US stocks closed lower Monday as investors digested weaker-than-expected economic data ahead of next week's Federal Reserve meeting.
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The Federal Reserve conducts the nationโs monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad; promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole; fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.
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So I've taken some good trades and I've taken some bad trades on Tuesday which is today obviously and I just wanted to shed some light on it because I know, um, especially following up with yesterday's video. I was green on both Sqs and Tqs and just wanted to shed some light that obviously every day is not like that for me. Um, overall, right now NASDAQ is trying to on the five minute time frame. uh, hold above the EMA.
We're testing the support here at the moving average. When looking at the one minute time frame, it's looking a little bit weaker. It has these like uh, normally, uh, with how bullish NASDAQ has been, it hasn't been trading this way. If you look at it, it's been extremely bullish.
uh, forming these like higher highs and higher lows. That's when Momentum was definitely in a Taver I Don't know if you guys agree with me, but I Feel like ever since the US debt ceiling deal has been passed, it's been somewhat choppy and it has these aggressive sell-offs. So I think overall NASDAQ is extremely overbought I think it's overvalued based off of recent patterns I think it's due for a correction, but of course that's 100. Just my opinion.
Uh, when looking at it right now, on the one hour time frame, we're still above the EMA. Even on the 30 minute time frame we're testing. uh, kind of like this consolidation phase, we're still above the moving average. So overall Market is still definitely still bullish.
There's no break of pattern there, but it's lacking progress, especially with what we had going on yesterday. right? with a nice Gap up? Uh, today? Definitely not that it wouldn't really surprise me if NASDAQ ends in the red today when looking at this on the one minute time frame again. I Want to show you on Tqs? Uh, during our live training session I took a fair trade, it wasn't anything crazy I did the dip buy reversal um on Tqq ended up reducing my position size at the moving average and the one that broke above I sold once again I ended at Uh 892 dollars. Uh, but now we're beginning to potentially break below Um or we're potentially trying to make these higher lows and higher highs right.
which is kind of concerning. I do have an open trade right now and I originally cut losses on it. Um, when it broke below the EMA so it began to pop off, it broke above the EMA I went in for that breakout I went in pretty heavy. it gapped up I was up about 2 000 2500 and then it quickly corrected itself I just went in too heavy too quick and it lasted a very short period of time.
Kind of like a little bear trap. but again, this is a good example of where every trade doesn't go exactly according to plan. Uh, I'm not for I'm not afraid to share this with you guys. I Mean that's the whole point of trading is to share both my good days and my red days.
um, and my good trades and my bad trades right? I Still think that I can end today in the in the green? Uh, on ask you obviously I'm in the green on Tqs? Uh, but on SQ I still think that I can end in the green? um and I'm not phased by this by any means, right? We always talk about this: Don't put yourself in a position in which you cannot tolerate um and you know I I feel like I have a really nice setup going on right now for um, once we if we do break below the support, I'll add more to it the more that it sells off, the more that I'll add to Sqq. And when I step on the gas and I really step on the gas I know I can make back those three thousand dollars and hopefully end back in the green. but I wanted to show you even beforehand, right? I Feel like sometimes when I recap some people think oh, you're only recapping because you have your Green Day Definitely not right LBP gets to see both my green days and my red days during every live training session and I think that's the beautiful part about trading is that you know you get to share both sides and we get to share that no one is a perfect Trader You make mistakes I make mistakes. It's all part of life. Our job isn't to avoid risk, our job is to manage it. And I think that's you know. An example that I want to lead by now: I Went trying to get have an understanding of where I see the market going right? It's extremely bullish. It is based off of recent patterns.
We're far above the moving average or far above the EMA line I 100. And I'm saying this, there's no benefit of me saying this: I 100 Agree that my position to try to short the market or going into Sqq when it's so bullish is extremely risky. I'm going in as a trade. It's not something that I have any intention of holding overnight, but I'm sharing this with you because again, if things do go south, I'll just have to manage my risk.
But as of right now, Market is bullish so it doesn't really make much sense for you to think that the Market's going to sell off. I Just think that the market is so overbought that it's due for a pullback. But of course we have no confirmation, right? So I'm talking about that. Our job is not to predict.
