Trading Futures | 8-5-25

Good morning and welcome this morning to Trading Futures, another great webcast from Schwab Coaching. My name is Ben Watson. I'm an education coach. There are the opening bells. I'm joined out there in chat by my good friend Michael Fairbourn, as I oftentimes am here on Tuesday mornings. Welcome to all of you. Thank you for being here. Mike's a 20-plus-year veteran of the financial markets. He's a great educator. If you haven't had the opportunity to catch some of his webcasts, I'll talk a little bit about those as we get into this discussion today. But he's there to help answer your questions if you're here in the live version chat. your questions in be part of the conversation. If you're watching this in the recorded version, leave a comment in the comment section.

We'll get back to that as quick as we can. We're going to jump in here this morning. It's been a couple of crazy, crazy interesting days. And I want to talk a little bit about what happened last week after we put on that copper, that microcopper trade. And we'll jump into that. We'll see what's moving today, see what's going on. And as we do that, a couple of quick reminders, just some housekeeping items: everything we talk about simply for illustrative and educational purposes only. It is not any kind. of a recommendation or advice. Remember that futures and futures options trading involves substantial risk. It's not suitable for all investors. Make sure that you understand and have read the risk disclosure statement for futures and options prior to considering any futures trading strategy.

Remember that futures trading requires separate trading authorization. Again, not suitable for all investors. As we get into a couple of these other quick housekeeping items, remember we may talk about today. As we have done in the last few sessions, we may talk about trading virtual currency derivatives, futures on things. like Bitcoin and Ethereum. Remember, trading those products involves unique and significant risks. Make sure that you read the NFA investor advisory on futures, on futures currency, and the CFTC advisory understanding the risk of virtual currency trading before considering trading any of those or even looking at any of those products from a trading perspective. We're going to be using the thinkorswim desktop software platform, specifically the paper money version of the platform today. Remember, it is not a guarantee of future success out there in the real world.

It's a great learning environment. But also remember. that there are some things that the paper trading platform doesn't do that the live trading platform may do, including things like studies on scans and so forth. So, as you move your practice from paper trading to live trading, pay attention to the differences. We'll talk about some of those as we go into this discussion again. Also, it's a good idea to remember that we're going to use technical analysis. Technical analysis is not the only means of investment research. There are others. They are all theoretical in None of them are guarantees as to what's going to happen in the market. It's important to remember that you can do. the best fundamental analysis in the world and something can happen and the price can change.

So it's always a good idea to keep in mind the fact that these are all theoretical and not get wrapped around what might happen or what's supposed to. Speaking of what's supposed to happen when we talk about investing, there is risk. And risk includes in trading futures potentially more than your initial investment if the futures market starts to move against you. Now we're going to talk about this as we get into some of the specific trades. Remember that stop orders are not guaranteed in execution, either an execution price or an. execution fill of the order itself. Now, due to exchange rules on certain conditions at the time of activation, a stop market order order will be substituted by the exchange for an exchange designated limit order based on protection points.

Those protection points are unique and individual to each product. You can go to the futures exchanges for more definition as to what those protection points are. That is designed around the idea that futures markets can move very quickly. There is the possibility that an order, stop order, a market order, excuse me, a limit order could not fill at all if the price moves around that. range So something to be aware of, we'll talk about it as we put this into practical application. So let's do this. Let's pop out to the thinkorswim desktop software platform, specifically the paper money version. And, of course, as it oftentimes does, as the cash market starts to move, the best laid plans start to change a little bit because my initial expectation here was a bit of a continuation of this bounce that we saw, specifically on the NASDAQ as well as others yesterday.

But it was a pretty significant bounce. Left hand side of this chart is my one year daily chart. Right hand side of this grid is today's trading in the five day five minute timeframe. And what's significant about that is that kind of gives us that updated kind of intraday momentum type of move. It gives us the perspective by looking at the one year daily chart. This is what we use as our, as my futures movers grid, which I've linked into the description of this particular page a number of. So my initial idea when I started putting this together was that the NQ, the forward slash, actually in this case forward slash MNQ, the micro.

