Invite girls and gents, this is Rob, owner of WealthBuildersHQ.com, and also welcome to this version of Trade With Rob, which is for May 28, 2021. Markets have simply closed up, so let’s go have a look at the S&P 500 and see specifically what’s going on right here today.
So for those of you who are brand-spankin’-new, suggesting you’ve never seen a Trade With Rob video clip prior to (and also as a reminder for those of that you have been here), we always intend to take a look at the market itself, and with the Fibonaccis. So there’s our V-bottom, terrific go up, below’s our V-top.
We have actually had lots of points happened from that V-top to where we are today. But, basically, we have an all-time high and also an all-time closing high up on the same day there. As well as we have actually obtained thes 3 lines here– 4181, 4191, as well as 4200– all vital degrees which is why we have this blue zone. It’s a location of health, stamina, a location of compression, and also it appears like we shut just at that top line today, that 4200. We’re really at 4200.88, to ensure that is fantastic. On the whole, bias in the general market. To the upside is what we’re looking at there. So, I such as the S&P, I such as how it’s going. That does not indicate you can only trade to the benefit, but you will have a higher likelihood [of being profitable] if you are trading the to the upside, than if you were trading inverse to the market.
So, the prospect for today is CZR. We’ll speak about the stops and targets in just a minute. In the meantime, I just wish to discuss the prospect itself. We’ve got this great, solid V-bottom in right here, excellent, strong, propelling pattern, we had a day down, we had this move up, and great deals of sideways ugliness. Large step down, long stretch that day, kind of returned right into play once more, went sideways a few more days, and also had this move up that gave us a clear V-top.
We’re checking out a zero-line outbreak, thus this line is our No line. We have actually got the outbreak two days ago, we obtained the retest the other day. Preferably, today would’ve been the bounce. I captured this previously into the [trading] day today, so was not able to benefit from it.
So right here’s what we’re trying to find. In an optimal world, tomorrow, I am seeking a retest of that 106.20 degree. So, I intend to see that wick stretch pull back there once again from the 107.93 it’s sitting at currently, as well as if it gets down near 106.50 and also jumps, maybe plateaus there and jumps, that entrance would certainly be fine for me.
The entrance would be off of the intraday on the 106.20. If we are wrong and the trade goes against us, our stop is evaluated 104.50 on this profession. When you take that trade, you’re going to have 2 targets to the advantage. Once it jumps, we’re checking out our initial target at 109.75. You’re going to market one fifty percent of your placement. If your “uncle” factor was struck, you’re done, you run out the trade below. What you’re mosting likely to do if you offer fifty percent of the profession there (if you have 2 contracts), you’re mosting likely to move your stop to at least breakeven, potentially somewhat more than that. Your target 2 is mosting likely to go to 113.75. So if you’re entering at 107 and going out at 113, not a negative thing!