 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Toll free at 1-877-927-6648 or internationally at 727-445-1044 The Trader's Edge now Steve Rhodes Good day from TFNN Welcome to the April 24th, the wonderful Wednesday edition of today's Trader's Edge show. I'm your host Steve Perseverance Rhodes Who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past Hope everyone out there is having a great day How about we have an extraordinary one and of course the easiest way to do that It's to always remember that life is happening for us Not to us That's right. We knew and I make that one little two by four shift means we can find the gift in every set of Circumstance that life is gonna toss at us today. You and I we're gonna go check on the circumstance of these markets We're gonna go figure out what the bulls and the bears what those buyers and sellers are communicating to you And I just passed one o'clock in the afternoon I want you to know that I am absolutely grateful for your presence here, but more importantly, I'm here to serve you So feel free to pick up that phone. You can dial on in at 877-927-6648 We'll take a look at whatever it is you want some additional eyes on of course if you can't call in We've got you covered there too. You can let those fingers do the walking You can send me an email Steve at TFNN.com inside the subject heading Just put radio show question in in the tiger's den will any ping we'll do so let's go ahead get this show started I'm wonderful Wednesday. Of course, this is Tiger Financial news network. I'm Steve Rhodes. Welcome to Lush show right now the DAWA 51 points 26605 is print S&P down about six points 2927 so we've got kind of a mixed market here because you got the Russell to the upside Really flat one point not flat when we take a look at the semis They're up 1% or 16 buck gruny's transports are three quarters of a percent or 81 points out there spot volatility except 7% trading out at 1316 gold is up six. I'm sorry gold is up nearly five bucks over up 12 pennies 12 pennies lead the charge dollar wise the upside it is dominoes pizza up 17 bucks a little over 6% Silicon laboratories up 13 bucks S&P is up 13 bucks Burlington stores 13 to the downside is i Robot 6 million shares 21% and 27 buck gruny's to the downside right now trade out at 103 North Rick Gummett Northrop Grumman down about 13 bucks a little over 4% Mercado Libre off 12 in chains That's two and a half percent. Of course I want to look at what you want to look at and what you wanted to look at Peter the tiger's den wanted me to just kind of give an overview specifically with regard to the gold contract and Utilizing the Fibonacci expansions and contractions So we're just kind of saying hey as I look at this chart We just start with a blank naked chart out there, you know, what would I be looking for? And so the first thing with regard to contractions are really pretty easy now When we're looking at a contraction, but actually let's let's talk about yeah, let me do that Let's talk about contractions and we go to expansions real quickly So when when I take a look at expansion or your contractions I'm trying to go from a swing point low to a swing point high So if we really take a look at the current gold contract I would start from the lowest swing point which is back here in the trading day of August the 16th And then I would go from there up to the high and the high that we're using here was the high from February 20th 1356 by the way that low was 1189 30 and what we would see let me just move this data box right over here The contraction now is on the right-hand side. So we're picking out this swing points We're we're kind of like reading lower left to upper right out here And what we can see what the gold contract did if we were using these as the swing points And we really should Peter use these as the as the larger swing points in this Subset of data that we have out here. This would say that price found Support at about the point 3 a to retracement a little way that I look at retracements and or expansions Is I just think of myself as getting on an elevator any hop on the elevator out there with multiple people and the point 3 a To level is the first floor and at that point 3 a to level that is where some people some traders Will go ahead and get off others may get on now the first move down to that level was a prior swing point out here That was down in the January 24th level. I am against but but it's just I'm speaking on behalf of myself I am against just using Fibonacci numbers as places to go ahead and place your trade out there and here's the here's the example Let me just delete this large one So by the way with regard to this this would say since gold right now is trading below the point 3 a to retracement It's next target level will be 1253 Now the quick can use other swing points out here So I can use the next one maybe that I would go to from a contraction standpoint Maybe it would be right here. Is this wrong when I say right here? I'm referring to 1113 that low all the way up to The high and you'll see that we're at the point 618 area So yeah, it's made a point 618 retracement of that But what what would tell you and I'd use this as just a kind of a speaking to myself out here What would tell me that using that swing point meaning November 13th is the right thing to do versus using August 16th Then there's if somebody knows the answer to that call in please and tell me it's again It's just