Finding & Trading Stocks That Are Extremely Overbought | Technically Speaking

so how many people do you think run scans every day just to try to find something to trade that day is that the right way to go is the market telling them maybe they should wait and here's another question is overbought a good thing or a bad thing and how can overbought help us find future trades we're going to talk about that so stick around good afternoon and welcome this is technically speaking advanced charting techniques now it does say advanced if you are brand new to technical analysis don't worry stick around uh take notes think about what you're trying to accomplish everything is going to come to you because uh eventually fairly soon hopefully because we have tons of support here at td ameritrade for somebody wanting to learn technical analysis so as i was saying today we're going to talk about some some ways to possibly build a list of stocks that that may be may have some potential possibly have some potential in the future before we jump into any of that i want to make every sure everybody knows that cameron may is in the chats to help us out assist in the chat today my good good friend uh and for for many decades always great to have cameron here and that's the other thing if you are new to technical analysis uh could you could you please type in a yes and cameron was going to get you going with his monday morning getting started with technical analysis webcasts that happen every monday at 11 eastern time all right let's get rolling out there we had a lot to do today markets are pulling back so this for educational purposes only not recommendations options not suitable for all investors short options can be assigned at any time up until expiration regardless of the in the money amount paper money virtual trading application will not assign a short option position early that's going to be very different from a real trading account now we are going to talk uh technical analysis today but that does not mean that there aren't other approaches of analysis and that includes fundamental analysis uh past performance does not guarantee future results all investing involves risk and as well as any decision investment decision you make in your self-directed account solely your responsibility and any trailing stop or stop loss order will not guarantee execution at or near the activation price so with the agenda today looks fairly similar but there's a reason a big reason we're going to look at the current market and sector conditions and why is that because the market has been on a very strong run off of the june 16th lows june 16 june 17 lows uh running to the upside finally running into uh the 200-day moving average that everybody's been talking about but i want to want to discuss if we're going to define some technical conditions uh is this is it a bad thing right now and uh that being said if it's just a pause in a in a more bullish run number one up here with the sectors and the in the in the current market uh conditions with technical conditions can we define the house how weak perhaps the market and sectors are and then can we go out and find really strong stocks that have been overbought i want you to think about something and that is if you are at uh if you're at if you're in a race you're in a you're in you're in a race you're you're at the you're at the track and you're at the starting line of the track and the you hear the getting on your mark get set do you go how many of us have done that with trades we didn't wait for really the ghost signal or we you know the the the blank the blank gun to be fired uh and to start to start the race we jumped ahead of it and just to find ourselves you know maybe uh in a bit of a situation we didn't want now that doesn't mean that what we're going to look at today is going to be a cure-all for that but we're going to look at some things that may put more of the technical probabilities in our in our in our court so we are going to do that so let's pop over here to the uh to this to the uh platform and before we jump in here of course i want to say hello to all the good friends all the names that we see here all the people that joined me this week in the advanced options or the uh advanced concepts for options workshop that we we had this week and hello vijay and chris and uh phillip uh and krishnas as well as uh narinder juanita brenda kathy rick burns todd phillip tony rangyou clicktition i like that george in texas jack brad by the way brad and everybody else hopefully i won't forget i'm going to give you just a quick preview of what we're going to look at next next week so stick around i think it's something that brad's been wanting to see for a while again that reminds me the reason i'm bringing that up is brad has mentioned it before how do we mention these things in surveys if we get a survey from us it's very easy to fill it out just a couple of questions but we're really more intrigued and concerned with the comments and what in one of those questions is what webcast do you want to see in the future lakshmi and alfred and uh grace and everybody else uh that's in the in the room as well jackie robinson michael uh anyway let's get rolling in here so we're going to start off with the s p 500 we're going to take a look back in history in a second but let's take a look at where we are right now because this is going to have and the reason we do this is we we oftentimes many of us will do this top-down