Today’s Swing Trade Idea

GALT (Healthcare Sector Drug Manufacturer) GALT is a chart setup that I call the “Pinball” strategy. It’s this particular strategy that personally took me from a want-to-be trader to a full-time trader. You may have heard me refer to this as my little ATM machine. GAL T has produced a bearish gap followed by residual selling and then buying. You can see the higher lows, and now price has crossed and closed over the T-Line as well as the 20-day simple moving average. With approximately 20% to our first target and then a possible 30% to the 50-day simple moving average area, GALT is a high-probability trade.

My entry plan idea: I plan to own the stock near yesterdays close or lower.
My stop plan: A close below The T-Line.
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Good Morning,
SPY: For the last couple of days in the trading room, we have been talking about the probability of profit taking and retracement back to the T-Line. That would also be very close to the 23.6% retracement line which is a healthy (good for the market ) profit taking pull back. For this reason, there’s been several of our members and myself buying or adding to ETF’s such as TZA, UVXY, TVIX.

Heading into the long weekend, overall trading volume is drying up which will produce a sloppy market.

IWM: Consolidated yesterday but holding above its 50% retracement and the 50- day simple moving average, not to mention that price continues to hold its bullish position above the T-Line. We will be keeping our eye on $115.00 support area.

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VXX S&P 500 VIX Short Term Futures: A close below the T-Line ™ implies the bearish short-term swing traders are in control, Yesterday’s candle pattern implies we could be nearing a PBO.

USO United States Oil Fund: A close below the T-Line ™ implies the bearish short-term swing traders are in control. The last three candles imply indecision, consolidation, possible bounce.

GDX Gold Miners ETF: A close below the T-Line ™ implies the bearish short-term swing traders are in control. Yesterday’s candle Implies buyers are trying to take control.

TLT: A close above the T-Line ™ implies the bullish short-term swing traders are in control. Yesterday’s Candle implies buyers are still in control and looking for a J-Hook breakout

The above are just my thoughts to myself just thought I would share with everyone.

Investing and Trading involves significant financial risk. No communication should be construed as financial or trading advice. All information provided is for Educational Purposes Only.

— Rick

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Keep the inverse ETF’s close by and watch them closely they produce good money, fast
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