Watch These Inside Bar Trades And More

Let’s get right into tonight. For all of you that are part of my swing trading videos and have been following along on these, make sure that with GILD, APPL, and Bonds you’re going ahead and, in my opinion, moving up the trailing profit stop on these now at least 50% of the way. Gilead has had a really nice run here and could even go up here about 70-80% of the way to make sure that we’re not giving back anything there. A really nice run. You can even use the speed lines as a nice guide to make sure we’re just not going to give back up any profits. This one is up another 3.3%+ on that. Let’s keep going along with that. Great stuff there for all of you that are part of the swing trading video.

As we look into some of the other things we’ve been watching the 6E is one we are watching very closely. We are looking to see if we can break down below the 13180 level for short side opportunities.

GC and CL, it is very important that you understand that we have some great opportunities here. GC and CL we have an inside day in an inside day of an inside day. That is both on GC and CL daily charts. We are going to be watching those for wide range moves. We want to get back above the speed lines here on GC, reverting back into the mean, or we want to break down below last Thursday’s low. CL here, you recall, what I wanted to do is get back above the gap on CL. That is going to right over here (on my charts at 1:48). Get above this gap and look for a long speed line to 20MA type trade there or break down below this inventory retracement bar for further downside. Don’t forget that it is also an inside bar of an inside bar. For those of you that went ahead and already took trades in some of those other things like GILD, APPL, and the Bonds, make sure you’re trailing up your profit targets.

We have a host of new opportunities here as well. Don’t forget we have inventory retracement bars on all four stock index futures tomorrow. They’ve all closed 45% or more off those highs. Going into tomorrow one of the first things that we would typically expected after that is a retracement back down. I will be looking to see if we can fall below the speed lines for some short side opportunities. Otherwise, if we can actually break above those highs we will be looking for fresh longs. We obviously hit the 2000 level on the S&P Futures today so there was round number resistance factor there. Going into tomorrow, like I said, with the distribution at hand initially we will be looking to see if it starts pulling back down below the speed lines for a short. Otherwise, if the market deals out another surprise and push above that distribution we will be looking at further long side opportunities as more of the shorts panic out and more longs start to trample in.

We’ve got some really great stuff happening there as well as in GC, CL, and the 6E. Lots of great stuff happening there and in GILD, APPL, and the Bonds are all doing very well since we mentioned them in the Swing Trading Videos. Let’s go ahead and keep up the great work and have a great night. I’ll look forward to seeing you in the Live Trading Room tomorrow morning or in tomorrow night’s videos. Take care everyone!

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