The Right Strategies At The Right Time. What It’s All About As Day And Swing Traders.

Welcome back! Let’s get right into it. Here’s the bottom line from this morning. We had this really great support underneath us today. It was rising support on three out of the four stock index futures. They were right at key technical levels. Even the NASDAQ was at my inventory retracement bar. Remember, inventory retracement bars are either accumulation or distribution depending on the side of the fence we are on. Since it was on the downside, that means we were on accumulation. That means anywhere from the top end of the wick to the bottom end. That’s all one big fat accumulation. That not only stopped the market from going down but has actually driven it back up. Even the NASDAQ was at a key support level today. Clearly you can see how the Dow, Russell and S&P were at very strong support levels. The bottom line was we were looking for the typical fake out from something like that. We were looking for the market to look like it’s going to sell off, get a bunch of retail traders trapped and looking for a push off.

Let’s talk about one of the great trades that were taken this morning. We fired off one of these great Champion Setups pro edition setups. It was really phenomenal. The market just took off and when it took off, it really took off. That was a lot of fun for the live trading room to watch that just to see how fast and how pain free you can get into trades. It was a great initial entry opportunity here and a pull back making it a stochastic spike trade. In other words, we waited for the fake out then for a buy signal. From there, as I’ve taught you guys, the typical targets when we’re below the speed lines are back to the speed lines. You’ll notice we got back to the speed lines and that’s where we stopped on all four stock index futures. The bottom line is, it’s a really great way to identify why you’re looking for a long side trade off of support levels and where your targets are to.

As we go into tomorrow, what I want to see is will this be a one-hit wonder or will there be accumulation off these supports? Can we get the speed lines back to the upside. If we hold below these speed lines and start to roll back over, that can bode very poorly for this market. Speed lines are going to be key lines tomorrow. They’re going to be influxion points. Above them I’m going to be bullish and below them I’m going to be bearish.

We’ll look forward to seeing you there Saturday and in tomorrow’s live trading room and tomorrow night’s videos. Take care, everyone!

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Rob’s Strategies From Today And For Tomorrow

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