So I wanted to demonstrate that. And then what I've seen so far is the NASDAQ blowing back down through this range. In fact, it blew through the 38 2, blew through. the 23. 6 I was thinking as we were getting started and as our great production staff was rolling into the intro that we were going to hold that 23. 6 on a Fibonacci retracement level which, to be fair, would have been a weak trend reversal if it had reversed off that 23. 6. And I'll talk about that here in just a But now what we've done is we've come back down to retrace the entire move that I've drawn in here on the intraday Fibonacci's. Now that looks a little bit different than what we're seeing here on the daily.

So let's do this. Let's go over to the daily first. So what I'm going to do is I'm going to come up to the top of the grid I'm going. to maximize the sell and I'm going to zoom in on this near-term timeframe just so that we can see what's going on here price-wise. So here's what we got yesterday and the day before. So we got the gap down and the gap down sell-off, and then we got the little bit of a gap down and a rally, and we can see where we are right now. We're kind of sitting right at the top of this range, so the top of these two candles right here. And let me kind of squish this, unsquish this so that we can kind of see where that top is.

This candle today, which is I'm hovering my cursor over it right now, that candle today is hovering right at the tops of those two ranges. That would suggest that this area right here in this case, kind of sitting at that level about 23, 331 or so, right about where we are 23, 350 some odd, is potentially a level of resistance. Now you notice what's happening is this candle has just turned from red to green, the candle today. So, number one, it's a bit of a higher move, right? So we had a little bit of a, so here was the close on the previous day's candle, the previous session's. We had just a little bit of a pullback into today's cash daily open, right? So now we start to see maybe a little bit of advance from there.

That's what I'm looking for in terms of an upward move. The continuation of that being potentially, if we zoom back out looking at the possibility of this trade moving back up to that maybe that 161. 8 longer-term timeframe, right? So the potential is a move back up to the top of the move. The Fibonacci that I had originally drawn in, I drew in a little while ago, and it was from the top of this move down to here. So this retracement down to the 78. 6 on that move would likely have been even a little bit higher had I drawn this in. So one of the great things about Fibonacci, but I just want to say this, one of the great things about Fibonacci as a technical analysis tool is the fact that you can draw and color those Fibonacci.

different colors to kind of get the sense of that interaction. So that's what I'm going to do right here. You can see that I've got the short term Fibs on here in that shorter timeframe. I'm going to right-click and I'm going to edit the properties on that one. And I'm going to make this color across this curve. I'm going to make that kind of an orangey color, so it's a little bit different than what we've got in terms of the, let's see if we can get that. There's that color right there. So let's make all of these colors that orangey color just so that we can see the difference between those. Set color for all curves; I forgot about that. one. Yeah, there we go! That's what I wanted: was the set color for all curves.

So there's my intraday Fibonacci. Now let's draw a different Fibonacci. So this move 100 was the top of the move; 0 was the bottom of the move. I'm gonna keep the 0 still as the bottom of the move, but I'm gonna draw another Fibonacci ruler from this top right here, that high that we saw just before the gap down, and then the rally back up. So I'm gonna draw it from that level, and I'm gonna draw it back here. So that's 100; this is 0, that's the start of the move. And I'm gonna change that color. So right click, we're gonna edit properties, gonna make this kind of a happy blue. color just so that we can see it a little bit easier and we're gonna click on okay.

So there we go. There's our new one that we've drawn in here. Now what's interesting about Fibonacci's is not so much where those levels are because all this is is a ruler graduated in Fibonacci ratios. What's interesting about Fibonacci's is where those lines line up or where you have confluences of those Fibonacci lines. So let's zoom in here a little bit more. And I can see that this the 70 6 level and the 50 level on these two daily Fibs kind of aligning themselves in the same place. And I can also see that we've got kind of an alignment here at the top of this range. So it's very likely. So if I wanna grab my I'm gonna grab this drawing tool right here.

