 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Toll free at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now, Steve Rhodes. Good afternoon, folks. Welcome to the October 16th Trader's Edge show. I'm your host, Steve. Perseverance Rhodes. Perseverance underscored. Hope everyone out there is having a great day. Let's go take a look at the market. Well, first, I do want to hear from you. So you can reach out to us, 877-927-6648. If you can't call in, we understand. But you can let those fingers do the walking. You can send me an email, Steve at TFNN.com, inside the subject. And if you put radio show question, that would be helpful to me to sift right to your email out there. And, of course, in our Tiger's Den, any ping will do. So let's go ahead and get this show started on wonderful Wednesday. Of course, this is Tiger Financial News Network. Currently, we have most of the indices slightly in the red. The semis are not slightly in the red. They're off about 1.25%. Down 20 points out here. The Dow is off 11. S&P 7. The Nasdaq off 33 points out here. Wilshers off 82 points. Spot Volatilics. Trading out of $13.91. Golds up $10. Silver's up a nickel. Lights we'd crude is up about $0.70 out there. Natural gas is flat. Treasury bonds are up about $2.30 years up $12. Ticks out there. Lead and the charge is the upside. Good old tech data. Tech data. That takes me back into the 1980s. Early 80s, when I had a, was in the micro-computer business. Personal computer business out there. Tech data was one of my suppliers located. I don't know if they're still located over in the Clearwater. St. Pete area out there, but they're leading the charge dollar-wise to the upside. So nice to see. I've got booking holdings up $11. Amazon is up $8. Rietta Pharmaceuticals up $9. To the downside, you've got ServiceNow. N-O-W is a ticker symbol. They're off $23. They're nearly 9%. Workday is off $22. $12. Mercado Libre down $16. So you've got some stocks that are certainly moving to the downside. Of course, I want to look at what you want to look at. And the first question comes in from, let me see here, let's get to that. Then we'll get to the, because you spend the time to write in or call in, I want to get right to your stuff. When time permits, could you revisit XBI? This is for Tony. So Tony, we're going to revisit XBI. You're looking for the profiles. So you want to understand with the daily, weekly, and monthly profiles. That's where we like to begin. Anyways, when we look at an instrument, especially a stock, and so we're ETF, in this case here, this is the S&P Biotech ETF, XBI is. Price is trading in between its daily profiles. It's bullish in structure. I mean, in the center of that box, where both buyers and sellers reside, it's 75.71 is closer in proximity to the bottom, which is 73.89 versus the top at 80.26. So just in taking a look at this chart out here, we're going to say that what XBI wants to do is get up to 80.26. Now Lee Corso, if he just simply, if we change faces out here, Lee would say, not so fast. The reason Lee would say not so fast is, hey, say Stevo. Aren't you looking at the weekly set of profiles out there? Tony wants to have all of the profiles. And so Tony, the tiger, if we take a look at it, the bottom of its weekly box is 78.85. Price is trading at 78.83. Therein lies your resistance. I don't know if you're longer, if you're short out here, Tony, but therein lies your resistance level. Now closing over that area at the end of the week would then say that 80.26 to 80.82 would be your price target. 80.82 is the center of its bullish structured weekly profile. Now that is where the rally could end. In bearish type markets, countertrend rallies will typically end as they're trying to get back into the box or on a bearish structured box price will make its way or can make its way up to the center line. From a monthly standpoint, price is trading in between its profiles. It also is bullish in structure. And all that that means is if we were to see a close below 71.74, it could signal look out below. But for Tony, we'll also take a look at Stevie's white background charts out here. We can see that anything new. We know that XBI bottom with the TD set of nine count out here. Did that on October 3rd. Price been moving higher since then, but it is forming a potential for a Gartley sell pattern out here. Now a Gartley pattern is going to have an A to B equal CD. It's a fancy way of talking about the A to B equal CD pattern. You can see that price, the price projection for the one to one is 79.35. Now I'm not saying to sell or exit XBI price at 79.35 out there. That just is the one to one price projection area. Only 60% of the time, give or take out there. Does the one to one A to B equal CD complete that pattern? But the reason it's a Gartley out here, well, one you can see the extended downtrend off of the September high, September 17th or so, all the way down to those lows on October 3rd when it made that TD set up nine count bottom out there. And because of that, it's time to be cautious, careful. If there were to be some type of bullish reversal, bearish reversal candle out here that would form over the coming sessions on a daily basis, that could signal that XBI is getting ready to pull back out there. That's what the daily timeframe chart shows us. So nice bottom pattern. It certainly suggests that price can move