another swing point. You're trying to understand, you know, where's this contraction? Taking you know looking at if we just use for example point six when I take a look at this Nice move certainly off of the August lows out here in 2018 making higher highs lower Higher lows higher highs out there And so as this was making a top you wouldn't have known it if you were having a natural Byorder in at the point 618 retracement what I'm referring to is the low on February 14th to the high out here on February 20th that was at 1328 Clearly, you know, that didn't stop it yet at the point 618 retracement level on the trading day of February 27th Probably stopped there stopped right there. So Again, what I like now, let's take a look at expansions. How do I look at expansions out here really the same Kind of way I'm going from lower left to upper right out here So if I want to take look at different expansions between swing points, let's just take a look at things right now Let's take and so what I'm referring to is I'm going to come from let me get my expansion tool out here Here's my Fibonacci expansion I'm going to use from lower left Out here on march 7th, and I move this all the way up here to the high on february I apologize march the 25th and we can see that price as at about the 1.272 expansion level So 1.272 should we buy we can show 1.272 and we already showed you 1.618 retracement level Well, I don't know if you if you don't hold this level you go down to 1260 In the Fibonacci expansion area What we don't do what I don't do is I don't go from and I'm not saying anybody was doing this I don't I wouldn't use expansions by going from let's say this low out here on april 4th and then to Going backwards right so You know coming coming back. Let's say to that swing point out here on march 25th That's just that is not the proper use of trying to identify expansions You're always going from an expansion, you know a swing point low such as even in this case here Here's another expansion that we can use and that would be using this swing point from april 4th To the high out here on april 10th and there you can see you're at about the 1.6 1 or yesterday it was at about the 1.618 expansion So how do we use these? How do we put all this together with some type of some type of trading strategy? And let's discuss that when we come back from this break steve roge with tf and m The taz profile scanner is the most revolutionary piece of trading software that you will ever try Wouldn't you like to approach the markets with confidence as you begin your trading day? It's likely that you'll be faced with lots of decisions in order to make the best decision The first thing you'll need is a strategy that will help you minimize your risks Whether we're in a bull or bear market A good strategy is to have the tools needed to help you scan and analyze the markets before you trade The taz profile scanner instantly scans and filters over 2,500 global financial markets such as stocks etfs commodity futures and forex headed by steve doll president of taz market profile the taz profile scanner understands that in today's technological world the use of top flight software applications automated trading algorithms and technical analysis expertise is essential to successful trading in today's market Whether you're looking at the trade matrix the etf heat grid the market breath the landscape charts Or the many other features of the taz profile scanner This is a piece of software that will revolutionize how you look at the markets and set up your trades The team at taz has even put together a 12 part video series to walk you through every aspect of the taz profile scanner Which you can find directly on the taz order page at tfnn.com Sign up now for only 97 dollars a month with a risk-free 30 day trial So you have nothing to lose and everything to gain see for yourself How you can harness the full power of the taz profile scanner by visiting the front page of tfnn.com today And you'll find the taz profile scanner under the services section Remember with a 30 day money back guarantee you have nothing to lose Don't let another day pass you by without trying out this amazing piece of software that will Revolutionize how you look at the market and how you place trades sign up today Many of our new listeners have heard about the tiger's den the tiger's den is a lively community where professional traders and investors can meet Exchange ideas and information in a comfortable moderated atmosphere hear all of the tfnn shows Plus see all of the charts as they happen live and have access to archives of all of those charts You can test drive the tiger's den absolutely free for 30 days and greatly enrich your knowledge of these markets And how to make your money work for you details on the tiger's den or on the front page of tfnn.com tfnn has launched our brand new website You can still visit us at the same tfnn.com URL But when you do you'll see a new and improved homepage with a much simpler navigation Whether you're watching tiger tv live in high definition or just accessing your newsletter subscriptions We even have new pricing in six months and yearly options Check out the new tfnn.com now and experience all the upgrades tfnn.com educating investors Call now toll free at 1877 927 6648 internationally at 727 873 7618 Welcome back folks. That was our 53 s and p is off about five. We're taking a look at gold the first segment We were taking a look at the