So this is a quick technical analysis lesson, not so much about futures, but really about it. It is a lot of lines. You're absolutely right, Carol. This is more of a technical analysis lesson in general, not so much necessarily specific and germane to, or it is germane to. It is not unique to, but that's what we're talking about today. If I grab this rectangle tool, I draw this rectangle kind of right here, and I kind of span those two Fibonacci levels. What I've done is I've drawn in where there is likely to be a level of support. And if I come back. up here and I see where there's kind of a confluence of those two levels: the 100 retracement or the top of this move and the 161.

8 on the previous move, which is that Fibonacci extension. And I see that those two are pretty close to one another. If I come over here and I draw in a rectangle kind of spanning those, then what I'm kind of assessing there, I'm kind of putting in place, is where there is likely to be some consistent resistance. It's not a guarantee by any means, but it helps me to identify that that probably more likely than some other area to be a level of resistance. It doesn't guarantee it by any means, but it gives me an idea. What that suggests is that on an intraday basis, if we do see a bigger move to the upside, that could be a resistance level.

Now, what I'm gonna look for as I zoom in on this timeframe a little bit here, and it's gonna be compressed because I've adjusted my scale here, is I'm gonna be looking for a confluence of the intraday and these daily lines. So for that, we've got to shift over to our shorter term chart. I know this is getting a little technically wonky, but that's okay because sometimes you guys like that. In fact, this is what you've requested in terms of putting this stuff together. Now, before we go, I wanna talk a little bit about the characteristics of this particular contract So this is the Micro E Mini NASDAQ Futures The tick size is 0 25 which means that these are our two significant digits after the

are gonna move in 0 25 increments So it's gonna go from two five to five zero to seven five to zero zero You can see it's just doing it as we're talking right now And each of those ticks is worth 50 cents So that means a full point move This point right here is since those are 0 25 so that means our point value is 2 2 times our value of the us our notional value in the contract And if we wanna go to our initial margin for entering a we can come here to the dropdown We can go to Futures, and we can go to forward slash MNQ, and we can see that our initial margin per contract, the amount that has to be put up for entry into that trade, is 3,245, 3,425, or excuse me, 3,245.

We contrast that with the initial margin for forward slash NQ, the large contract. You can see 0. 25, still same tick size. Tick value is 5. Tick value times the index number gives you the notional value, but the initial margin now on that one goes to 3,253. So when it comes to the capital efficiency, I don't know which one is more capital efficient. I mean, they're gonna move the way that they're gonna move, but in terms of the capital impact on a the smaller contract is gonna require a smaller initial margin.

So that from that standpoint, kind of keep that in mind as you consider, as traders consider, what products you might particularly put into a trading account. From a capital efficiency standpoint, you know, they're going to move, like I said, they're going to move the way that they're going to move. But, you know, some portfolios may benefit from, again, this is not a recommendation; I'm not making any kind of advice about a particular portfolio, about what your portfolio should do. But a 32, 000 initial margin might not be suitable for every portfolio. So let's pop back over here let's open up our intraday and see you know what every single time almost every single time I talk through the trade and it does what I initially expected.

In fact, it moved down and it started to rocket back higher. So, had I just put the trade on, there's a potential we could have caught this move, but we didn't. It happens. But we see a momentum here. So, now what we might look at doing in the intraday moves since we see that 78. 6 level and it's bounced above that 78. 6. And so, you see that kind of that confluence. Remember, what I was saying is talking about looking for those confluences of the daily. So, let's bring this up I'm just going to grab my magic marker. Here's the daily Fibonacci that we talked about, that longer term Fibonacci, that 78. 6 retracement important level, potentially of support corresponding in an area with the 78. 6 on this intraday.

So that gives me kind of this support level now, kind of right in this range, bottom of the end of that range at about the 23, 380 mark, top of that range maybe at 23,384. 15. So now the potential is looking for move higher out of this area. So what I'm going to do is I'm going to kill those annotations, and I'm going to squish down my, well, let's squish down our MACD because we know that the momentum has now shifted to the upside We've started to see that cross above the zero line on the MACD. Now let's see where we might target this move to the upside if this continues to move. That's at the 23,459. So, Fibonacci is again one of the ways that traders use.

