In this week’s video, I point out how the dollar has broken support and may fall even further which in turn might have the market retest the recent high’s. The MTS members and I have been playing both sides of the market this past week and detailed trade setups for what we traded and what we’re looking at for next week are included in the video.
To get video training on the technical indicators and Fibonacci trading techniques seen in this video, Register for the 14 DAY TRIAL and get the training videos as well as nightly video updates and detailed option swing trades for 2 whole weeks.
* Closed Captioning Available on This Video
Weekly Stock Market Wrap Video Transcription:
Hey guys! Welcome to the StockOptionAssassin.com’s weekly video for Swing Trading Options. Today is Friday, April 27th 2012. I want to start off with recapping a couple of names that we were looking at last week.
Last Week’s Review:
The first one is Silver. Basically, the trade setup I was looking at is Silver had made a drop. We’re making a large bear flag here. I have the TTM Squeeze Indicator. We can see where the red dots indicate…
that there’s some consolidation going on. You can see that as the consolidation was happening, the momentum was starting to turn down.
Our members in our trading service took some puts here, right on this candle, on this morning. And then the very next trading day, which is actually Monday (we took this on Friday), the squeeze fired short. You can see the dots turning green. That means volatility is expanding, meaning your put options are gaining in price because they are more expensive as well as you’re getting the delta from the drop.
This was a great trade. We actually took half off here for almost 40% gain. We put a breakeven stop on the rest. We ended up getting stopped out on this candle. (There’s the bell.) We ended up getting stopped out on this candle, but that’s part of the trading rules. We take profits; we let the rest ride.
What I’m actually potentially looking at for next week is Silver. We have this drop. This kind of move is climbing back up. We get a retest at the 20 day and potentially this gap fill. I might be interested in additional short and looking to retest these lows. We’ll let our members know if we’re going to take that second trade.
If you guys are interested in learning more about the Squeeze Indicator and how we use it on our service, we have a 14-day trial. You can get out Indicator Training as well as our nightly videos on how we’re using these as well. Go to the website. Take the trial and start trading with us.
Conoco Phillips (COP)
The other trade we took this week – We’re actually still in some of this. (Let me take some of these lines off here.) This was not a Squeeze, but this is more of a Fibonacci play. But basically, Conoco Phillips: earnings had already come out. (This is very important.) Earnings came out, apparently did not (too bad), sold off a little bit. But basically, what COP did was