up. Weekly is saying, hey, not so fast out there. And the daily, we took a further look at it. It might be forming a Gartley sell pattern out there. So just keep your stops tight here on the weekly chart. Price coming down and testing the breakout support level of 76.84. Here it says price needs to clear Stevie's red line at 79.49 in order to have further upside movement. If it can do that, that could bring in play 87.70. And on a monthly timeframe chart here for Tony, as we finish out XBI, what do we see? We see the move lower in December of last year found support at its second breakout area. And that was at 64.30. Looks like it almost did it really to the tee. But in order for XBI to really get its monthly footing, we're going to have to see continued closes above what is now priced at 86.93. Stevie's green line were well away from there. So in summary, you've got the profiles, Tony. Watch 78.85. A decent close above that this week says further prices to the upside also watch the daily candles. If you see a bearish reversal candle out there, it's signaling that the move higher may be over. So hope that that helps you out. And of course, folks, I want to hear from you too. So let's go take a look at the general markets out here. General markets, why is the market stalling? The market primarily stalling because of resistance. We're just taking a look at resistance areas. Where's the resistance levels inside the S&P 500? Well, from the ES mini chart out here, we can take a look at the top of its daily profile. That level is 29.95. We had a slight close above it at the close of the contract yesterday. You and I know that we like to see follow-through. No follow-through today. Does that mean go ahead and sell the S&P 500? No. You want to see some type of pattern. When we take a look at profiles, they're really not patterns. They're just simply the markers out here where buyers and sellers are. We probably should whisper to ourselves because the data that we're using out here, it's almost as if we have an unfair advantage. However, I learned a long time ago, an unfair advantage is a good thing to have. So let's go ahead and keep these profiles and let's scream about them because they are helpful to you and I in understanding what the markets are communicating to us. So right now, 29.95 is a key level. Hey, at the end of the day, which I hate that sentence, so to speak, out here, but by day's end, that one I can live with. If you do see a close above 29.95 today, says the ES mini wants to head up to 3032. The Dow, the key level to be watching there is 27042. Two instruments that will help us navigate what the markets want to do. But right now, just a normal retracement. We're going to go take a look a little bit deeper into the S&P. We can back to the story. If you're not currently using the Taz Profile Scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The Taz Profile Scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks, ETFs, commodity futures, and forex. Heated by Steve Dahl, Taz understands that in today's technological world, the use of top flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve Dahl and Tom O'Brien just hosted, the best way to use the Taz Profile Scanner to profit. This webinar archive is available for all subscribers immediately upon signing up. All new subscriptions also come with a 30-day money-back guarantee so you have nothing to risk. Start your subscription by visiting the front page of TFNN.com today and you'll find the Taz Profile Scanner under the Services tab. Sign up today. Taz Profile Scanner is a firm that has extensive experience in the Tampa Bay area. Whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property, Tiger Realty has the experience across all areas of real estate in the Tampa Bay area to help buyers and sellers make the most informed decisions across all price levels. From the price you should be paying per square foot in certain up-and-coming areas to the type of cash flow investment properties are capable of creating, so Tiger Real Estate can help you make the best decision when it comes to all areas of the market. Before you make one of the biggest decisions of your financial future, call Tiger Real Estate LLC today at 727-329-8322 or email us at tiger at TFNN.com. That's 727-329-8322. Call us 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's 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 are on the front page of TFNN.com. 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. Welcome back, folks. So as we were going into that break, we take a look at the TAS market profiles, equity futures contracts just to assist us in understanding what the market is doing here. And I mentioned really our focus here is just understanding what the ES and the YM are doing, the Dow and the S&P 500 because price was up at resistance yesterday. So nice moves that we've had. But resistance is resistance and so right now we've got price pulling in so right now we've got price pulling back a little bit. Inside the NQ, that's not the case. It's resistance level is 78-44. Price is still well above that area and it's signaling to you and I that the NQ wants to move up to 80-71 and the Russell 2000 equity futures contract price is in between. It's equally balanced TAS market profile support being 1508, resistance being 1548 out there is not really helping us to determine what the