Fibonacci Contractions and expansions out there and when I started when I started learning technical analysis You need to understand in 2006. I would look at a chart I couldn't tell you what the sam heck that it meant out there now It's my palette now It's my artwork with regard to the patterns and the tools that we place on there And one of the first things that I learned peter everybody else was uh, uh, Fibonacci volume as well because obviously I got uh Into a began my technical analysis journey by attending a master trader course with tom all those years ago and And one of the great tools out there if you Is on the Ensign windows software and it has something I believe is called pese vento patterns I think that was the tool if it's not that it's there's there's a way to just automatically turn on And e-signals got something similar I couldn't find it where it just simply does all of the contractions and expansions between various swing points that are out there and And so sometimes you get these Contractions and expansions between swing points that all converge at one area But what I found is that I found that it's a it's a great tool and guideline to understand What's going on between swing points, but it's not to be all to end all Which is why I started looking elsewhere because my I was losing more than I was winning I'm like, yeah, there's got to be something else here to understand Uh when to use it or how to integrate it into my other systems out here Of course that took me to the a to b equal cd pattern out here. So here's the here's one. We took a look there's because There's more than one a to b equal cd that's going on inside of the gold contract right now But this is the larger one and the larger one like we looked at retracements To overlook it would be basically pretty silly now. We use these as guidelines out here But still this says that prisa is headed towards 1262. Yesterday got down to a low of 1267. Okay, five bucks $1,300 instrument may be close enough. What is this? Pattern need in order to generate some type of completion Well, one of the things that it's going to need is going to need a bullish reversal candle Because price will just simply continue moving lower Until the buyers show up. So even on the a to b equal cd pattern Only 60 percent of the time are you going to get a one to one a to b equal cd? You'll notice when I draw my a to b equal cd patterns out there You see the expansions you see 1.272 or 1.618 or the 2.0 level because we don't know we never know Um, which a level price is going to target and again, we use these as guidelines And my experience has been wait until the bulls show up And that is what led to japanese candlestick chart because looking at a blank chart like this If you do nothing about japanese candlestick charting, you would know where the bullish reversal candle is now today's Is a bullish reversal candle So it is a candidate for gold Forming a bottom now if I just simply put an automated tool that I have out here Um, and this shows me the typical bullish or bearish reversal Signals that I look for you'll see that today is a bear sash candle. So you've got the a to b equal cd That is showing up and so uh, peter, you know, you Whichever swing points it might be that you would use Um, you know, here is at least a suggestion that there is going to be a bounce the question is it a bounce or is it a bottom out there and So what else do we want to see to suggest that? Okay, maybe it is it is more of a bottom Well, you and I are fortunate enough to go ahead and have our task market profiles And those identify key levels of support or resistance So when we put this on the chart and just trying to put as little as as we need to on a chart to help us identify What you can see is right now price the gold contract is trading back above The bottom of that profile that formed two days ago So two days ago it formed price held yesterday was a close below In fact, the bottom of the profile 12 77 20 was resistance your 12 78 50. I don't know what the end of the day Uh close is going to look like what I can say Is if it price closes below 12 77 20 It would be dangerous To take that trade. In fact, it'd be looking more likely for price to go ahead and move lower So that would be one of the things that I would be looking for peter with regard to the Potential a to b equal cd to the downside in some type of bullish reversal candle I would really want to see price close above 12 77 20 now if gold does that Closes above the closing where it is right now It's going to negate the td setup nine count the td setup nine count requires today a close below 12 76 80 Now my concern about The way that gold is trading right now is the mere fact that one price is below steve's red line That's a 12 82 70 You'd like to see now it can be in progression today could be the bullish reversal signal Forget about the td setup could close above the bottom of the box out there But then what you want to see is you want to see price close above steve's red line That's a 12 82 80. Well for goodness sakes if the top of the box is 12 85 50 You might as well wait for a close above that for your confirmation if this is a bottom That's really not going to be an issue out there versus it's just just a little bit of a countertrend rally that is going on As we speak so we we don't ever know But what I can say is you will increase your odds of buying the d-point of an a to b equal cd pattern When you at least