A Fantastic Week For Retail Traders

Welcome back everyone. First things first, it was a fantastic week for small lot traders and that’s not just lip service. We proved it. For those of you who haven’t been following along in the trading room, really should be there, because what we’re doing there is everyone knows me as a big institutional sized trader that is giving access to what I do to the public. But not everyone trades like an institutional trader, so what we’ve been showing everyone is what they can do with a small lot trading account. We have done fantastic things here this week that we got on film showing people these ways to do it, then I brought my trader in to sit with the group today and talk more about it as well and next week we’re going to be doing even more of that. Right now it’s just a great chance to see all of my work that I share with you guys and apply it directly to the average small lot retail trader out there. Last week was no exception with those huge percentage gains.

As we go ahead and take a look into next week. The Euro for some time now, as you recall for months and months, even when some of the big currency traders that I work with, “Hey Rob we’re pushing into some of these channels is now the time to trade this?” Even over here, we popped up a couple ticks beyond the down trending channel. Look gang we didn’t even get a single close above there, all we got was one of my Hoffman Inventory Retracement Bars, that’s a distribution bars there and still we’re in a downtrend. What I have been doing to is even here in this public video for you guys, talking about how the dollar could go much higher than it has. Sure we’re going to have some retracements to the downside as I mentioned just as the Euros do for the upside, but net net as things are being weighed things continue to be very weak. Especially at the beginning of the year we broke down to that $1.19 level. That was in 2010 that was a very important low that we broke through and that was a key resistance level that was above. We will be focusing on mostly short side trades in general between pullbacks.

As we take a look at gold it is in a nice spot in here as well. I’m looking for further longs above the highs set here between Wednesday and Thursday, very cautious with very short term shorts, but swing trading longs above the previous highs between those days this week.

Crude oil has been one of our main focuses this week. As you recall I mentioned in this area we have distribution above and we have accumulation down below. So we have my inventory retracement bars down below. Here’s the accumulation below and the distribution above. What I want to do is either break out above the distribution or below the accumulation to look for much bigger moves from there. This past week we just consolidated some of those areas. I did do some trading on there on Thursday with the inventory report. Let’s take a look with King Abdullah’s passing and all we have going on with all the technical here to see if it’s going to have great trading going into next week.

The stock index futures did have the pullback that I mentioned to you in last night’s videos. We were really overdone and were due for pullbacks, this is an M Pattern Hoffman fade sell, this is a hockey stick sell, this is a Hoffman fade stochastic spike sell, and this is a hockey stick sell. So multiple sells on the different charts that we talked about so we did get our pullbacks today. I did like the Russell and the NASDAQ today, but typically I look for more aggressive pullbacks on Monday, but the DOW and the S&P did cut pretty deep today, so if we do start trading to the long side here above these green bands here. The number you see by each of these charts here so you see that area on each of these different charts. So as long as we’re looking above those lines going into Monday.

As far as the Japanese Yen we are kind of consolidating and still has not started any sort of major trek back to the upside. It’s kind of consolidating a very tight band I’d like to see us breakout of that 4 day band before doing anything further with that at all.

The British Pound is flirting with a very long term level here $1.48 to $1.50 level here. If we break below those we can break for some lower lows.

The 30 Year Bond closed right back to a key level of mind here on both the daily and the weekly basis so the way I’m going to play this is as long as we stay above that level it’s about the $150 and 7 30 seconds area I will be looking for long side trades going into next week. If we go below that area I’m going to back off any sort of shorts. We’re pretty cooked from an overbought over sold perspective. If it pulls back I will let it do its thing and wait on that one. If we go up I will be looking aggressively at long side trades.

As we take a look at one thing I’ve been asked a lot about is Apple let’s take a quick look at that. It’s been a while since I’ve talked about Apple so people were wondering what my thoughts were. Right now were in a tight consolidation band so I’m staying away from Apple right now. Apple does get me all warm and fuzzy inside when I have my indicators like my fast trigger and my core trigger firing off right now. There are some interim supports over some long term supports. What we have is a bunch of gobbly guk without any meaningful trending starting to take place. As we approach this neutral point right here, can we start to do what I call a razor burn where it comes down towards the neutral line and start to take back off again, in which that case I will be all over Apple again. I need some indications from my indicators and kind of the rail road tracking that there is strength and continuation and probabilities in that trend.

You all have a fantastic weekend. I look forward to seeing all of you in Florida if you come see me live February 5th in the afternoon I’ll be speaking there all morning and will be trying to help any of you that need help with my work and answer any questions I can. I will be there all day Thursday February 5th. Tonight in the special updates section of the email just register so I know you’re coming.

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