markets want to do or why they're doing what they're doing today but resistance. It's been a big race to get up to these levels out here so it's just taking a little bit of a breather. We don't have any kind of sell signals yet to speak of. If we look at the daily chart for example for the ES mini we're going to see that it is in day number four, potentially day number four of a TD-9 count that is in place out here. Previously we saw wave number seven and a road momentum indicator top that was back in July. Out here of course we saw the road momentum indicator bottom inside the ES mini back in August. The highs that were made out here in September were just really a retest of a prior high out there. We're not up there just yet so we have a lower high but nothing here that signals that this is the top. Now we can see that in the past couple of days red line turned green. You and I know that the phenomena associated with that is that price and that red line or green line at this stage here are likely going to meet each other. It could be a combination of price moving sideways and the oscillator and change line moving higher. It could be any number of different combinations out there but for market to pull back and test that area would be normal. That would just be a normal retracement out there. Now that's 61. We're priced at 29. 87 actually in the market out here so you got about a 20 point spread and I'm not saying it's going there this afternoon or anything along those lines but when we take a look at the NQ in the case of the NQ it doesn't have to perform that test. I take that back. It does have to perform that test. So the NQ's really got the same picture going on out here and I can't tell you why it unfolds the way that it does. I just know that it does unfold that way and that really helps us as another tool or indicator to gauge what the message of the markets is. It's the Dow that doesn't have to do it. There we go. So it's a Dow I knew it was one of the equity futures contract. The reason why I say the Dow doesn't have to have another test that's the key. Another test of Stevie's green line is because the day that the Stevie's red line green line was changing colors. It's also the oscillator and change line that we had price actually testing that level. That was just three, four trading sessions ago. So what the Dow's communicated to you and I is that it's ready. It's preparing to run up to the 27, 262 areas. Earnings out here. There's lots of things that can easily propel that. Of course it needs to first contend with 27 042. Okay. So I don't want to belabor that but I just certainly wanted to make sure that you and I discuss that if we take a quick peek at the New York Stock Exchange that is above zero. The next panel shows us that the spot volatile index is well below its 50 day exponential moving average. That's actually priced at 1651. It's trading at 1395. The second panel from the bottom is the advanced decline oscillator line for the New York Stock Exchange. That is above zero. If I take a look at the advanced decline line out here, I'll add that. It's going to be in panel number two now. Is it a panel? What did I do? Sorry about that. Let's grab the advanced decline line out here. Yesterday was at a new all-time high. Let me see. Is today also at a new all-time high? No. Today is just slightly lower. But yesterday a brand new all-time high. Now generally speaking, with the exception of one instance over the course of 35, 40 years of data out here inside the New York Stock Exchange, what I can share with you is there's never, and even on instance, there's never been a market crash. There's never been a bear market that started like this with the advanced decline line at new all-time highs out here. And that's what took place yesterday. But that being said, that doesn't mean that the market is not preparing to make its next high. It's just, don't think that this next high is going to be some type of cataclysmic event. If that is even a word out there. Now kind of be straight here. So it looks to me like what the markets want to do with it communicating to us. Upper resistance, we took a look at those two equity futures contract ESNY and the NQ and the DAO and the YM. When we really took a look at the DAO equity futures contract, we know that Stevie's test of its oscillator and change line is already taking place. So it really should be able to break above that resistance and move higher. We gave you the breakdown level. That being said then, we still need to be careful. Well, one of the reasons that we should be careful as soon as I can find it is this. So we just took a look at the spot volatility index. That is now at the top panel of your screen out here. The bottom panel is the S&P 500. And what you see on the top screen, the top panel, the red line is the spot volatility index closing prices because it's a line. The other lines that are out there, the blue ones are a Bollinger Band. That is a 50 to 1 setting. Most Bollinger Band settings are a 20 with a Bollinger deviation out here. But just simply for the spot volatility index, I found that using a 50 to 1 setting provides us with a lot of assistance and understanding what the market is communicating to us. The little fuchsia, I think it's fuchsia. Is that what the color would be? Maybe purple. Barney color out there is at 1651. So there's your 50-day