approach and what does that mean we look at the markets then we look at sectors and then we look at the the industry groups and uh or sometimes just the stocks in that sector to see which ones might be weakening or strengthening with those sectors and right now not necessarily a surprise this is how markets move they move up down and sideways and we saw a pretty strong run off of the june 16 17 lows in here and then of course all the talk was you know after all the talk after price broke above the june 2nd highs and got above the 100 day moving average that where the next area of relaxation might be could very well be this 200-day moving average well maybe that was a foregone conclusion and people are taking their profits there it is august there is some seasonality uh so we shall see but it's pretty strong move uh pretty strong move today uh to the downside down one point one seven percent and uh let's look because what we're going to do here is we're going because let me explain why we're going to do what we're going to do first there's a lot of talk and even i you and i did it well a while back uh and probably back in in early june that price reaching up in the 200-day moving average fails well it's failed you know at the 200-day moving average after bearish moves uh really about four times in uh that are that are major that have turned that continued into major bear markets uh but what we just because it's there doesn't mean that's the case right there's been plenty of times where the 200-day moving average was just a speed bump along the way and so what we want to do is look at some of the differences some of the as well as price the internals and start comparing a few things going back in in history so uh i'm going to do something today i typically do as well on wednesdays we're going to look at some breadth in here and the first one we're going to look at is going to be the mcclellan oscillator now the mcclellan oscillator is based on the new york stock exchange advance decline line we'll look at that shortly and we're going to look at the mcclellan summation index which is based on the advanced decline line but it is a derivative it is derived from the mcclellan oscillator but it is longer in term it is more of a trend it help us define trend momentum in the longer term trend now the what we're looking at today is the mcclellan oscillator dipping below zero that's not necessarily a bad thing uh when price moves up and down and up and sideways and up and down sometimes this short term because this is short term it's going to fall below this uh negative 150 area and then we'll look for price to or look for this to move off of that if if it's just a pause in the in the uptrend okay so i'm just checking out the chats there sorry for the quietness all right so what else do we look at here we're looking at the mcclellan summation index and i got this purple dashed line drawn in there so let me squish this down a little bit and raise this up we've got this in there because i just want to mark where it is today that's fairly high has it been higher sure and that's the that's the uh that's kind of the purpose of this and then we have this divergence with price back in here on this more of a trending oscillator with the summation index so what does this mean it means that when we get above 500 that's a good thing a sign of possible trend but we want to see it stay hopefully above 500 and do something like this but it could drop below 500 come to zero maybe even push below zero we need to see for this trend to stay intact for it to hold in effect hold that zero uh area zero and above uh and then we have uh down below that the up down volume now this is the up down volume uh prior to the chicago or excuse me the cme or excuse me new york stock exchange sorry uh changing the way they looked at volume doesn't make it it doesn't really change anything it's just that i'm using this one because we have more data because when you go back to that 2008 period and i want you to remember what we talked about here of course we'll come back and look at it i want you to remember what we talked about here and look at some of the differences because what we're what you're probably experiencing if you're seeing and you know watching people on the news is they're talking about this time frame in here let me squish all this down now perhaps maybe maybe not there we go and i'm going to give this a little bit more room here on the upside and there we go so this is the area of concern so we are in this bearish market back in 2008 and we can see this downtrend here and then price came up and and and got above the downtrend line what you'll notice something similar look at the similarities first but here's where people make mistakes in business in a lot of different places they look at familiarity they look at things that are similar and but they don't look at the uh at the at the differences that could have very well been i'm going to go kind of off the ranch here that could have been what happened to what can be what happens to certain companies out there that have a model that they use their business model and think well that business model is going to work just across everything but no they didn't understand the differences with some of the other businesses they were trying to push their business model on so we got to look at the differences we just can't look at the similarities right you got to look at both sides of the coin and so the similarities are we