Invite girls and gents, this is Rob, founder of WealthBuildersHQ.com, and welcome to this version of Trade With Rob, which is for May 28, 2021. Markets have actually simply closed, so allow’s go have a look at the S&P 500 and see precisely what’s going on below today.
So for those of you that are brand-spankin’-brand-new, meaning you have actually never ever seen a Trade With Rob video prior to (and also as a reminder for those of who you have been right here), we constantly wish to look at the marketplace itself, as well as with the Fibonaccis. So there’s our V-bottom, terrific go up, right here’s our V-top.
We have actually had lots of things took place from that V-top to where we are today. Yet, primarily, we have an all-time high and an all-time closing high up on the very same day there. And we have actually got thes 3 lines here– 4181, 4191, and 4200– all vital levels which is why we have this blue area. It’s a location of wellness, stamina, an area of compression, and also it looks like we shut just at that upper line today, that 4200. We’re actually at 4200.88, so that is fantastic. In general, prejudice in the total market. To the benefit is what we’re considering there. So, I like the S&P, I such as just how it’s going. That does not suggest you can just trade to the benefit, but you will certainly have a greater probability [of being profitable] if you are trading the to the advantage, than if you were trading inverted to the market.
So, the prospect for today is CZR. We’ll talk about the quits and also targets in simply a min. For now, I just wish to talk about the prospect itself. We’ve got this excellent, strong V-bottom in right here, good, solid, thrusting pattern, we had a day down, we had this go up, as well as great deals of sideways ugliness. Huge step down, long stretch that day, kind of returned into play again, went sideways a couple of even more days, and had this go up that gave us a clear V-top.
We’re checking out a zero-line outbreak, for this reason this line is our Zero line. We’ve got the outbreak 2 days earlier, we obtained the retest the other day. Ideally, 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 looking for. In an ideal world, tomorrow, I am searching for a retest of that 106.20 level. So, I wish to see that wick stretch back down there once again from the 107.93 it’s sitting at now, and also if it comes down near 106.50 and also bounces, perhaps plateaus there and also bounces, that access would certainly be great for me.
The entrance would certainly be off of the intraday on the 106.20. If we are wrong and also the trade goes against us, our stop is evaluated 104.50 on this profession. Once you take that trade, you’re mosting likely to have 2 targets to the benefit. Once it jumps, we’re taking a look at our first target at 109.75. You’re mosting likely to market one half of your position. If your “uncle” factor was struck, you’re done, you’re out of the profession here. What you’re mosting likely to do if you sell fifty percent of the profession there (if you have two agreements), you’re mosting likely to relocate your stop to at the very least breakeven, possibly slightly higher than that. Your target 2 is going to go to 113.75. So if you’re getting in at 107 and getting out at 113, not a negative point!