Chapters
00:00 Intro: Over the Bear Flag Talk
01:31 Ben: Friday Was a Higher Low
02:32 Nick: The Daily Is Trending Down
04:38 Nick: Stacked Averages and Bases
05:38 GP: Gap Up, Then Fade
07:10 GP: Short-Term Trading Is Zero-Sum
08:42 A 70% Down Day
09:42 Long-Term Investors and Headline Risk
10:42 Bullard, CPI and Friday's Headlines
17:56 Nick: Gold's Monthly Cup and Handle
20:42 Nick: FNV Among the Miners
21:13 GP: XME's Decade Breakout
23:19 GP: Is Gold a Bear Flag?
26:24 GP: The Nasdaq Composite's 30-Minute Chart
29:27 GP: Bearish Short Term, Not Long Term
30:27 Ben: Stuck in the Cryptoverse
31:29 The Next Mother of All Rallies
37:07 Ben: DOT's Trip Wires at $18.10
41:12 Bitcoin's Range
43:18 Ben: Not a Raging Bull Until 46,680
45:57 Ben: A Buyer at 20,000
47:31 Institutional Bitcoin Holders
54:15 GP: Volume on the Moves Down
56:47 Polkadot's Monthly Triangle
57:48 Wrap-Up
Market Hours #7 was recorded February 12 and released Sunday, February 13, with Ben, Nick and GP after a hard Friday selloff. Ben said he's over the bear flag talk and called Friday a higher low. GP said it's bearish short term but not long term, with metals breaking out of a decade-long base. Nick wants stacked moving averages and bases before he gets aggressive. The three also covered gap-up-and-fade action, headline risk, gold's monthly cup and handle, FNV, the XME, Bitcoin's range and weekly 21 EMA, DOT and volume on the selloffs.
Nick's setups, levels and trades
Nick said "on a daily we are trending down," and "i want my moving averages stacked i want to see some bases," since "i'm starting over pretty much like the miners." "It'd be sweet to see like kind of the 50-day moving average continue down and start to flatline and let those shorter" term averages "like the 10 and 20 days" turn up. On gold's monthly, "it kind of looks like this big old cup and handle no matter how you draw" it, and "if you're gonna be in one of the miners fnv is probably the one to be in."
Ben's setups, levels and trades
Ben said "what happened in the market on friday was basically we just made a higher low," and "i just don't see there's a million reasons to be negative." "I'm stuck in the crypto verse still," and "i think the next mother of rallies that we see is gonna be the most hated." On DOT, "below 18 and 10 cents basically i'm probably going to be buying something," and "i'm not going all in on my crypto space." On Bitcoin, "i'm not full raging bull until we get back above 46 680 that weekly 21 has proven over and over and over again it has to be" broken. If it got down near 20,000, "i'm definitely a buyer."
GP's setups, levels and trades
GP had warned the market would gap up and then sell off, and "there's a lot of short-term traders coming in with a lot of size." Short-term trading is "a zero-sum game." "The metals etf xme is" breaking out of a base of "almost a decade," which along with gold "suggests that metals are going to continue moving higher." On gold, "the chances of this being a bear flag is very unlikely in my opinion." On the Nasdaq composite, "we tested the follow through day we broke it," and "yes it's bearish short term is it bearish long term not really we're still making higher lows." "If there's not volume confirmation on big price movements down," he doesn't treat it as real distribution.
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