have this downtrend and we have you could you could call this after fashion very similar to what we have right now a head and shoulders a head and shoulders uh topping formation we talked about this last week where the neckline might be and and so you know across across here you know that's a not the greatest drawing but that might very well be the neckline but the important point is is that after the head's completed down here uh then we look at where the head is and the where the right shoulder is and we can draw a downtrend line and that downtrend lines becomes very important just like where we are right now with the russell and with the nasdaq and so on and so forth um so the issue here is this rally off of these lows the market was down 20 percent rallied up hit that 200-day moving average and then it fell right back down well of course everybody's looking at this and it's a call we'll call recency bias that hey that happened before so therefore it could very well happen again but there's some marked differences in the internals in the internal so let's start off with what we see here in uh in the mcclellan oscillator doesn't look too terribly much different in other words as price climbed here and again just to remind you the reason we're doing this is we may look we may build a list of stocks i'm going to show you a scan and we're going to look at a list of stocks uh and to find some strength within those list stocks and then sit back and wait right wait for the starting gun to go off but before we do that we want to make sure that we understand where we are in the overall market or or get some kind of a bias in the overall market so uptrend we had some strength we had some complexity some bullish complexity in the uh in the russell armstrong russell the mcclellan oscillator and then it and then it failed of course as the market as the market sold off and that being the case that might have been the one of the uh one of the tells in here was the inability for it to get back above that 150 area right not that it fell below zero uh over here but it failed to get back above the 150 and then it got below the zero and then it failed to get back above the zero line so these are things we're going to watch for in the near future and then if we look at the mcclellan summation notice where the purple line is here that's where we are today and there's the important the importance is here as we were as price ran into the 200-day moving average the longer term trend defining uh summation index failed to get above 500 okay that was that was an important that's an important point uh to consider and then we see that the uh on this on this rally back up we had a lot of a lot of back and forth during the in the in the up down volume the new york stock exchange up down volume the trades that were happening on an uptick or a down tick and then we saw on the on the selloff particularly here it get down into the well into the negative territory showing willingness to sell we zoom in on this because if we're going to do some comparison where might we be well we're looking something very similar to what we see right here back there that's just in price right now granted price is king but the internals are much different because if we scroll back here to the beginning or to where we are today oh wait a minute before i do that um let's look at where things changed after the after the failure at the 200 and the ensuing uh bearish strongly bearish move in here what occurred with these with these uh oscillators well let's zoom in on this this is might be important to what we're looking at uh in the near term the mcclellan oscillator got back above 150 and then we had this complexity as it went forward dipping below zero every once in a while over here but what i want you to also notice is that in the oscillator i mean excuse me the summation oscillator summation index we saw that it got back above 500 ultimately getting above this uh purple line this purple dotted line in here showing us strength underlying internal strength in the marketplace okay in the marketplace as this was uh possibly making new trends and ultimately got above the 200-day moving average banged around there a little while i scrolled this forward um banged around there a little while and then and then finally took off so back to where we are today what are the differences well similarities are very similar to the peak that peak in 2008 runs up there finally exhausts itself comes back down the difference here is the mcclellan oscillator has been showing us much more bullishness meaning it's been staying above the 150 area that doesn't mean that that's going to that's just 100 bullish right anything can happen we don't know what's going to happen over the weekend next week so on and so forth the other difference is the internals are so strong right now that we've seen we we see the summation index get up to a place where uh you know it starts getting into that that altitude where the oxygen may be getting a little bit weak and so maybe we see a bit of a downturn right and then of course somewhat superficial in this is as because we were in this uptrend is that pop of uh up down volume above 90 on this day right in here a nice gap up as it's breaking above the june second highs in here so that was a pretty good sign but you can see why i say it's superficial because you know it's already been in this rally and in and there's been a lot of underlying strength in the breadth so the question