Invite girls and also gentlemen, this is Rob creator of WealthBuildersHQ.com. Welcome to this version of Trading Like A Boss. Let’s go take a look initially at the S and P 500, keeping in mind that everything we look at today is for academic functions only. Absolutely nothing is implied to be guidance or recommendations, right?

So let me bring up the SPX and also let’s conversation. So let me get a pencil. Here’s our V base on the market. Great go up, there’s our V-top. We’ve taken down into this retracement, 50% of what I’m seeking from down about 4,100, took a little bit of a bounce today. We’re still in a bearish bias. We’re obtaining lower closes still. Well in fact we shut greater today, but the overall pattern is still bearish. It’s still trending down and also we are below that 8 moving standard on the close. So we’ll see just how the marketplace handles over the following number of days. It doesn’t imply there aren’t favorable professions to take does imply you need to take bearish trades. There are various trade arrangements that will still function no matter the direction and also what the market’s doing. Right?

So allow’s go take a look. Our candidate today is ABBV. Allow’s go have a look at ABBV. There it is. Let’s attract the fibs as we always do. Fantastic V base in there. Great, solid, favorable thrusting pattern and also a stop working. We’ve had already a breakout of the no line. It moved up to the mid point, we’re great. That informs me we are okay to go three, check marks, that we are alright considering a prospective absolutely no line outbreak on this configuration. Now with that said being claimed, I’m mosting likely to bring it in a little.

So we’ve obtained above the 109 today on a shutting basis, right? We’re shutting at 109.6, 109.15 is our support level. So what am I trying to find this to do? Somehow, either it’s going to relocate down, test the 109.15. Ideally, I ‘d like it to come down a bit listed below and make the go up. You can do it where it shuts near the 109.15, you could do an intraday bounce off the 109.15, yhat will certainly be left up to you based upon your own personal threat account and also threat tolerance. Right? So if we enter this profession, now, the manner in which I show these trades, we do two agreements, tnd there’s a reason for it. You can do these with one; they just have a much better result with two, because we’re choosing the crowning achievement part on the second fifty percent of the trade.

So what do we obtained? So what we try to find is the entrance to bounce off of below, right? Our target one is that 112 level. Now we make it approximately 112, you’re mosting likely to sell half of your setting. And that’s why I said we do 2 contracts. If you only have one agreement that you’re trading, no damage, no foul. You leave the profession. It’s over. You’re done. Carry on to another thing. Well, my initial quit is right down below which goes to 108. And also what we’re taking a look at is this. If we put our order and we’re mosting likely to put it right into cell two contracts. If it violates us, we’re mosting likely to put it right into sell one agreement at target one, T1, we’re mosting likely to sell one agreement. If we hit target one that stopped goes away. We relocate our clog above break even, and also currently we have actually got target two that we market our second half of the profession at. So in.other words, if we get involved in the tray that allowed’s call it 110, we get out at 112, the first fifty percent of the profession we leave the 2nd fifty percent of the profession at one 16, life is excellent.

If it goes up, strikes a quit. See, the whole idea is this. Getting into the trade part is very easy, ideal? That’s not what the difficult component is. The tough component is taking care of the risk once you go into that trade, we’re establishing our stop. Do we have trades to break us? Regularly. If it violates us, so what? It’s a trade. You’re going to have professions violate you. That’s simply what takes place, right? Move up to the very first target. Go up to the second target guy, crowning achievement, as well as we’re great to go.