popping then we just broke above this line that i just mentioned that brought in additional strength and now the break above this line uh projects this higher 250 ticks plus 250 ticks is about the minimum so if we fail back down through this line that'll change everything and resume bearishness and that line comes in at 268-40 minus one tick per hour that that's a huge move yeah so um it's looking and this also is a bullish structure and this is a corrective structure so i mean this all looks correct in this sense that it looks like it's correct into the upside so uh yeah bullish on that uh any other questions in the natural nope how about uh let's take a look at the gold market okay okay just a little backdrop in the gold here the main story that we've been talking about for the past couple months obviously is a solid trade below 2060 to 90 more in a solid pressure per day slash weeks we had seen 162.3 of that more recently i said we are likely in the last stretch of the move down from uh 2028-60 with exhaustion to be aware of at 1958-30 so we basically held this on Friday with the 1954 50 low and rally that was this green line right here we punched through it a little bit but not by a huge amount considering how big the move is and then we started to pop right up here so we're really going to have to see here if this starts to drive back up and settle above these areas and here if it starts to settle above 1970-830 to 1984-20 then i think this is going to start resuming higher trade and likewise if it gets above this this formation and this formation and that's going to project higher this higher formation is really what projects it upwards another 37 plus and that's going to come in at um that's going to come in at 20670 minus 0.6 of tick per hour starting at 130 p.m. Mike what what do you when you say tick per hour what is that i've never you know i've been doing this for a long time i've never heard anybody talking in in time it's always you know this is a price but what do you mean by ticks per hour it's a slope of the line or what does that mean exactly so this okay this is what what's called the trend line and it's moving every hour right so in this hour i'll give you a demonstration real quick if this is an hour right now this isn't this is an hourly bar chart right so a 60 minute chart each of these bars represents one hour's of price movement so right now on the bottom it's just 1330 which means 130 yep that's what i wanted to know no no that's it that was the answer because it basically follows a trend and if that changes the time will change is that correct right so okay good every every hour this bar is moving down 0.6 of a tick per hour okay or basically for what that means in what that means in gold is six cents an hour because gold ticks in ten cents increments yes increments per hour now you might say well how can this move down points you know six cents if it ticks in ten cents it doesn't matter it's just the slope of the line it's telling you the rate of the change of the slope of the line and that's important because if you're putting in a buy stop above it of a certain amount that needs to be adjusting down every hour and you've got a likewise if you get elected on that you had to stop below it you'd want to be sliding your stop down below it equivalently as well okay that makes sense yes it does okay you want to take a look at the s&p absolutely everybody likes the s&p all right so the s&p i think we're at the end of this move down here i'd said this morning just back up a little bit the most i cautioned of exhaustion i talked about this on the last show at 46 1850 to 46 35 and a quarter we held this with a 46 34 50 high we rolled over 132.75 and then i said caution right here we are likely in the last stretch of the move down from 46 34 and a half with areas of possible exhaustion at 44 91 and 44 90 75 and then these other two areas right here we basically held this upper one right here we came just shy of it with a this was the first exhaustion level here at 44 91 you know this with the 44 93 75 low and we rally back up here considering the fact that we're likely we're likely going to settle above this 45 05 75 low that warns that we may be in a you know just a minor bullish correction against this move down we'll have to see what what areas that targets on the upside so what would that mean for us that means that either this we could see a minor bullish correction against this move before heading lower and a whole new bear structure or this could have just been a bearish correction against this structure we could see a whole nother run up so we really just have to play it as we see it right in here i belong taking shots on exhaustion levels taking shots on exhaustion levels and putting my lungs back on if it blows through them and then obviously at some point it's just if it keeps going up it's going to capitulate and blow through this okay it's right on the money okay any questions on that before i go to the bitcoin go right ahead let's do bitcoin we have two questions about it and since you're going to answer those questions let's just get right to it oh we might have a we might have a commercial coming up here let me check the time on that i think it's uh well it's got 44 seconds so why don't you start and then come back after the break and we'll finish with bitcoin okay but go ahead go ahead and start right now okay the straighten the skinny on here just lately is uh worrying the last stretch to move up to 14 925 we wrote about okay 655 816 back low okay pressure you've seen 3000 30 of that so far okay stay with us we'll have mic more more analytics right after this commercial folks 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 you 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 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tfnn.com educating investors tfnn has launched the tiger's den hosted at discord tfnn has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours 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 don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv back with mike more more analytics and we're talking about bitcoin please continue young man we got two minutes so as i was saying um i wanted to break above 31 655 and 31 8 60 and back below i've worn for look for decent pressure we've seen 3000 30 of that so far and then i just said no if this is a bearish correction the minimum target would be 25 7 10 which is quite a ways away down here and then the decent trade below decent trade below 28 598 minus 1.7 ticks per hour should also bring in pressure that's this line right here that's going to come in at 28 586 as of 2 o'clock so a decent break below there or further push this down probably down into the 27s the break below there decently and back up through decently a bat of all shorts i'd be long and looking for that probably to run a run back up into these areas up into 30 low 30s maybe more okay all right yep it's pretty good to me any other questions on that no i think that pretty much covers it i'd like to have on as a guest next week so tell me which day you might be interested just drop me a note and we'll have you back on because we want to keep a really close eye on these crude this crude complex because i believe there's going to be a lot of what do you call it opportunities either up or down from this level because if it explodes it could easily go to a hundred dollars i suppose couldn't it oh yes oh and you know what there's one thing i forgot to tell you so uh we one thing we did not go over and i know you're not done here in time but so i just got one minute go ahead i'm going jump straight to the chart just remember all you want everybody watching that i'd said the other last week that the break above this general area 32 82 30 projects us upward 13 dollars and 90 cents in the brint so we've only seen a piece of that so far we rolled over from these exhaustion levels but if we start blowing through those again we could see another piece there thank you very much mike we'll see you all tomorrow folks you bet grace and worse will be our guests of every day in an attitude of gratitude and may god bless