exponential moving average. Okay. So if you take a look at this just before we came on the area, I said, hey, let me just try to visually show you what it is that I'm taking a look at. And what you will notice out here is when the spot volatility index gets to or below the bottom of that 50 to 1 reading it's a signal to us of an impending top that should form. It doesn't tell us what the extent of the decline will be and it's not to be used as a timing tool because if it were then we would go short the market today. Now that still could be a right option because I don't know what's really going to happen. It's 125 in the afternoon at 126, right? I can't control what happens next. That's why you and I use position sizing whenever we enter a trade. Position sizing means we have done all of our work before we enter that trade. We've identified our stop. We've identified our target. We know what our reward risk is on it. We figured out exactly what we're going to risk, which is typically 1%, or less of our working capital and it tells us exactly how many shares to buy based upon a very simple formula and that is position sizing. And if you use position sizing whenever you enter a trade you're going to do just fine even if the trade doesn't work out because what's at risk is really just 1% of your working capital. Now granted, stops can be jumped, you know, an overnight action and your risk can go from 1% to maybe 1, never 2. That's the stuff we can't control and when that happens you just simply close out the trade, come back re-evaluated and go from there. But now getting back on track here, okay, if we take a look at these little rectangular shapes out here, the bottom panel being the S&P, the top panel being the spot volatility index and you will see as a spot volatility index is trading below that 50 to 1 it's telling us of a top that is trying to form. This could take weeks as you can see on this chart out here. So price should move higher into resistance and then we should see the next sell off so to speak. We'll be right back. 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 trade that we tigers and tigers share. If you're looking to become the best of the best in 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. 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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. Let's go to Brent in Martinez, California. Brent thanks for calling. Thanks for holding how you doing today. I'm doing well and so we're going to take a look at US Steel are tell us what you're doing and how we can assist you with that. I had a specific question in regards to I have a swing point down around 10, 16, 17 okay hit on I have the 28th of August with about 12 million shares and then on September 23rd. Yes, I think it's so that's on the August. It was 10 16 on September 10 17. And then on September 23rd 9th. Broke that with 34 million shares. So it seemed like to me that there's a potential there that the thing could do a vehicle CD down to around seven. I just wanted to see if you kind of saw the same type of thing and what you see in it. Yeah, so you know what Brent was referring to folks and I drew a yellow line from the swing point that he was referring to again the August 29th when he was also doing their Brent was taking a look at the weekly time frame to see what volume was. So August 26 yet volume of 56 million and last week it was 115 million shares out there. We take a look at profiles interestingly enough even though you had that big push last week volume wise into that swing point price did manage to close back above the bottom of its weekly profile. So in essence support held now typically when volume pushes when when when you have price pushing it to a swing point with volume doesn't tell us what and especially what here when hasn't broken the swing point tells us that price is likely to go back and retest that level out there. That's how I that's how I would use the use the volume and the swing point analytics. Of course when we see a swing point broken with volume we say it's more confirmed that the A to B equal CD pattern would play out there. It's not a guarantee though but in the daily chart prices consolidating between 1052 and 1155 that's the bottom and top of its top of its profile out here for the last month the last four specific weeks any rally inside of U.S. Steel's phone resistance at 11 around the 1188 area and that's the center where both buyers and sellers are comfortable with price believe it's fairly valued for a weekly time frame so if U.S. Steel is going to move to the upside you need to see a close first above 1188 now 1188 would also take you above the current daily profile out there and the question should be is there any other signals out here and if we take a look at the daily time frame chart for U.S. Steel Brent what we're really going to notice is in October 11th you got what equated to a bullish reversal candle now that candle required three candlesticks to form to create that bullish three river morning star pattern and what price was also doing in U.S. Steel at that time was pushing lower doing a less relative energy creating that roads momentum indicator bottom out here so it is trying to bottom it's not the first time that it has bottom with this pattern if we go back we take a look at that August 28th time frame when price had first pushed down with