Nice Way To End The Trading Week. So What’s Next?

Welcome back everyone. I hope that you guys are having a fantastic holiday weekend here. I will be looking forward to seeing you in the Live Trading Room either Tuesday morning or in Tuesday night’s videos. In the meantime, let me give you a couple of key thoughts I want you to think about going into next week’s trading.

As we take a look at 6E we see that we have some time on the clock here on Friday afternoon but we’re going ahead and doing the video now because we are going to be getting on with the weekend here and we had great trading in the room this morning. Now we are done. At this point the 6E session is already closed. We are down below that 13100 level but really I need to see a continuation of that going into Monday morning to look for shorts during the European session and into the US session.

As far as GC is concerned, it is in that gobidly-gook area of support and resistance. There is really nothing that I am looking at initially going into next week. We will revisit it as we get into next week here.

CL went ahead and break through my area that I told you we needed to break through in the last couple of days. It finally did get up there and it exactly reached our target here today. Great stuff. No new fresh trade there at this time to focus on. If we go into Tuesday morning I may consider some short side trading, like a stochastic spike type trade. Usually Tuesday morning right after a holiday I will let things settle out. Our target was already achieved on this so there is really nothing else to do with it initially.

The ZB had some great stuff as well this week. At the end of last week we fired off my signal and went into this week and we got almost all the way up there, roughly 80-85% of our objective. Once again, our target was achieved in a short amount of time. I know a lot of my ZB traders were very happy with that this week. As far as new trading ideas, first of all, if you are in this trade still it is all about trailing it up. I know a lot of my people started taking their profits on this today. Otherwise, if you are still in it, you are trailing up behind it. We are going to want to get above this band to get the next breakout signal. We will talk more about that as we get into that area but we are not there yet. No new fresh signal. We are still operating on the previous one and people are starting to take their profits from that. Pay attention to these nightly videos because we’ve been giving you a lot of great information. We told you when the signal was firing off again and so it is really great stuff.

Obviously, it was a very light holiday week in volume but we were able to close out the week strong here. A lot of my traders that were doing three lot and five lot trades were really, really happy with themselves. I want to give a shout out to Alexander G. who is 83 years old and just did a fantastic job closing out the week strong here with multiple contracts and great trading with us in the Live Trading Room. I am very proud of him. I’ve got multiple 83-84 year old gentlemen and they are trading better than some of my 20-some year olds. It is really great to see that these traders are doing so well compared to some of the young hot shots that are coming in. It just goes to show you that you can teach an old dog new tricks.

The stock index futures, what can you say? You can see as of right now still we have a doji star. Again, there is still time on the clock. Here again an indecisive bar on all the stock index futures. Going into next week it is going to be all about getting that volume back on track and either breaking out above today’s highs or breaking out below these accumulation bars. That is what held us today. You can see each of my inventory retracement bar and hopefully many of you got to reach my great article in the International Traders Magazine. It was put out there in five different languages just yesterday. Those of you that have read it have really enjoyed it and gave me a lot of great feedback. What a great honor it is to put an article out there for the best trader magazine in the world.

As we look at this here, again, we had this accumulation bar from yesterday. That is clearly what we need to break through. It is acting as support and this is what we were concerned about going into today’s session. We did not break through it today. That is what we have to break through going into next week for short side trades or break above these highs that you see me drawing from the last couple of days. We have to get above those highs that are currently also distribution bars in some of these markets, particularly the S&P and the NASDAQ.

Those are the key things that we are looking at, gang. Let’s make it a great week as the volume come back next week. Really looking forward to having a great time with you. We will either see you after a safe holiday weekend on Tuesday morning in the Live Trading Room or Tuesday night in the videos. Keep your suggestions coming because we love them as far as trying to show some different things to you. We’ll see you soon!

Leave a comment!
Read previous post:
Markets Rob Is Looking At Prior To The Volume Rushing Back In

As we take a look at our holiday volume week here there are a couple of things to note. In...

Close