get a bullish reversal signal you will improve your odds even more if you can understand where the market profiles are You'll understand you'll improve your odds even more if you understand where the oscillator or change line is That's steve's green and red line out there. So I know that was kind of a long winded answer I didn't have anything really in the queue and Asked by someone in the den if one person has a question Others have that question too. So in summary has gold made a bottom If it forms a bullish reversal candle today and closes above the bottom of that profile 1277 20 it may have and if it closes above the top 12 85 50 then it probably has out there So hope that helps you out. Let's go to our next question out here This is from jay in the den and jay wants to take a look at the russell 2000 jay. Is it okay if I just pull over The russell 2000 equity futures contract I would prefer to do that and if you give me your thumbs up. Well, okay, cool I'm going to anyways at this stage here just because I've got the patterns drawn in or it makes it a little bit easier But what you were trying to identify was a level of resistance And uh, and yes, so this box here This uh black rectangular box was drawn in weeks ago And what we can see today jay is that price hit the top of that box. That's the That is the consolidation And thus far has rejected it now. I don't know what today's candle session is going to be at 125 It's a doji. I mean today's price where it's trading right now is where the open was remember for stevie Dojis dojis in my window have a ton of meaning at resistance It's kind of interesting meeting along the way halfway markers Somebody go measure the percentage that a doji is a halfway marker and you'll be like, uh, okay That was just kind of interesting fodder out there. But in this case here Just simply asking what do I think about the russell 2000 It is at resistance and the question you and I have is Hey Is it gonna bust out there? In other words, if you were wanting to short the russell 2000 now is the time to do it You get a close above the consolidation. You're out But this is your reward risk. Let's keep looking at this and the other Indices we get back from this break I'm certain you are or strive to be one of the best of the best at everything you do in life It's the most common trait that we tigers and tigers share If you're looking to become the best of the best when it comes to managing your money Let me teach you to do what most wealth managers tell you can't be done Which is how to time the markets I'm steve rhodes author of mastering probability and for the last 12 months Timer digest has been tracking my newsletter signals Which have earned me the ranking as their number one market timer in the nation for the s&p 500 for the last 12 Six and three months timer digest also ranks me as the number one market timer for gold as well The fact is markets can be timed and I'll teach you the exact set of tools that I use That has transformed me into one of the best at what I do Sign up for mastering probability today by clicking on the newsletter tab on the homepage of tfnn.com And get immediate access to workshops where I take you step by step how to use an extraordinary set of tools As well as provide great market calls to sign up today The path of least resistance is david white's daily trading newsletter And if you're looking for active trading ideas, then now's a perfect time for a 30 day free trial to this powerful daily trading advisory service David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter Using a combination of equity trades along with options David keeps his subscribers up to date with all pertinent market information with intraday afternoon updates when warranted Don't miss out on this great chance to get a 30 day free trial to david's daily newsletter The path of least resistance with no obligation to pay anything david has been delivering solid recommendations for his Subscribers recently and if you'd like to see the type of newsletter he delivers every morning Then visit the front page of tfnn and you'll find the path of least resistance under trading newsletters For all the details and to start your 30 day free trial today log on to tfnn.com now 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 methodology Using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleaf abc's butterflies and much more the art of timing the Trade charts is designed to help you when scouring the markets for stocks Just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right Now we're offering licenses available at only $79 a month We are so confident that you're going to love this new charting software that will even give you a 30 day Unconditional money back guarantee don't miss out on this incredible new piece of software Get your copy of the art of timing the trade charts today by visiting tfnn.com This segment is brought to you by think or swim for more information Just click the think or swim banner on the front page of tfnn.com Welcome back folks and i want to make sure why one thing was was clear out there We were looking at the russell 2000 equity futures contract it's its consolidation pattern And because price was up at the top of it. I said hey if you wanted to go short Well now would be the time because your your risk is Well, first you're always risking or you should risk or well like 1% you're you're working capital And uh, you're free working capital