Our job is to prepare and then react once we get that confirmation. So as of right now, I'm waiting in for the break below the EMA. We tested it very shortly, right, but then we still right bounce right off of that EMA and continue to indicate signs of an uptrend. So I'm waiting to see if we continue to lack progress on NASDAQ And if it does, the more that it consolidates at these higher levels I believe the more that it has the potential to potentially sell off.
So it's something that I'm very excited for. And there it goes. Twenty six hundred dollars so far on the day is what? I'm down on Sqq and then just so you guys can see again, both my good trades and my bad trades 891 dollars so far on Tqs I am going to be posting my updates and the different Um trades that I'm taking uh in the trade ideas section of our Lpp. Discord chat from the reminder: um I don't post call outs I Don't tell our Traders where to buy or where to sell I Trade live every single morning. It's just a Raw. Just imagine a session like this where you get to where you just get to see me trade right? And the idea is for me to share my thought process, especially for those that are beginners. If you think that it would be a valley for you to be able to watch me trade live every morning, I'd Really encourage you to take two minutes. Click the second link in the description down below and learn a little bit more about our Lpp team and see if it's a good fit for you.
Right now, we are running one of our biggest sells. It's 175 off, it's a one-time payment, lifetime access and you literally get to watch me trade live every single day. So if you're struggling being able to do this on your own, of course I'd love to have you join and you can watch me trade live as soon as tomorrow. Hope that one a thumbs up.
Please consider subscribing. Do not forget about the economic reports that get released tomorrow. If you're part of our Ropp team, don't worry during our live session. I will keep you guys up to date like always.
Let's make sure that we're in the year on a green up. Take it easy team!.
After they rate hike 5% and the market drops 83%, I will go ALL IN๐
I'm having a bad year; SBUX is down by $40k, ALLP is down by $35k, Draft Kings is down by $6k, NIO is down by $15K, ABML is down by $8K, and my wife is unaware. I'm only clinging to Jim Cramer's advice regarding opportunities during erratic market conditions in the hopes that I can either wait for a recovery or choose profitable investments to make up for my loss.
Your photos teasing your content
is a bit over the top and exaggerated for a subtle guy like yourself! Rethink please
Ricky, you should do a collab with professional trader Mark Williams!!
Thanks Ricky. โฆโฆ you are a class act and humble. Also very honest โฆโฆ you always note your losers as well as your winners. You have proven that a person can be VERY successful even with trades that donโt go as planned. Some clowns on YouTube make ridiculous claims regarding their winning percentage โฆโฆ they have fools for followers. Keep up the great work!
After weighing their options, many investors may find the returns from investing in US Treasuries better than stocks after debt ceiling deal. That will temporarily suck some liquidity out of the stock market. This article was on cnn on 24th May. maybe
TOP will be the next one to pop
Ricky the permabear ๐ป ๐ Ricky never sees why the market is rising. The trend is your friend Ricky. Just ride the wave brotha lol
You may get it right one day.
Thanks Ricky. You are an amazing trading coach.
same for me ricky.. today was way too choppy
the plunge protection team is still very active here, trying to engineer a soft landing… sp500 3200
Trading is like taking money out of your retirement everyday whereas invest and hold will make about the same money, if not more just by sitting on your ass. The later will end up being able to retire sooner. Just do the math. Trust me. Former Award winning math student right here.
So the market is gunna drop because you lost money okay
Donโt be silly, no drop – the market is bullish as hell! This guy has been talking about drop for the last 6 months
Today's winners are small caps. I earned 16%. Now, it's time to move to cash.
Currently DCAing SQQQ in my roth ira ๐
Hi, ricky. Have a good week. Market resist to go down even more minor bad news. Ppl seem to expect fed rate pause next meeting and next cpi lower?
SQQQ and TSLQ looking really juicy rn with hopes the market will have another major pullback this year.
Is the giveaway for the GTR or $50,000 still live?
You do a great job I wish you would have addressed the trillion dollars worth of t bills being sold this month and how it will affect the market or at least your opinion on it seems to be the elephant in the room
Ricky might be right! I just noticed a Head & Shoulders forming on the QQQ, look at the 15 minute time frame
When should I pick up my GTR?
I respect anyone who shows wins and losses
According to CNN, investors are a tad under Extreme Greed.
Is to too late for me to get into NVIDA?
Gold looks to pamp ath.
Nice