00:01welcome to another episode of charts
00:04from the kitchen and of course we've got
00:06GameStop but first off an important
00:09message I'd really like to thank PP for
00:13inviting me on his show and allowing
00:15this post on a subreddit certainly needs
00:18more upvotes but it's a great good post
00:20where yesterday's video was shared
00:22thanks and then along with that a nice
00:24comment from P likes the energy good
00:27genuine dude appreciate that thank thank
00:30you very much sir anyone contact with
00:32him tell him he's welcome on the show
00:33this Friday that's a really nice genuine
00:35message thanks so much followed by other
00:38nice ones you know it's mixed bag
00:41obviously everywhere you go um true
00:44story PP so I'd really appreciate that
00:47that invite I'd love to come on the show
00:49a lot of people know that um did I
00:51manage to get even get that up I did
00:53right A lot of people know that I look
00:54after my dad and something came up this
00:55evening so I wasn't able to get R it and
00:57I'm grateful I even have this
00:58opportunity now to put this show out
01:00late that is 2:00 starting now 2: a.m.
01:03but um we get it eventually never break
01:07chain I haven't able to do that show PP
01:10though I really appreciate it and um
01:12I'll definitely try and get on again if
01:14the offer still stands I'll try and be
01:16there thank you very much I reached out
01:18to the people in my community to see
01:20what they made of the idea and everyone
01:22was very positive um with the idea of
01:26Bridging the communities and bringing
01:27people together because we definitely
01:30believe in the same sorts of things and
01:33we're all interested in mem stocks AKA
01:36weak spots so very much appreciate that
01:39offer PP very genuine and I'll
01:42definitely be there if it still stands
01:44now onto the charts and your favorite
01:48and my GameStop here no that's the Spy
01:51well spy we can start here take a lead
01:54simple price action on spy has made a
01:57retracement to the 886 that's a
01:59Fibonacci level should it break above
02:00here you're going to go on test the
02:02previous high on SPX at
02:04525 5250 H beyond that you're looking at
02:115300 uh new all-time highs on the stock
02:13market this will come with easing in
02:15energy inflation allows the FED to kick
02:17their heels out two rate Cuts ahead in
02:19then bber election and you could see the
02:21stock market really take off this could
02:24have positive implications for GameStop
02:27AKA meme stocks and weak spots in the
02:31market that could definitely happen you
02:32could also see a little bit of a boom in
02:35cryptocurrency if that continues because
02:38although it's important that the Federal
02:40Reserve do print that money it's also
02:42really irresponsible but this is the
02:44system we're trapped in oh dear me so
02:47onto the GameStop chart Now with an
02:50update on your favorite stock here the
02:53closing candle came in this week with
02:55the closing candle coming in this gives
02:58us a hint with regards to sentiment okay
03:01so price can go anywhere during the week
03:04and afterwards it closes at a specific
03:07level that candle close that's where
03:09Traders bring prices to at the end of
03:12the week whereas the wick you know it
03:15could go anywhere in that period but
03:17depended on liquidity on the books at
03:19the time so turn off the drawings and
03:20make it quite clear price action Wicken
03:23slightly higher than where it ended up
03:26closing closing back at the previous
03:29High Wick in the previous week so the
03:31uptrend continues with the candle
03:33closing higher than it opened and really
03:36even exceeding that 50 simple period
03:38moving average which you see coming in
03:40here this a 50 simple price action
03:42stopping there last week exceeding it
03:44this week and then holding above it on
03:46the close that's very
03:48significant but there are warning signs
03:51so if the weekly and we look left you
03:53can see it hasn't managed to break this
03:55horizontal level yet you have previously
03:57got a lower low and this isn't yet
03:59higher high so caution is still in the
04:02wind down in the daily time frame where
04:04you are still putting in higher highs
04:06and you would say that compared to the
04:07previous oscillations this is higher and
04:10you even got the question then are we in
04:13an uptrend on The Daily time frame well
04:15it's back above a 200 period moving
04:17average having found support at that
04:19important area it's also persistent
04:21above the 236 Fibonacci retracement
04:24which speaks to the strength of price
04:26action down in the 4our now where there
04:30the 50 simple itself residing below that
04:33200 that's a moving average when the
04:34shorter period one approaches the longer
04:36period that speaks to a velocity in the
04:39tightening in the shorter term Trend and
04:42that accelerating Beyond those important
04:46long-term trends so if the shorter term
04:48trend is going faster than the longer
04:51term Trend that speaks to the
04:52exponential incre in price and that's
04:55obviously something that people are
04:56interested in for are very significant
04:58with regards to Trend and candle closes
05:01holding above a 236 very important
05:03clearly higher highs higher lows 1 hour
05:05now where there's a strong danger
05:09sign I'm very blessed to have a genius
05:13brother who's got um the brain of a
05:16thousand Traders he's managed to make an
05:17indicator that tells us all where price
05:19is going and we know that eventually
05:21there will be retracements in around
05:23these areas for GameStop so bear that in
05:25mind not happening immediately as we've
05:28seen on those higher time frames but
05:31it's there and it's also down on the 30
05:33minute time frame where you've also got
05:35concern with regards to momentum should
05:37it start putting in a bearish profile on
05:39momentum maybe you'll see retracements
05:41losing that 50 simple we suggest coming
05:43in for a 200 that's below a golden
05:45pocket that speaks to a critical issue
05:48with regards to GameStop should it make
05:50a really sharp and quick move down if
05:53that doesn't happen then you negate much
05:55of that bearish thesis and go on again
05:58test those higher levels on the weekly
06:00now that we've managed to conquer the 50