becomes you know if we look at those differences you know is this really going to be the place that is going to uh is the uh is the killer of the bulls and is this really a bear market rally well only time will tell but as far as the internals go the only thing that's showing the similarities is the fact that prices run up into the 200-day moving average so if you're whether you're bullish or bearish um you have to make some decisions right and those decisions have to have to be yours now don't get hung up and think that you gotta absolutely be right there's gonna be levels that are gonna tell you you're you're wrong and that could very well be a break uh back down below this neckline of this head and shoulders pattern in here break back down below there if we look at the trend line here connecting the head and the right shoulder well we ran right into that not we didn't surpass it right like we did back in 2008 before we hit the 200 days so find some finding some resistance in there and then we look at the uh the nasdaq the nasdaq never got into the on the rsi never got into the overbought area didn't make it to the 200-day moving average so there's some near-term weakness there and then of course the russell ups the russell 2000 failing at the midline pulling back in not necessarily a surprise so if it's just a if it's just a pause in the uptrend and it pulls back even if it pulls back a fairly a fairly good distance there could be opportunity right but i want you to notice that when something becomes now let's get into our discussion today about individual stocks and and and being at the at the starting line but not being ready to go and building some kind of alert system as to when those uh when those trades may be uh being a better position this was pretty overbought on the russell 2000 and the and the s p was doing the same thing so what i'm going to do here is i'm going to pop this down i'm going to come over here and put on this other grid and uh i'm actually just going to do a 2 grid here today and we're going to start looking at we're going to look at a scan in the scan what we're going to do is we're going to look for things that stocks that have become overbought and then look for areas of technical conditions technical areas where pullbacks might occur and when those pull backs if the market pulls back a lot of stocks maybe pull back a lot of stocks have been breaking out there are a lot of stocks that are extremely overbought right now so all i did today is i've got this i'll pop this open over here and let's close some of these here um as i did the day is i just ran a scan it was just a very simple scan rsi greater than um let's just go find it here uh rsi greater than 60. that's all i did with uh with some unusual i think i didn't think i did an unusual volume let's uh pop over here to the scan oh yeah i did i did uh nope didn't even do the unusual volume um so here's here's the scan here you can add other things in here unusual volume those types of things but all i was doing was looking for stocks that were great that their rsi was greater than 60. why because i want something that's overbought or maybe even something that's giving us a possibility in the very very near term so the way you do that is you just come up here build a uh to build a scan is going to come up here we're going to reset all this i'll show you quickly how to do the scan i'm just going to use the last price and i'm going to use say you can use 10 you can use 20 so i'll just use 20 in this in this area and then we can use 500 000 250 000 1 million whatever you want to look at i'm going to use 250 000 and then i'm going to get rid of that one and i'm going to add a filter okay add a filter i'm going to come down to study come over here to uh the study over here it always defaults to adx crossover and come down here to popular studies and then i will look at a rsi scan rsi scan and it says just defaults at the 40 greater than 70. you can do that you can do 60 uh however you want to do it so i just did 60 put 60 in there and then had it on all stocks up here at the category all stocks and enter no intersection you can change it if you want to just look at the nasdaq stocks or the russell stocks you can pop it down and you can look at the nasdaq comp the nasdaq 100 you can look at the russell 3000 2000 1000 whatever you want to look at then i just run the scan and then that scan will build something like this over in here and then of course i have uh on on here and here's the scan uh popping up here let's just take a look at let's take a look at this one here just bill okay so this is where this is where things become somewhat important because once you build the scan you can you can save it as a watch list go back over here to the scan let me show you how to do that right here on this hamburger stack actions menu right there going to pop that down save as a watch list give it a name whatever your name happens to be and save it and then that will you can pull that up at any watch list anywhere and you can do it in the market watch tab under quotes uh and if i can remember what i called it here it is boom so you can pull it up anywhere but if you want to connect it to your charts you'll let it you'll put it over and you'll pull it up over in here and create the this chain link link those two together by popping these down and choosing whatever color that you want just as long as they're the same color and then at that point you can run through so