and then but but by 1% It's it's really understanding stop management position sizing and so forth I don't want to I got too many questions to go into to that at this point But I didn't say go short. I just said if you were going to I could totally get that by taking a look at That consolidation pattern now with regard to where Because there was a daily time frame chart we were looking at where might price find support Well j hit the nail on the head there would be 1577 which is the top of the daily box out here This is the june contract that I have up on my screen j It shows 1607 40 as the top of the weekly a box out there I think that's a pretty good real resistance So and even on a breakout of that consolidation pattern we looked at So I would in order to go long a breakout of the consolidation I would need to see a close above the 1607 to 40 level as opposed to just where that top of the box was it Basically 1600 now that's a different view than if I use my Compositor synthetic version of the contract here in the right hand panel You'll see the weekly profiles are all the way down at the bottom. Which one is right? They're both right out here And we can just simply use the high from the trading day of february 25th at 1607 and just say it price has got to close above that high in order for a breakout to occur So the interesting thing and uh The folks that have sent in I'll make sure I get to your request James Hector and Lee But the interesting thing About the indices out here is we're at a we're a really interesting point out here On the daily time frame charts. What do I mean by that is if we take a look at the nasdaq composite? Yesterday was day nine of the td setup today was a slightly higher high Which would mean if tomorrow it's a higher high Then this pattern is is not a topping pattern But we don't know that till tomorrow, but right now there is a potential topping pattern in place for the very strong nasdaq composite I'm just going to go through this one by one. So you already know with russell 2000 We know that has a potential topping pattern if we take a look at the semis nice and strong Where are they at they're in wave number seven? That's letter number g on my screen Today looks like it's going to be day number eight of the setup and day number eight can be a high Of course continued highs tomorrow could give us day number nine of that td setup as well as extend leg g But the semizer at a point in time where there could be a top that is forming out here Just using the tools you and I use we can see the transports They are also in wave number seven and this is the day after the td setup nine count. So today could be a high When I say high, I'm not referring to like a like a major high. Although you don't necessarily always know If we take a look at the spot volatility next you're going to see Well below it's 50 day exponential moving average of 14 37 So below that just has a high in a retracement or a pullback Or what have you if you take a look at the wilshire 5000 and so these are all the main Core you went well indices out you have stock indices where we at were wave number seven letter g Inside the wilshire 5000 potentially so that is topping formation worth worth paying attention to The new york stock exchange see see all you folks that send me all that hate mail and say God stevie's never a bear Hey take a look at the new york stock exchange from two different swing points We are at wave number seven out here let alone this little blue Dashline that price not been able to get above and to me that's a breakout level So you saw the new york stock exchange two If we take a look at the ndx 100. Well, what is it going to complete today? Day number nine of the td set up nine count now tomorrow could be a higher high But it's close to that stage where there could be some type of pullback or retracement or even a top even a top that could take us into September october, but I know you heard it here first So that is a possibility take a look back at the russell 2000 back at your ranch here j Just letter f so we're only in wave number six But you and I know we've got that consolidation pattern that's working And so because of the consolidation pattern trading the consolidation you bust out of the highs out there that could be a topping pattern If you take a look at the dow jones industrial as well Price is moving higher doing less relative energy today could be day eight Day eight can be that high as well So this is within topping signals when the dow jones back in february made a high It was what the set up nine count when it made a low in march It was with the set up nine count Always worth paying attention to do they all work? No look at the ones back here in the january time frame Just lots of momentum. So when they don't work it also provides you with pretty cool information Nonetheless, right now the dow jones industrials shows potential topping signals something that you and I are not going to ignore out here And I don't want to be a broken record, but normally it's not this it could it be this easy Right, isn't that the question? But all the euphoria and everything else that's out there and we just took a look at uh, uh, two Look two four two two four six eight Now nine nine nine all of them I don't make this stuff up showing potential topping signals down the s and p 500 It's not there So that's the that's the interesting thing the s and p 500 leg number six letter f Uh, we would take