How Rob Executed On His Strategies In The Trading Room This Morning

Welcome back, gang. Let’s start off by giving you a quick update on today’s markets. First thing’s first, the Euro continued to hold the daily resistance to the downside that we talked about. I am very excited about the opportunism to come in the Euro. But we are going to have to get above this Inventory Retracement Bar or Momentum Shift breakout before I can really get too excited about future prospects. In the meantime, I’m in a holding pattern on the Euro.

Gold is another holding pattern. I mentioned that to you in last night’s video as well. We are just whipping back and forth in that channel. There is really nothing to do with this one at this time.

Crude oil is holding the $60 resistance and we also have some down trending resistance just above us at the 6090 area on a daily basis. This was also one that I avoided and you can see that it was the right thing to do. It was an inside bar on the day effectively. We are still holding the speed lines but we have multiple resistances right above us. So, we are looking for breakdowns or breakouts from that area.

The Bond was an area that we were focusing on an intraday basis in particular from a short side perspective for our students that were most interested in shorting this. We had sell signals on this quite a while ago. We have been talking about this magenta-blue-magenta concept. As you recall, we were looking for breakdown sell side opportunities below the inventory retracement bar and momentum shift breakdown. So we had a double sell signal breakdown and it’s been steady as she goes to the downside since then. The next target is the 155 area.

Apple is one that we have not really talked about in the last several days in the free video. But we will take a quick look. Nothing has really changed here. I am not willing to get into this one. We have a negative divergence on Apple. Negative divergences bug me. Until such time as we can start to breakout above here, actually break above this down trending channel, show me some buy side enthusiasm, underlying price action and the indicators are in alignment to activity, I am not really interested. Otherwise, we get a little price bump whether it is earnings related or otherwise is irrelevant, but the indicators are not coming with it, well that is when bad things happen. We want both price and indicators coming up. That is what will give us those great short term swing trades.

Speaking of negative divergences, we will go over the Stock Index Futures. The way we played this one today was long side, intraday traders. We had 3 out of 4 of the Stock Index Futures, pretty much from the get-go, above the speed lines. Then, the Russell played ball, got above the fast speed line and even above the slow speed lines for a portion of the morning sessions. So, we took a look and focused on long side trades this morning until this negative divergence kicked in and backed off. That is when it rolled over. But that gave multiple long side trades that we did in the Live Trading Room. That is an update on what we are doing, looking at, and how things continue to follow through. Going into tomorrow morning, the strategy is going to be identical to today. We have a lot of inventory retracement bars that came up on all four Stock Index Futures. As you can imagine, I’d really like to get above those because institutions have come in and put these under pressure for further upside. Otherwise, it may foretell further rollover tomorrow. If we are below the speed lines, I will be focusing on short side trades on the four Stock Index Futures. If we are above the speed lines on the four Stock Index Futures, I’ll be focusing on long side trades.

You all have a great night. I look forward to seeing you in the Live Trading Room tomorrow morning or in tomorrow night’s videos.

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