if we're looking at this one we just pulled up okay does it meet the the criteria well it meets some pretty good criteria so this might be something uh this might be something that somebody might consider but let's walk through let's do kind of the due diligence what is i have a five-year weekly let's put a two-year weekly on over here so you can see this a little bit better and click ok yeah so if i'm understanding the question correctly jack says can you set the 60 level in the y-axis to indicate overbought in a uh in a chart of an asset i'm not sure i understand but the 60 level so that's on my on my rsi that i have in my twitter in my twitter profile page under my pen tweet the um rsi where is it rsi 40 50 60 okay so we know from the scan if you use this if you use this if you if you follow me on twitter and come in here you can get the script uh right in here and load that in as a matter of fact coming up next is ken rose my our good friend ken rose teaching script scripting on uh on thinkorswim so don't forg you can stick around and join him to learn more about doing that but here's here's the thing so i said look for things that are above 60 on the uh on the daily rsi that was a daily not a weekly rsi and so we're 60 that's that red dash line there and so um you can see it's above 60 just about above uh just about above seventy percent okay so this is in a uh in somewhat of a bullish bias so we're going to start really with the weekly chart we want to kind of get an idea of what's going on here so for this chart for for some technicians out there that have been around for a while they actually like the structure that they're seeing here because they look at this as being an in a kind of a skewed w pattern okay uh or what they might call a double bottom they like this kind of action here because cro price undercut recent lows and then rallied out of there on some pretty strong volume right and some on some pretty strong volume what we want to see and so on this weekly chart this is we look we have the mansfield rsi uh down in here just hit me up on twitter or watch some of my recent webcasts and i've got links and or scripts in there for this uh but it's it's now starting to trend up what we like to see is this r uh excuse me mansfield relative strength we would like to see that above this zero line here and this is on on a 52 week because we're looking at a weekly chart 52 weeks uh and so we're just looking at something that is really strengthening and it's starting to happen right it's starting to happen on the weekly chart but here's the one of the more important things is uh this volume this volume is what two three times the volume over the last you know couple of months or more that's pretty strong so that's a good indication the other indication that we like is getting above the 30-week moving average or 150-day moving average where there's where there may be a struggle soon is above this excuse me above this downtrend line and above that 50-day 100 or excuse me 30-day 30-week moving average let me pop this over here and so we can see this on a daily chart and you can see how strong the volume was yesterday even on a down day and how strong the volume is today so there's some some seemingly marked changes in demand so this starts to this starts to meet the the criteria now that somebody might use for a watch list now one of the things we might want to consider is what do we do with this do you buy it now well it's still technically just now breaking out if you're waiting for this to get above the zero which is kind of one of the uh about the zero line on a 200 day man's field uh relative strength which is you know a method that some people will use then you have to you have to wait but here's here's an interesting thought we're going to look at some more stocks here in a second we're going to look at a lot of stocks but the amount of time we have left let's say it pulls back it keeps running but what happens is they oftentimes will pull back so we can set an alert in here say well let's set an alert when price reaches back down to today's low uh which we can on the on the chart all we have to do is come over here put our cursor you know up against the 150 day moving average today is low right click come down here and create an alert i think i'm coming blind or something so we can create an alert but we don't want at or above so i just i just found that in then we do that again find the spot where you want that alert you can always adjust it and come down and create that alert and then we want to go at or below because what are we looking for we're looking for a pause if we think something's extended gone a little bit too far then we want to wait for it to pause and we want some uh some notification that price is jumping into that area so what we'll do and i'm going to check this alert box here what i'm going to down here so this will show show the alert book once you create this alert so do we want the alert right there or do you want it maybe a little bit higher so you know it could be coming into coming into that area so we can just come over here and grab this and raise this up say to i guess there we go uh it's not not to 174 that's too high we want to go to so that's that's the that's kind of the hard way so what we'll do is we'll just come up here and go in 165 and we'll just create that alert and then it pops up over here and it shows you the alerts that you have come back to the chart and there it is so if it