until today's wednesday would take till friday to give you that seventh waiver g No td set up nine count out here or anything So the s and p is the only one that is saying hey not so fast So what that means Is that what we have to do is we have to at least go take a look at the equity futures contract? What could override the s and p cash industry? Well for me, it would be the s and p futures contract So if we go take a look at the futures contract Well, we can see that wave number seven letter g that was passed yesterday So that doesn't exist. So in the s and p futures contract out here There's also nothing that shows a topping signal just yet Look at a few days. We'll have a pretty good idea This is not the place where I would be adding to an index position Just because of all those patterns that are out there So j you kind of led me down a path unintentionally, but we wanted to talk about that anyways Just to kind of get a feel for overall. What are the messages of the markets and the indices? out here So let's go to one Our email questions the first one coming in from jj James writes in he said oh Okay, hi steve. What do you think of socks so xx and the smh would appreciate your analysis So that's really going to be what we just looked at Let's go back to it. You were really talking about the etf. I prefer to use the indices which we're going to Because I have you on email and you can't argue with me. I can win that battle Actually, I want to give you what you want, but here's the deal. Here's what I think I would not be adding to a position today You're in wave number seven We pay attention to that letter out there The day is going to be the eight count of that time to mark set up eight count a top If this pattern that pattern were to come into fruition, you know could take a place on a friday meaning that till monday Hey, it looks bullish. Don't get me wrong It's bullish Okay, but that like that's like driving between here in naples and back which i'll do as soon as the show is over And not using My uh, you know my ways system or my map system. I would never do that. I could be stuck in alligator alley for days Don't want that If you're in the cd market and looking for a secure investment The tiger first mortgage program may work for you The security for these first mortgages are building lots in the tax opportunity zone in st. 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If you'd like more information about the tiger first mortgage program, you can call me at 877 518 9190 That's 877 518 9190 If you haven't checked out the newsletters page of tfnn.com What are you waiting for all of the tfnn newsletters are informative up to date Affordable and a must-have for every trader looking to gain a competitive informational edge in today's markets tfnn newsletters cover every aspect of the markets to offer you the very latest in market news Plus new subscribers get to test drive our newsletters risk-free for 30 days From all aspects of the markets including stocks bonds metals commodities and tech There's a newsletter to fit your needs Exclusively from tfnn Stay informed each day you trade and get the competitive edge that will help you stay ahead of the game Visit our newsletters page by going to tfnn.com and click the newsletters button near the top of the page tfnn.com educating investors 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 eight six six four seven six seven five two three 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 Don't forget you can listen to tfnn live on your mobile device 24 hours per day Go to tfnn.com and hit watch tiger tv That's tfnn.com and hit watch tiger tv for the latest market information Welcome back folks. So we're taking a look at the summaries. We're just going to complete this here for uh james And uh james the other pattern that we can see that's in play here Is the a to b equal cd pattern priced along the uh c to d leg pretty much uh following the The same level of strength as was on that a to b leg out there 16 17 is the 1 to 1 this may extend further I did not say if you're long to sell I said if you're long to be aware Of the mere fact that there are topping patterns that are in play There is no bearish reversal candle or anything here Uh, so you you just I just what I said was I would not be adding to a position here Inside the semis looks great and looks strong When the bears show up a reversal candle shows up, that's when you'll know that the bears are here to try to Tell you that they're going to show up at 16 17 81 in the old days when I first started technical analysis I would have told you that And and of course, you know, uh In today I I look in the mirror and say god Oh But look, you just know what you know, right? That's what that's the coolest thing about what it is you and I do You want to stay young? Try to master these markets All right, looking at the patterns that are out there. You know, there's patterns out here I mean, these are nothing but traders that people made up of you and I and we all have patterns They're all emotional patterns that are out here and they play over and over and over again out here And anyways enough about that. Let's go. Uh, let's try to get to the next question out here, which is about snap This one coming in from hector. So let me get over to my three time frame charts. We'll go and read hector's question Let me change that on um, let me change this uh My workspace so I can get to another set of tools out