Fibonacci is as a potential target-setting tool. Not a guarantee, but this 161. 8 level out here may be a potential target range. Now, if we squish this all the way down, we're going to see how far we have to go get back up to that previous resistance level that we drew in on the intraday chart up around that 23,867. So, it may eventually go there as a potential resistance. But in this particular trade, given the fact that we're looking at this breaking through, and maybe for that move higher, we're going to target this 23, 459 target on the intraday, on the intraday smaller time frame Fibonacci, with that potential to out to that longer-term chart. So, what we may consider doing here is doing two contracts, taking one contract off here at the 161.

8 and then leaving the other one on, potentially out to that previous resistance that we saw on the daily chart. But we're going to use also a potential level of support along here as a means to exit the position if it goes against us. I saw a fair amount of support occurring right about here at that. 38. 2 meaning I saw it as resistance back here. I see the support back here. There was a pretty good kind of stopping point or advanced block in this particular case, right here at the 23,347. 8. So we're gonna use that as our line in the opposite direction: exit if it moves against us in this particular case. So we're gonna put this trade on, and we're just gonna simply say, all right, fine, I wanna see upward movement, but I wanna see growing momentum here.

I wanna take the trade off if it goes below the 38. 2 Fibonacci level, and I wanna take the trade off, or part of the trade off, if it goes to 161. 8. Part of the trade if it goes even higher than that. So what we're gonna do is we're gonna come in here, we're gonna say right click, buy custom with OCO bracket. And so Carol asked the, why am I using 1226, 9? 1226, 9 is the default on the MACD. 817, 9 is a faster MACD, which is gonna then impose, is then going to impose more fault signals. It's gonna be a faster signal, but it's also gonna lead to potentially more faster signals. I'm gonna point you, Carol, to a webcast that I taught last week on technical analysis.

In fact, I think it was last Tuesday, talking about MACDs over different timeframes. And I talked about using a weekly and a daily MACD in combination with one another. I think you were in. that But if you go back to the getting started with technical analysis webcast, I'm sorry, it was advanced charting techniques on Friday that I did that one. So you can look for that one and see. So here's what we're gonna do: We're gonna take this trade off. We're gonna trade two contracts here, and we're gonna take one off if it goes to that level, and we're gonna take one off if it goes down. Actually, we're gonna take two off if it goes down. And we're gonna do one other thing here: We're gonna do first triggers.

Let's do this: Let's do first triggers two OCO. And now what we could do is we could take one of these off. So let's do this, take one. off here and we're going to do this. We're going to create duplicate order. So now we've got, let's see You know what, I'm just going to build this as a first triggers to OCO to begin with. Actually, you know what, I'm going to come back and put that on after the fact. So let's do this. Let's delete that one, and let's build this order again just to make sure that we are clear. Let's just make this first triggers OCO instead of first triggers to OCO. So we'll just work on the first one first to make sure that this is what we want to do, and then we'll put the other order on.

All right, I just want to make sure that we get this order put together so that We can see this order, and then we'll start riffing on the trade here. So we're going to take this one off at 234. 59. 234. 59 is going to be our take profit on this one. 234. 59 is going to be our take profit, and that's going to be up here at that 161. 8 fib extension. I'm going to make that good till canceled. Then we'll match up our times in force. Now this is a limit order, so this isn't a stop that's going to theoretically fill somewhere around that 234. 59 level. Now there's a possibility that this could happen, right? That price could move up and that order could trigger because it, hey, this is a limit order.

Fill it at that price or better, or better. is higher than 234. 59. So if the price goes up and it's above 234. 59, that order will. But what happens if it gets up there and it doesn't fill? Well, number one, this is a pretty liquid product. So it's likely to fill, but that's not a. So there is a possibility that price could go up and not fill, and come back down and not fill if it's below that limit price. So that's a potential, having a quick moving market back and forth. But theoretically, given the fact that this is a liquid product, if it gets up to that 234. 59, it will likely— I'm not going to say guaranteed, because it's not a— but it will likely fill.