pulls back down to 165 you can make it halfway down you can do whatever you want you can do it above whatever you want the idea is that if this is if this stock meets the criteria that you're looking for then it might be a good idea to if you think it's over extended which in this case it's really not because we're not over bought over bought we're going to consider above 70 preferably above at 80 or above so let's take a look at some other stocks here that i've got uh that i ran that list on and so let's look at cah and see if this meets any of the criteria okay so let's back off this is uh in the health care sector we know that's been strong let's back off on this just a little bit probably the better way to do that that would be to put in a one-year chart and what do we see on this one-year chart well it's at 52-week highs let's pop over here to the weekly chart and start looking at the things we might want to look for so on the weekly chart we have price breaking above so let's do our do our work breaking above resistance over here so once it's that that's an important that's an important thing for some people in their methods right breaking above that resistance it's above the 30-week moving average remember we're looking at a weekly chart it's above the uh 50-day move 100 or 30-day moving average on a weekly chart so we've got very strong volume as it's breaking out it's pausing this week remember this is a weekly chart and on the weekly rsi well it's over 70. and we've got the this

the the relative strength and you don't have to use mansfield if you don't want you just use your relative strength that's pointing to the upside and so that starting to meet the criteria right you notice i've got this alert in here that if it drops to yesterday's low or this week's low then we might want to be identified notified about that so we pop over here to the daily chart get a little more granular and what do we see well let's take a look at where how high this rsi got it got all the way up into the 90s right so that's very that's very bullish now again this kind of remember this kind of volume this kind of price move often times not sustainable in the near term so what do we look for we look for price to do what it's doing we look for price to pop up move down maybe pop up move sideways something and to give us some kind of an idea so where do we put these where do we put these alerts at and why are we doing this because we don't want to do what we don't want to do is become uh serial scanners right professional scanners where we're just looking every day we want to build something out there or some kind of uh something that we can come in every morning and say look at it look at the list and say nothing to be nothing needs to be done i'm gonna go do something else right uh or come in in the morning look at the list and say something needs to be done i'm getting i'm getting a signal and then make your trade come back into the end of the day and say nothing needs to be done go do something else right or come back at the end of the day and say hey i need to close out some positions or hey here's one that's working at the end of the day i need to put this trade on that's the that's the point behind these these alerts now these can go to your mobile uh setup and in lots of different lots of different things that you can do with these but uh if you're going to be active this is a great way to try to not miss trades how many how many of you've done that how many of us have done that boy i'm watching this stock and then i forget about it and then three weeks later i said oh geez it broke out it's up 20 percent now right or it's been you know i'm not going to bring up those for some poor people some people got hammer smashed uh this week chasing dreams um but anyway big volume so this may not be sustainable so we looked for this to pull back now you notice where if i zoom in on this i put this this alert right about the midpoint of this candlestick right which also comes in at the low of the the last deliberation day what's a deliberation big long-range day lots of traders coming in people following on the coattails come in and then the laggards come in up in here but nobody's really selling in here right we've got really low volume but oftentimes technically price pulls back to the midpoint of a candlestick or to the top of a gap or you know something in that in that nature so you can put this alert in maybe just a little bit higher than the midpoint and this could you know it could do it could do something like this it could pop down you know and uh maybe get down into these areas in here and then rally back out right so all we're doing is just setting up things to watch put them on a list and then if something happens midday you'll get a notification either with a sound on your computer as well as sent to your uh to your phone [Music] with that let's look at another one that was pulled up this morning this one does not it meets it may meet the criteria if you had been watching it for for right now and that's deer let's pop over here to the to the weekly chart and when we look at we start looking at price price back up to the to the midpoint of the channel and what do we know about midpoints of channel they are fulcrums they are areas they're like a see-saw price couldn't get through them they become resistance and then it finally gets to them they become support and then we get rejection on a failed breakout and then we get rejection on a on a