06:02simple we could go on and test the 200
06:04down to the 15 minute here and you've
06:06also got a warning sign at 1643 hold
06:09that level things would be positive
06:12still managed to hold in above the 50%
06:14retracement and the 200 period moving
06:171492 that would also be significant
06:20considering the extreme move we've seen
06:23the fact that there's higher highs on
06:24certain time frames and you could put
06:26that in context and say higher low I
06:28know it's not super exciting to see
06:31price is just putting in a higher low
06:34but if you're a Trader at heart and
06:36you've experience with these charts then
06:39it can be that you know your patience
06:43and your long-term view um is reinforced
06:47by weak action to the downside so if
06:50prices come back down and find support
06:53then move on again that's a very strong
06:56factor to consider for the bulls and
06:58bears when they look at Price action
07:00we'll see that on that instance they
07:01were defeated so where does the next
07:04test come in and how will price action
07:06perform there so back to the charts and
07:09we'll work our way back through the top
07:10side of price section you got this
07:12warning sign back down around 10 bucks
07:15turn on the drawings now though they're
07:19them and speak to this inverted Head and
07:21Shoulders this bu flag the fact that
07:23it's played out to a certain extent but
07:25there's a lot more potential meat on the
07:27bone up to around 25 26
07:30so keep that mind keep that figure in
07:34$25 back up to the 30 minutes and you
07:36know this is where maybe you'd find the
07:37the the lowest utility um but still
07:41significant with regards to momentum you
07:43got that danger uh previously that also
07:46comes within the previous formation and
07:48if price actions to go back into that
07:50chart pattern there' be more
07:51implications but we can talk about that
07:53more perhaps on our Discord Rocky
07:57outcrop you check it out Link in the
07:59descript description or of course with
08:01PP and the Gang over there so you've got
08:03this flash you've also got the dmer
08:05sloping previous support now potentially
08:07resistance if price ction comes in and
08:09tests those 14 change levels we
08:11mentioned a 50% retracement you know if
08:14you hold 50% of anything in a period of
08:17accumulation and the next move you're
08:19higher then you hold it you know that's
08:21two steps forward one step back that's
08:24that concept there and you know that's a
08:27damn sight better than we've seen in
08:29games up for the number past number of
08:30years so if you can keep with the two
08:32step forward one step back I'd be
08:34satisfied what about you let me know in
08:35the comments now we're on the 4our where
08:38you've got these drawings the targets
08:40that we've been talking about and you've
08:41got to put in context with looking left
08:43you can see resistance levels that's why
08:45price slows at these areas and in at
08:49around 19 20 bucks that's one area the
08:51next guy up at around 25 26 bucks you
08:54see why that level's important that's
08:56the next horizontal level of resistance
08:59and this is where we would aim to next
09:01right you cross that bridge when you
09:03come to that bridge 25 bucks daily time
09:06frame g now you're looking at the
09:08formation that includes the downward
09:10sloping Channel not just the wedge and
09:12that's defined by these yellow parallel
09:15lines flick them on and off and you can
09:17see the price still persists at the edge
09:20of resistance not completely escaping
09:24that zone and it would be great to see
09:26if it did move above also on the daily
09:28time frame two period moving average
09:30price action holding that important
09:33artifact and now up to the weekly to
09:35make that point with the drawings on so
09:38it's hard to see a little bit do
09:41apologize 200 period moving average
09:43there comes in at $25 having held the 50
09:46simple on the weekly time frame as we
09:49talked about at the top of the chart
09:50there you're also now looking to go up
09:53and test the next significant moving
09:55average that being the 200 so top tips
09:59for everybody watching along of course
10:01I've got a a course at technical
10:03analysis. school and I'll happily teach
10:06you how to trade the same way I do with
10:09hundreds and hundreds of other traders
10:12who are turning in a real exceptional
10:14example of what retail can do when
10:18they're given the skills and tools to
10:21explore their potential which is very
10:23much my goal to bring people together
10:25and lift people up which I see being
10:28done over in your own show there PP and
10:31with a degree of humor which I
10:33appreciate and share so again thanks
10:36very much for that invite uh if it still
10:38stands I'll take you up on it if at all
10:41possible and thank you everybody for
10:44watching this show and tuning in this
10:46week I've really appreciated the
10:48engagement it's been one of the best
10:50weeks I've ever had on YouTube and I
10:53know that there's a really good feeling
10:55and Vibe out in the community at the
10:56minute and I share that with you thanks
10:58very much for being here with me and
11:00sticking with me if you want to give PP
11:02a like or a thumbs up on that thread and
11:06other things he does I'd appreciate that
11:07R return in the favor that he did me um
11:11there is a number of comments in this
11:13thread that are very kind not just PP
11:16himself but other people um some that
11:18aren't quite as fantastic others that
11:22brilliant thank you very much thank you
11:25very much you nice people and yes there
11:27is lots of other there is lots of other
11:29brilliant things worth watching over
11:31there this is a good video too you know
11:34is Holy sugar KY turned
11:39$53,000 into almost $50
11:42million love a bit of that right thank
11:45you very much everybody see you in the
11:47next one and hopefully see yourself
11:49there too pe oh it's behind it's behind
11:52chart pardon me maybe we'll get to that
11:55next week thank you everybody see you on
11:57my Discord or Reddit or anywhere else
12:01also it's Friday so we've got the Friday
12:03fune over on Discord get yourself down
12:06there check it out I'm sure Sasha Kitty
12:08BS are in the chat room already
12:10preparing things for you so see you