volume at swing point it was also pushing lower with less relative energy and it was the following session which was the bullish reversal signal which was the gap to the upside so that was your confirmed buy signal and also price had closed above Stevie's red line turns out as we now take a look at the chart here price continued moving higher until it got to count number or bar number nine but TD nine count so that was the topping signal price then went ahead and pulled back to its breakout area and that was at 1048 we did see recently over the past several days a break of that level but the break of that level on October 9 even though it was with volume pushing lower we're still doing it with less energy so which pattern is more important to us the fact that it was pushing lower with volume or the fact that it was pushing lower with or without volume and doing it with less relative energy out there I think it is the latter that is the most important signal to us out here so right now U.S. Steel has we'll have to call it a cautionary buy signal why because even after forming that and having a nice wide-ranging bar on October 11 price found resistance right at the top of its daily profile which is 1155 out here so you know you've got a bottom signal prices consolidating out here if I go look at a weekly time frame chart just to look for some additional signals out here the weekly time frame chart also shows that price has been moving lower doing with less relative energy in this case here this takes us back to the week of August 30th and August 30th that was a hammer candle so you've got the rose momentum indicator signal bullish reversal candle on August 30th the very following week September 6 also another bullish reversal candle that's the bullish engulfing and so you've got a lot of signals here that at least suggests that U.S. Steel is really trying to form a bottom on its daily and its weekly time frame chart the monthly not so much the monthly we don't have prices below it's all of its profiles out here and as we pull over the monthly time frame chart I don't have anything to suggest that a bottom is in place just let me just check the wave count out here no the monthly chart is suggesting price wants to perhaps get back and tag 852 and that's its real breakout which takes you back into March it looks like of February of 2016 out here so that's what the charts say so let's try to summarize this here your question specifically was about the volume push to the downside and I'm not trying to discount it and say it's not important but I do believe that the more important pattern out here is that rose momentum indicator pattern where price is moving lower and doing it with less relative energy it actually tells you and I that the move lower is not real now that's kind of a metaphor so to speak right obviously it had to be real but it's not real from the standpoint of a breakdown that's going to occur and then the real proof of that was we have seen continued closings above the bottom of that bullish structured weekly profile so I'm not suggesting that us deal is a gigantic buy here but it is absolutely trying to form a bottom and whether it's the bottom that formed on that last push with 115 million share or was no 34 million shares to the downside on October the 9th out here or not what we haven't seen is a break of resistance to suggest the change in trend and so that's going to be for me I'd have to say that would be a close above 1172 and then I guess if it were to break below the support level and stay below there then that would I guess further kind of go the direction I was thinking of you know the yes okay yeah in 850 and 852 and so you know we can't rule that out because the longer term time frame chart the monthly you know can be the larger influencing pattern that is out there and that may be the signal from the standpoint that we haven't been able to see us deal actually take out the key level of resistance I look at did on one day was back on October the 1st there was some move above resistance but the very next day there was no follow through price got right back down inside that profile box the top of which was 1155 but it's definitely signaling both on the weekly and on the daily time frame that it is trying to form that bottom out here I guess it's one worthy of keeping an eye on here and absolutely I don't see what happens with it we did have another aftershock yesterday and it's funny because when you've already had a decent size earthquake your nerves are a little you know on it yeah yeah okay well well glad everything is okay oh yeah it's fine again it's just kind of we're kind of nervous a little bit hey good to talk to you 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affordable and 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 that 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 that 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&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 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which is 108.83 so if a further rally is to occur what you should see is the Japanese yen the US dollar currency pair close above on a weekly basis 108.83 from a monthly standpoint what we have here is prices trading inside the profiles now what we said is trading above the top of its box weekly into the top of its box if we look at the other