And then we're going to take the other one. off If this comes down to we said into this range, let's zoom back in. We said the 130, let's drop this back down so that we can see those numbers: the 38 2 level, which was 233 47, 8 233 47, 8. So we'll come back down here, and we'll make our stop 233 47. Now we know that it doesn't move in 0. 8 increments, so we're going to go 0. 75. We know that it doesn't move in those 0. 8 increments, so we're going to make that 233 47. 75 as our stop. We're going to make that a good till cancel. Now we're going to leave that as a market order, knowing that that's going to generate a market order which is then going to be turned into an exchange designated limit order within those protection points.

If we wanted to, we could specify that as a limit order. Either way, it's going to end up in the same scenario. Now, the numbers might be different because we're specifying what that limit order is versus working within those protection points, but we're just going to leave it as that market. So that we get the, I don't know that it's an advantage, but we get the, let's just say, the convenience of the exchange working out as an exchange designated limit order rather than me specifying where that limit price might be. I don't know that it gives us any advantage, but it maybe is simply just a convenience and that. way I don't have to calculate what that limit order should be potentially.

All right, so we're going to look at entering the trade, looking for this to move higher, and we're going to click on confirm and send. Read through the order, make sure that we're aware that we know that our initial margin is 32. 45. Pay attention to the transaction costs of this trade, and we're going to put this in our futures count, click on send, and we're going to fire that order off. We ended up buying that. Now it's starting to pull back a little bit. We put that in as a limit order too, so it would buy in this case even if the price was going down, as long as it. didn't go up above our limit price; now we're in the trade, expecting the price to move higher.

That is the longer. So, David, yes, we're going to buy two. So, now what we're going to do is we're going to buy one on the longer-term trade, looking at that longer-term target here off of, once again, that bounce. Now, to do that, we could again, we're seeing momentum here in the short term. I'm going to shift over to—boy, that's a messy chart, isn't it? That really, really truly is. All right, so here's what we might do. All right, what I'm going to look for in this particular trade is I'm going to look for a move from where it is up to at least this resistance level. that we saw up here around that 238 67. So now that we know where that price is in terms of that move, that's the 100 level on that new move 161 8.

Actually, you know what? I'm going to go out a little bit further. I'm going to go out to that 24 034 level as the potential target. That's our extension on the previous move, and it's at the top end of this resistance range, so 24 034. So what I'm going to do is I'm going to right click, and we're going to do buy custom with OCO. And we're going to do the same thing here in terms of putting this trade on 24 034. So I'm going to use that to set my take profit 24 034. I'm going to make that zero, and we're going to make that good till canceled. Again, we're going to have to come back and match up our timeframe here. But we've got a buy limit order here at 23,350.

It's currently sitting at 23,378, so that's not going to fill. So we might have to bump that limit order up to get that in. Let's go 23, 380 on that entry price in terms of that. And we just got out. All right, let's take a look at that because let's see where this is. I think that moved back against us. It probably did. So let's look at the shorter-term timeframe because that's where we were going to set our stop in this particular case, 23,342. And we were going to set our stop off of this one, 23, 313 off the bottom. of that Fibonacci move in this intraday chart 23 313 00. Make that good till canceled and read through the order; make sure that that's what we want.

So we're looking for a move at 24 034. Click on confirm and send. Read through the order; make sure that that's what we want. Make sure that we're putting this in our futures group. Initial margin here in this particular case; transaction cost paying attention to those. Clicking on send, and we'll see if we can get into that trade. And so we see on the intraday chart here that actually, yeah, we are on the intraday chart. So it moved down through our stop and it started to move back higher here. again. And now we're back in. So now we're back in on the longer term chart. We've got a lower stop. That lower stop is down here. So we got kicked out on that short term move back down to the downside. That's okay. We know that sometimes that's going to

and then seeing that move to the upside. So again, great question. So Bob asks a phenomenal question here, and I think it's a good time to talk about this since we put that trade on. So Bob says this, and I'll just reiterate: Bob is saying I have a tough time grasping the concept that a stop order might not be triggered as desired. It's gonna be triggered, so let's stop right there. It's gonna be triggered as it's put in, but it's not gonna be filled unless the condition is met. It's not, there's the potential that it could not be filled. So, you know, we put in a stop order. So, let's go look at this order. Let's go back to the monitor tab here and activity and positions, and here's our stop, right?

