Hey everyone. Robert Roy here with Trade With Rob, brought to you by WealthBuildersHQ.com, which is going to be for October 27th, 2021. Now, the market just closed not long ago. Let’s go check out the S & P 500, keeping in mind that everything that we do today is for educational purposes only. Nothing is meant to be advice or recommendations. All right, let’s rock.

So S & P 500, what did it do? All time high, all time closing high! We ran up to the 4,600, we closed right at the fib line that the -.382. What a great day. Look at the trading range today, literally between two key support and resistance levels, one each on this chart is where we were. We’re in a bullish bias. Our moving averages are spreading apart. Man, things are rocking to the upside right now. All right.

So our candidate today is Coinbase. COIN. Let’s go take a look at coin. First thing we need to do, define the fibs and let you see exactly why we’ve got them drawn the way we do. We’ve got a great V-bottom right in here, good, strong V top and a nice pullback. We had a nice breakout to the upside. We pushed a little bit higher today, and we failed. We even came back to the zero line. Now for some, they would take that trade as it bounced off the zero line today. For me, I really want to seek it close near it, and then bounce at least. And it could be- break above, pull back and close near it, and then the next day bounce. You can do it from an intraday standpoint, but it’s just a matter of your risk profile on how much you’re willing to take on.

So what we’re looking at is this: if we can actually get a bounce tomorrow, so what would I like to see? Ideally, I’d love to see us come back down to the blue line, which is our zero line, which is the 317 level, 317.18 to be exact, and give me a bounce. If that can happen, you’re going to go ahead and take an order the way that we lay the trade out, as you take two contracts. Well, Rob, what if I can’t take two? What if I can only take one contract? That’s okay. You just do the one. There’s nothing wrong with that. The the reason I do two is the way we set our exits up. That’s why we do two contracts, but here’s what we’re going to do. If you take the order on the bounce off of support target one T1 is going to be 328.50, you’re going to sell one half of the trade there. You will put a stop for the full contract, let’s say it was two contracts you had. You’d pull the stop for the entire order down at 312.

Now, now, now, if we’re filled at half of that exit, meaning we get out of one of our two contracts or five out of 10, whatever you’re doing, you’re going to move your stop up to just above breakeven, wherever that was. You got in at 319, you put your stop at 323.21, somewhere above the price you got in, and then your target number two, where are you going to sell the second half of your order is right up here at that 341. And that’s it. Right? Don’t get crazy with it. Don’t second guess it, practice it. Paper traded first of course, but there you have it, make it a profitable day. Stay focused on the quest to becoming a great trader, keep crushing it. And remember, remember you’re just one trade away. Take care of folks. I will see you all at our next update. Bye for now.

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