daily chart out here just to sense any other kind of patterns out here we can see that today is going to be bar number six of a potential TD set up nine count the last time that the Japanese yen topped out here and I'm going back to the September 18 time frame that was with a TD nine count pattern so it suggests that we should be keep our eyes out for a potential if we take a look at how the Japanese yen bottomed it was with a roads momentum indicator bottom prices moving lower doing less route of energy Brent and I just spent some time taking a look at that pattern on US Steel on its daily and its weekly time frame chart when these patterns arrive we really pay attention to them this is how markets will make bottoms not every market bottom is made with this pattern at the point is when it does show up it is a real helpful tool for you to understand like to play the Liars poker game you know you put the dollar bill on your head only you know exactly what is inside your dollar bill to the serial numbers out here let's not get into Liars poker then after that TD set up nine count Peter that formed out here in September price pulled back eventually came back and came close to testing the breakout area at the 106 33 but this still suggests that it wants higher price now where's it going to head to with regard to higher price out here look it could be an A to B equal CD to the upside we start from the bottom of that 48 there we go if we start from the bottom of that Rosalind indicator up to our B point which was the TD set up nine count and then into the retracement down towards the breakout support level which was at 106 33 it got to 106 48 the one to one A to B equal CD out here would give you a price projection of one ten five maybe one eleven five out here the one one point two seven two so we don't know at this stage but everything looks like price wants to move higher but you and I know that in order for that to occur price on a weekly basis going to have to close above 108 83 we don't have a guarantee that it's going to do that everything is set up in order to be able to do that if that can occur remember we took a look at an A to B equal CD the weekly time frame would suggest that the Japanese yen could get up to 111 90 out there 111 90 is where the Japanese yen most recently on a weekly basis broke down so that's what I see when I take a look at the Japanese yen if I look at the monthly time frame chart or other one what we're going to see out here is at prices below Stevie's red line but the color changed just a couple of months ago and that suggests that we should see price down and that would be at the price point in the 109 and change level out there so there is your Japanese yen I know you were looking for information on a head and shoulders pattern out here basically this is a technical term folks I suck at figuring out head and shoulder patterns out here just basic that that is a true statement so my apologies it's just not a pattern that I have spent a lot of time on trying to figure out when is really the right time to buy or sell and so forth out there but I think these other tools are just as helpful for you and I understanding what the market is communicating to you and I so I hope that that helps you out we also have a request inside the Tiger's Den to go take a look at Royal Gold I believe it is RGLD and the question is what is the high signal this morning so we take a look at Royal Gold here is what we know again to start with the same set of factors you've got your daily profiles prices below that not necessarily good and the weekly profile prices trading in between its range bottom and the top hasn't reached the bottom 1257 would be that area of support and the monthly chart out here John the top of support is suggesting us there so the question is is there some other type of bottom signal inside of Royal Gold out here so as we take a look at it one of the things we don't like is that price is now clearly below where it had recently broken out now when I say recently I mean October I'm sorry August 20th 2019 when it was generating its TD set up nine counter roads momentum indicator top it was the roads momentum indicator pattern that was formed on September the sixth out there price did what it pushed back to where it was supposed to which was support 12152 and since then it's just kind of been dancing around but yesterday's move lower not so good we take a look at the daily time frame chart out here there is an A to B equal CD pattern if we take a look at it let's see where it's at in in relation to that let's see 13153 13152 there we go so on the 1 to 1 extension of that pattern which would be 1345 no bullish reversal candle today so nothing to suggest to me that the Gertley buy pattern because that's what that would be here has completed so that's what the daily time frame chart is showing us at this stage let's go take a look at the weekly because on the weekly chart price was trading in between its market profiles out there 112 to 131 and as we look at the weekly time frame chart out here what we're going to see is we're going to see another rose momentum indicator from a weekly standpoint you'd need to see a close above 127 71 trade at 117 so that's a 10 point move out there but that's what you would need to see in order to say that you're free to run to the upside but this is more intermediate term style