The stop is this 23 313 stop. That's the trigger price for this stop order. And the order that then is generated is a market order. So, this order is gonna trigger at that point. Once that triggers, that's not in question whether or not the order gets triggered and submitted. What's in question is where that order gets filled. So, remember. a limit order when we submit a limit order the limit order puts a limiter or a filter on that order. It says fill it at this price or better. So if you're buying something, or better is less; if you're selling something, or better is more. And if that filter condition is not met, then that order may not get filled. So that's kind of the characteristic.

It's not a situation where it's not gonna get triggered; it's a situation where the order may not get filled once it is. If we were to just and the reasoning behind that, and I think this is a good point. So again, I wanna call out our supervision and our compliance departments both for being on top of this from a future standpoint, helping me to understand this even though I've traded these substantially, and helping me to understand why it's important for you to understand this is because in a fast-moving futures market, futures markets can move very quickly. If we were to submit a stop market order, that market order sits out there, and in the event of a very fast-moving market, lock limit down, lock limit up, that order could get filled.

Cause remember, a market order says next available price, and that next available price might be substantially different. So, it's a protection standpoint; it's a protection point. That's again the reason why the exchange themselves, the exchanges themselves, call it an exchange designated order limit order within protection points because they're trying to protect the trader from that fast-moving market. It's not, and again not a guarantee, but it's in their business interest as well. But from that standpoint, if the price of the market moves quickly outside of that protection point range, then that order is just not gonna get filled. So that is, remember when we did the disclosures, I said that there is risk, including the risk of potentially losing more than you had put into the trade; that's the possibility.

And that's why one of the reasons that we talk about so adamantly the potential risks of trading futures. So it's important to understand them, not that they are an insurmountable challenge, but that there are a, that we are operating with the correct information and we're operating within the understanding of what happens and why. So that's the reason, Bob. So it's not that the order is not gonna be. The trigger is mechanical in terms of the platform, but it's the fill that becomes the potential challenge. Okay, so I hope that maybe makes sense in that context. All right, so let's take a look. Boy, we talked a lot about that. All right. let's do this. Let's go back here and let's bring this back up and let's take a look at what's going on.

I'm gonna pop over here to my futures grid. Let's just kind of take a look at what's going on. Not my futures movers grid, but my regular futures grid. Let's just kind of see what's going on around the Russell 2000, kind of doing the same thing, a little bit of an advanced block here today. The S P 500 kind of ran into that resistance level and kind of pulling back a little bit. And the NASDAQ, which we just looked at, this is the large contract. This is forward slash NQ. We can see what it's doing today. And to Sharon's question, you know, our stop. Point, there might be too tight because it's right at the bottom of this range. Today, you know, if we're looking at this trading back out here to this area right around that 2400, that might be a little bit too tight. So we might widen that out a little bit to avoid that getting whipsawed out. So Bob says, you know, and again follow up to this. Yeah, if the stop order is triggered but not filled, is there any further action that you can take? Yeah, if that doesn't fill, then you're stuck there. You're sitting there holding the contract, right? So you could submit a new exit order to close the trade down.

You know, you could manually work that order. by you know canceling replacing the order and then adjusting the. But in terms of, say, you know, compensation or recompense or anything like that in terms of coming back against the exchange and saying this order didn't fill. Why didn't this order fill? Well again that's part of understanding the rules of the game to begin with. So understanding that it's not an actionable in the sense that you could say you got to bust this trade because it didn't fill where I expected it to fill. That is kind of the inherent risk of entering the futures market. So being aware of that is I an important consideration. And thus the reason that we've now spent 10 minutes talking about this, yeah.

You couldn't, if the order has been triggered not filled, you can still cancel that order. Once it's been triggered, you could pull that order back and cancel it if it's not been filled. Just like if you've got, say for instance, an order sitting here that's a working order that's been triggered and now it's, let's say, it's an equity, right? It's submitted a limit order and that order is waiting to be filled for that limit to be reached or to be that limit filter to be confirmed. You can still cancel that order once that's been triggered as long as it's not been filled. So you could then cancel. and replace it. You could just cancel it, and you'd have that long position or short position on it. So it's something to pay attention to.