here And uh, sorry that I didn't have that set up, but hey, so be it so we take a look at snap crack Ah, that's the wrong ticker symbol. That's an ap Ah darn it Sorry about that folks. I usually uh, I'm smoother than this. All right, so let's go read hector's question Uh, the andals are talking snap down today. What does stevo's tea leaves say about snaps outlook for the next few months? I think it's going to 1455. What are your thoughts? So 1450 1455. Okay So you're looking for snap to continue moving higher out here. So here's the issue with snap today Hector now and this is going to be you're going to know if you're right Or not right real quickly out here And what do I mean by that is if we take a look at snap and we just simply utilize our task market profiles And we go back into that december 20 So it did form the bottom snap crackle and pop on uh, december 21st out here One of the things you'll notice out here hector is that price has held the bottom of the daily profiles And so I would say a change in trend and those andals would be correct If you see snap closed below 1109 otherwise today was a buying opportunity As it was when price was testing the bottom of the box on march 20th Or when price was testing the bottom of a box on march the 7th out there Testing support or when bought when price was testing in essence the bottom of the box on january 16th and the 17th out here The bottoms of those boxes were buying areas is today It is at this stage unless we see something else that says, uh, she's Maybe not okay. Let's go take a look and see if we can find uh, geez maybe not but right now Hector what's the coolest thing about this whether today tomorrow as long as this daily profile is out here If you see a close below 1109 then you'll change your mind about 1455. I'm cool with 1455 Because there's no reason to change your mind Just yet if we take a look at the weekly profile, it's going to make us say, uh, geez Okay, because price today. It's a brand new weekly profile was hit It's bullish sort of bullish instruction will go bullish to neutral but 12 28 Was the top of its box its resistance so far 12 29 the top of the daily box that's resistance Okay, so now we really you really is you may be in snap need to be watching that 1109 area There's no profile for the monthly time frame out here if we take a look at snap Uh, and what we can see out here is price was moving higher doing a less route of energy on april the 9th and on april the 12th you got a bearish reversal candle That's so this is saying there could be a significant top now on this chart the significant top would come as a result of a close below the march 29th session the low which is 10 58 out there yeah 10 58 is the number so that's another place to be looking but this says okay I can see what you're asking me as an analyst. I would say all right We got to be careful here because of the topping signals that are present price and below steve's green line And it's rejected the top of both a daily and a weekly profile But hold your horses the proof in the pudding would be a close below 1109 That's really all that I see out here when I take a look at the daily time frame daily and weekly charts I won't put the other ones up on my screen right now because it's not going to Provide us with any other useful information. So thanks for writing in. I hope that helps you out And have a great day LB Lee writes in oh, we've got some others that have come in too. He says I'm in Gbtc. Let's go take a look at Gbtc. I think that's the bitcoin trust out here Grayscale bitcoin trust is the rally over should I hold on for more? Um, it's the rally over Let's look at this. So here's what you know right now Um I'm going to change to my other system to gbtc From a daily weekly profile standpoint prices pulled back below the top of that box 709 You'd love to see price close over 709 today, but doesn't Price could easily pull back to 650 even 572. I'm not in that camp just yet But the 650 certainly would be a game as well as 618. That's the top of the weekly box But otherwise it looks it looks pretty good so far. Let's look at the daily time frame chart out here And uh, Lee see if there's anything to be concerned about well Just happens to be when bitcoin made its high out here, which was on april 11th It was what that tommy to mark set up nine count now prices pulled back to test db's green line That's what it's doing today as we speak closing below that Would also say a further retracement. You're staying as the rally over Remember pulling back to support Is not does not mean the rally is over it may mean you don't want to stomach it But support here is going to be 572 as a level out there So I don't know you said you're in a 550 You know That's pretty good gains. I'm not saying sell but I am saying you've got a topping signal out here And then price yesterday I got up but didn't get over and didn't close over that session You know, what's that telling you? um If I do wave counts just for the heck of it out here now made the bottom way that should But that road's momentum indicator back in february Oh, and so then yesterday But just that slightly higher hide that it made was wave number seven. That's letter g How's that happen out here? So just be careful. You're in Have a stop. Where should your stop be? Look the average true range on this, uh, uh, Etf is 48 cents So your stop ought to be 48 cents times 1.272 or 1.618 I'd prefer the 1.618 level because anything