Special Live Trading Event With Rob Hoffman This Wednesday

Ok gang, welcome back! A couple of things that I want to make sure that we get to you tonight so stay tuned.

First of all, with the Euro. We talked about its rally back to the 130 level on Friday and then subsequent pull back, leaving us with a distribution bar. We had follow through on that below Friday’s low as well as Thursday’s low. That is what I said I was looking for to find fresh short opportunities. Now, we went ahead and we closed around the 129 level. Remember what I shared with you in last week’s videos: how we could actually, based on some historical precedence, push all the way down to easily the 126-124 range. In one or two cases, even much lower than that. I’m looking to see if we can get some follow through. If we can break down below the 12880 level going into tomorrow I will be looking for shorts there.

Gold was certainly my focal point this morning for short side trading in the Live Trading Room. As we go into tomorrow if we can start breaking down below today’s lows I will look for fresh shorts in Gold as well. Make sure you trail those stops so you don’t get caught in a whipsaw. If it does start to pull up tomorrow I am just going to leave it alone.

As far as Crude Oil it broke down below my inventory retracement bar here. It dropped about 50 ticks and then went ahead and closed back up. That is a great reminder, if you remember from my article. For those of you that haven’t seen it, I just wrote an article for one of the largest trading magazines in the world, Traders’ Magazine. We talked about the whole inventory retracement bar strategy at length. This is a great article if you haven’t already seen it. You can also pick up a copy of Traders’ Magazine.

With that, one of the things that I always tell people is to make sure that you trail behind your trade because some of them are going to go, and go, and go for deep moves and some of them are going to go ahead and retrace back up. Ok? We want to make sure that you’re locking in and trailing behind that (as I mentioned in the article). Make sure you read about that and are well versed up on that because it is a fantastic tool of mine.

As we take a look at the stock index futures it was great stuff as well. We’re talking about inventory retracement bars and my article couldn’t have been better timing. Inventory retracement bars galore here as we are talking. We are waiting to break out and break down from these. We have massive inventory retracement bars above us as well as below us here. They’ve proven to repeatedly be key support and resistance. We are caught in one heck of a range here. We’ve been talking about that in the Live Trading Room and how to navigate that because a lot of people in the retail trading world are getting eaten alive right now. They are thinking, “Oh. That’s it! They are going long.” Only to have it rip their heads off to the downside. They walk in in the morning and see it is pushing down and they jump in short only to have their heads ripped off back to the upside. They are really getting whipsawed. Fortunately, we are able to avoid that and get trades around that which make much better sense. Good stuff as we are coiling up on all four of these different indices. You will see the tight range on the RUSSELL and all of this coiling on all of these indices. This is really coiling up and getting ready for some really exciting movement to launch off our fall season.

I’m quite excited and I would love to have you guys join me. In addition to reading that article that I recently did I would love to have you guys with me at the Infinity Futures event on Wednesday morning. There is a link in your email to get registered for that event. I would love to have you guys there. Let’s see what instruments that I go ahead and trade. That is going to be at 9:00CT. Come watch me live. I know that a lot of people do these events at the end of the day when there is no market to trade. I like to do it win, lose or draw right there live with you. That gives you a chance to talk with me back and forth and see what I do and analyze the markets. Take care everyone! We’ll see you in the Live Trading Room tomorrow morning or in tomorrow night’s videos.

Leave a comment!
Read previous post:
Rob’s Key Levels That Will Really Get This Market Moving

Welcome back, gang! Rob Hoffman here. I hope that you guys are all having a great start to your weekend....