rally one of the here's a caveat that uh you know i want you to figure this out look this out on look this learn this on your own by uh researching and looking it says see this breakout here notice that it's probably about the same percentage difference from the breakout to the breakdown both failed breakdown failed that's an important thing and then we have this really really strong weekly volume really strong weekly volume uh this week now price is churning a little bit not going too many places we are getting good volume on the as the relative strength tries to get above uh tries to get up above zero we look at this today earnings gap down and buyers came in the majority of this buy volume here is on trades that are happening on the uptick remember trade is somebody's buying this the stock while somebody's selling the at the same time to them right and so but we are in that overbought situation so this could this could actually propel itself higher in here but good volume that might be something that somebody uh would look to buy perhaps on a on a break let's say above this most recent high so you can do it a couple of different ways so this most recent high is at uh 373 37 so i'm just going to right click come down to create alert type in at or above i can get this to do that 377 we'll just leave it there and boom if it it will put we'll create that alert and if it triggers that then that might be a trigger for somebody to get in let's look at another one that's uh some that are a little bit more over bought let's look at some energy stocks here and this i've already put some alerts in a cup for a couple different reasons this is a denbury ink and on the on the weekly chart dwarfing volume dwarfing volume that's pretty bullish right on the weekly chart if we do our if we look at how things have transpired here really up here at the top of that uh resistance level pop back over here to the daily chart and you can see uh up here at this at this resistance probably could possibly pull back could keep going so therefore i put in two two notifications two alerts if it moves above these highs over in here maybe somebody wants to be alerted to try to capture this put on a small trade as this moves hard but if it pulls back down to say the midpoint of the midpoint of the this long range candlestick really the breakout candlestick huge volume the last couple of days if it pulls back down into that area which would also be where the past resistances have come into play over in here that could be an opportunity so putting this putting this up to where you could have both those opportunities a couple of other ones real quick lng you can see again strong strong volume let's look at the weekly however and start there big volume on the breakout following through could use bigger volume uh but perhaps this pulls back we can see that the rsi is so overdone here uh yesterday up around 80 there's usually some kind of a pause but here's the thing when we're in this kind of a situation uh consolidating there's the old saying the longer the base the higher in space it goes louise yamada came up with that many years ago but this probably has to pause and do we want to just kind of wait and hopefully we we recognize it and and see it or do you want to take the precaution of putting in those notifications this is shanier energy this is natural gas we had those discussions the other day on these things and here is golar this is a natural gas exporter and we can see very similar things it's already starting to pull back so you might consider these this actually an area to to possibly if i can get this to click possibly take advantage of this pullback so you may put an alert above where it's trading right now okay so that's it i i extend i've overextended my welcome i think my apologies for that i want to thank cameron of course as well as all of you a lot of great uh a lot of great conversation in the chats if you were new you notice those great conversations in the chat that's because these people are very passionate very smart about uh trading and so there's some really there's a great network of people in here so if you're new appreciate you being here if there's a survey please fill out that survey current market conditions you know nothing nothing goes you know trees don't grow to the sky right it's what they like to say but um sometimes in the winter they go dormant right and so maybe we're in that in that area where maybe we see some kind of a pullback that could be opportunity but find things that are that have been recently strong really strong good volume let it pull back those are those technical conditions and the really the paper money trades that we put on today were really just those notifications those uh those triggering alerts that can tell you hey you you need to be ready to do something here because this is why you set it up you have your your philosophy your method and your rules and your tactics uh that those rules are driven by which is those technical those technical conditions so with that please click on that right there and subscribe to trader talks and give us a thumbs up if you like it thank you cameron thank all of you uh very much and remember that everything that we are doing here is for educational purposes only not recommendations you're responsible the decisions you make in your self-directed account have a fantastic weekend everyone talk to you soon

2022-08-22 02:59

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