that trades On an expansion. Here's another place peter where we can use the expansion of fibonacci Would say maybe there's something more serious going on especially now. You've got a td setup nine count. You've got wave number seven Just be cautious just have a stop just have a rolling stop in place Steve roads with tf and n Be right back. That was all 42 Since 1984 basal Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion While originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply Later basal found that computer software which included the standard market technical indicators enhanced the degree of accuracy and calling price turns As well as market trend calls thus was born the Chapman wave sequence Using the Chapman wave methodology along with other indicators basal Chapman advises his subscribers of his expert market opinion Each market day with his opening call newsletter Right now you can get a two week free trial to the opening call basal's daily trading newsletter by visiting the front page of tf and n dot com Cancel at any time during that trial and pay absolutely nothing Get your two week free trial to basal's newsletter the opening call today by visiting tf and n dot com It's amazing to think that tom o bryan started his weekly gold report 17 years ago with the first issue published April 7th 2002 when gold was trading at under $300 per ounce gold peaked at more than $1,900 in 2011 and after spending many years consolidating at lower prices Gold may be poised for its next big run tom o bryan publishes his weekly gold report every monday morning for subscribers consisting of coverage of the xa u hui gdx the dollar bonds South african rand as well as 25 different mining equities with specific buy sell recommendations As of april 1st of this year the gold report currently has eight active positions with an average unrealized profit of almost 8 for each open trade new subscribers get a 30 day money back guarantee So you have nothing to risk for all the details and to start your gold report subscription today Visit the front page of tf and n dot com don't let gold's next big run pass you by sign up today You know what's cool taking something that's good for you something specifically formulated to help with weight loss Better sleep stress reduction and the need to detox niko our hunter and gatherer ancestors found all their nutritional Requirements for health in their wild environment, but today our food sources no longer contain the vitamins minerals and nutrients Our bodies need to stay healthy and strong. 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They ensure we receive all the nutrition we need to be healthy and thrive We take it every morning primal edge formulated and approved by niko and page of living a primal lifestyle buy it today For just 89 dollars click on the primal edge banner on the front page of tf and n dot com This is david white stay tuned because coming up next is the power trading hour right here on tf and n Welcome back folks and michael the answer to your question is yes Well, what was michael's question out here michael's question was want to take a look at ticker symbol lg orf That's largo resorts limited and his question was basically was yesterday's candle session a bullish engulfing candle And the answer is yes now when if we take a look at do you see the prior day's body small body candle Yesterday's open was below the close of that session so Yesterday's candle engulf the entire body the candle michael everybody else that's out there When we take a look at a bullish or bearish engulfing candle a bullish engulfing candle You have to have a trend to the downside this has that and then you have to engulf you have to completely cover The body of the prior candle in this case here this engulf the last two trading sessions out there So even a little bit stronger now if we put our daily profiles out here What you're going to see is that today price found resistance at the top of that box 136 Why is that important because if this was this was not the question that michael asked But i'm going to go ahead and answer this question in case he was interested Does does that mean that yesterday was a bottom could be out here with regard to this ticker symbol Why well if you take a look at this daily chart what you're going to see is that yesterday was that set up nine count And we're trading just above steve's red line. Okay, so what do you need in order to suggest that this is a bottom? Well, she's since it's gone up and tested the top of that box at 136 A close above that would be nice. That would be a suggestion now as we come down and we take a look at the Weekly and the monthly time frame the weekly says, you know, I got to be careful No bullish reversal signal here and you're below the bottom of the profile But the monthly says hey, I went ahead and tested support That was the white solid line there at a buck 25 out here So I would say michael if you're in it or you're looking to get in it you get a close above 136 I think you're on to something so yes yesterday was a bullish in golfing Candle folks. Thanks so much for being here. Stay tuned your favorite polar bear david white. He's up next tom o bryan back from china Back from asia I'll be with you. I'm so many's wait Although man, that is a killer killer jet bag out there at any event. He should be here from three to five I'll be back with you tomorrow at one o'clock. Have a great Wednesday. Take care