if you look at when royal gold on the weekly basis bottom indicator bottom piercing candle so it had everything there if royal gold has not bottom from a long-term standpoint intermediate term standpoint this is suggesting to you and I that it wants to pull back to 8406 remember we took a look at the daily rose momentum indicator top price pushes all the way back to breakout support no different here from a weekly standpoint so this thing over the long haul which could mean many months out here from January what royal gold could be doing is heading down to the 8406 level out there and if we take a look at the monthly time frame chart out here for royal gold how did it form its high most recently last month as an example that was your TD setup nine count pattern and so what price should do on the longer term basis is first target steve's green line that's it around 756 right now and if on a monthly basis we see royal gold close underneath that it is suggesting that price could pull back all the way to 7351 it is not out of the question so my answer john is the monthly chart has a very very valid topping pattern so too does the weekly and on the daily I just don't have any kind of bottoming signal short term maybe it's a good play out here but beyond that I would need some more information some type of bottoming signal steve rhodes with tfnn we'll be right back since 1984 basal Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion well originally hand drawing charts from the late 1970s into the 1980s basal noticed that prices under most circumstances usually 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 in 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 free trial to the opening call basal's daily trading newsletter by visiting the front page of tfnn.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 tfnn.com if you're a trader in the market looking for exposure to gold or gold mining equities then now is a perfect time to sign up for Tom O'Brien's gold report the summer is over gold is trading back above and the 10 year treasury is hovering at around 1.5% Tom O'Brien has been writing his weekly gold report for almost 18 years there's no one that knows more about how the gold market trades and how gold mining equities react new subscribers get a 30 day money back guarantee so you have nothing to lose every Monday morning Tom publishes his weekly gold report with coverage of gold silver bonds the XAU HUI GDX the dollar as well as more than 30 months as of September 3rd gold report subscribers have 5 active open positions with an average unrealized profit of almost 38% for each position to see for yourself the types of profitable trades that are 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buy it today for just $89 click on the primal edge banner on the front page of tfnn.com this is david white stay tuned because coming up next is the power trading hour right here on tfnn folks the two minute countdown is on john and sarasota is asking is today a one day event inside of the gold contract you've got gold trading up 950 1492 john if you take a look at just simply the short term time frame chart out here short term being 30 minutes time frame chart you can see that gold at bottom yesterday 1130 with the TD set up nine count I remember we just took a look at world gold and to the upside it's nine count pattern out here so doesn't matter what time frame we use these patterns work the same out here so there was yesterday's bottom we saw price move higher and then this morning at about 830 we saw price push lower and as it was pushing lower it was doing it with less relative energy just think of the US Steel stock that Brent and you and I looked at on the daily in the weekly time frame out here again trying to bottom this is how markets will form bottoms out here maybe not the first time maybe not the second time but it's it's giving you that that that unfair competitive advantage so to speak to understand what the market is doing so price was pushing lower doing with less relative energy there was no time to get on to the gravy train because that was one huge bar at 9 a.m. that push gold prices higher now what we have is we've got a new profile that's formed we also have on the 30 minute time frame Stevie's oscillator and change line turned from green to yellow was taking place price was already testing that so we're not going to say that price has to test that but to answer your question John you've got a 30 minute bare structured profile out here if gold can close about 1495 50 that's the top of its 30 minute profile you should expect gold to reach 1499 50 that is where price broke down on its 30 minute time frame is it a one hit wonder I don't know instead I'd rather just navigate what the markets are communicating to you and I short term and other time frames out there to help us understand what the market is doing out here and yet it was kind of a double bottom out there Tucker but the other patterns I think were more helpful to you and I to understand what it's doing out here longer term in order for gold to have found some type of significant bottom it's going to need to close above at least 1504 and it's not there right now hey folks stay tuned I believe David whites up next Tom will Brian from three to four I'll be back with you on terrific Thursday so have a wonderful Wednesday thanks for being here