Guys, thanks for letting me talk through this and have that discussion. I think it's an important one. Let's come back down here to our single grid real quick. I wanted to look at a couple of other positions that are moving around. Forward slash CL, I know crude oil was on the move in the last couple of days with the OPEC Plus decision. In fact, almost back down to that 61. 8 retracement. You know, here's one of the things. We're at the 64. 65 level. And you notice that that oftentimes this area, 64. 65, if we go back. over the course of the last year, that has been kind of, with one exception here, this range right here that's been kind of the average floor of the crude oil contract price.

Doesn't mean that it can't go lower, but it means that very likely this is right around the average lifting cost for crude oil, at least West Texas Intermediate Light Suite. Same thing. Those are right around the lifting costs, meaning the cost that it costs to get the stuff out of the ground. Um, so if price goes below that, it means that those oil companies are selling oil, crude oil at a discount to what it's costing them to get that oil out of the ground. So that's Oftentimes, why you will see crude oil find some of these levels as levels of support and resistance. Let's take a look a little bit more at what's going on here: Ford slash RRB gasoline, because my wife asked me the question: why is oil going up?

Why is gas still going up here in Utah? The reason is because we sell our gasoline into expensive California markets. But you notice that generally, despite the fact that crude has been moving lower, RRB gasoline has generally been trending a little bit higher, kind of into this ascending triangle. So there's some upward pressure on gasoline demand as the summer continues to move in summer. driving season, the summer pressures, but let's take a look forward slash H O, which is heating oil, heating oil, uh, which sees a lot of airline pressure in the summertime, starting to roll over a little bit, as we've seen some warnings from some of the airlines, forward slash uh, G C E, the gold market here.

Uh, gold again kind of run into— we talked a little bit about this, kind of running into this ascending triangle, forward slash HG, which is what we looked at last week. And this is what I wanted to talk about, kind of into this, uh, into this market. So you remember we were talking about this last Friday, or no, I'm sorry, last Tuesday, uh, which would have been what the 22nd. And we were looking at copper moving higher. And then a couple of days later, we got the tariff impact, that tariff carve-out, and copper fills. So yeah, probably was a little bit too, uh, too tight on our, uh, NASDAQ contract there, but we were protecting that against that move to the downside. And if there was news coming out, we're seeing that put seven 20.

Oh, it was seven 29. Sorry, I will totally week off. Thanks, Carol. Seven 29. Here's where we were. We were right here and we were looking for that little bit of a bounce move, right? That's what the expectation was, was that move higher, uh, at that point. And we saw that little. bit of initial move to the upside, and then we got the next day the tariff carve-out, and it made that move to the downside. So again, something to pay attention to. If we go back to the monitor tab and we go to the account statement, and here's G, take a look at our trade history here. Um, and let's see what we what we did for sash M H G, which is our micro copper. We got into the trade at 5 673.

We got out of the trade at 5 608, which was very close to our stop. Our expectation was the price moving higher, so then we got the downward move. So our expectation was higher; it didn't do that. It moved to the downside. By the way, I just happened to notice speaking of expectations that popping in very late in the webcast was the feedback survey here. Do me a favor, help me out. And this is how we get to these webcasts. Fill out that feedback survey, click on that. Let us know what you think in terms of this webcast. Let us know what you wanna see because that is helpful in making these webcasts. By the way, also while you're here, click on that subscribe button down at the bottom of the And that's gonna be the way for you to stay connected to this webcast and connected to our Trader Talks webcasts in general.

By the way, you can also follow me and Mike Fairbourn and all of the other education coaches. on X at BenWatso CS at MikeFairbournCS. We appreciate you guys being here. Thank you so much for joining us today. I'm gonna be back later today talking about getting started with technical analysis. Thanks to all of you. We'll see you back here next Tuesday. Take care, everybody. Bye bye.