Nice Market Follow-through After This Morning’s LTR Open House

Welcome back everyone!  I apologize because you will still have to deal with my voice.  I have had this cough and everything for around 2 and a half week.  I am sorry!

This chart right here is what kicks it off tonight.  It is a nice continuation of what we talked about in the trading room this morning.  We covered a lot of different topics for you today.  We talked about sideways versus congested trading.  There were just a whole host of topics that we talked about.  One of those things we talked about was about going from trending, to sideways tradable, to congestion.  Congestion is the one section that I will not focus on trading.  I will focus on trading trends and sideways.  These are a couple of key areas.

We focused on this in the Live Trading Room.  I said that I would not trade in the super tight range.  I was looking for the break out / break down.  We have a lot of bullishness in the news right now.  That doesn’t mean that the market can’t continue.  I am still going to look for long side trades as long as we remain above the speed lines.  That is exactly the focus right now and in the days to come.  That will be until be break below the speed lines.

We were looking for the next break out / break down scenario.  We were looking for the NASDAQ to start pushing up.  It was very benign this morning.  It started to push through some highs in the area.  That was one of the things we wanted to see.  There were distribution bars in the last three days on the RUSSELL.  We focused on that a lot this morning.  I wanted to get above that.  The S&P was at or above R2.  That was problematic with continuation if the other markets didn’t come along.  We ended up getting the RUSSELL to play ball and come along.  We typically only close above R2 a small handful of times a month.  Statistically we are going to end between R2 and S2.  We broke through R2, pulled back to R2, and then showed it was support.  That led to the rocket ship we saw on the S&P into the afternoon.  That is why I said I am going to continue to look for long side trades with break out points, until the market gets back down below the all-important speed lines.

For those of you that didn’t already join the trading room, we made the best special offer we have ever done.  To celebrate my birthday, to participate in giving Tuesday, and because we typically try to outdo ourselves, I have come up with something special.  A handful of times each year we offer the trading room for $797 for three months.  This time we are not do it for $797 for three months.  We are going to do $797 for four months for the first time around.  After that, the next three months will be for $797.  We have the holidays coming up and people are going to need some study time.  We are going to give the extra weeklong Jumpstart Course with it.  That gives people time to watch that course.  We have now added so many more videos.

We have several thousands of dollars included with this.  I am making this offer for you to join by going to www.becomeabettertrader.com/live.  I always try to outdo myself!  Join tonight because now is the time to become a part of the trading room to finish 2017 strong.  I look forward to seeing you all in the Live Trading Room tomorrow morning or in tomorrow night’s videos!  Take care and thanks for being the world’s greatest students.

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