Bullish Engulf Eats 12-1/2 Candles

When a Bullish Engulf Eats 12-1/2 Candles, we call that a hungry candle. Yesterday the buyers created a very hungry candle in WMGI that seemed to get recharged with the 50-SMA. After reaching the $28.00 area, WMGI slipped to the 34-EMA and 50-SMA which acted support along with the weekly $26.40 line. The WMGI is a bullish chart, and after the bullish engulf clue we are looking for entry over $28.30 and a risk protective stop near $27.50

Past performance is not indicative of future returns

Good Trading, Rick, and Trading Team

This link takes you to a project account that Rick started so members and students could see how it works Monthly Trading Results updated the first week of each month.

What’s on Rick’s watchlist today? A 246% plus increase in 7 months can’t be all wrong.

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SPY • Two Old Friends

Another close higher for the SPY and a nine-day T-Line Run. Yesterday’s candle closed below it’s open as if it realized price needs to slow down a little because it has moved too far from the T-Line. We have found that price action does not like to get to separate. Price could come to the T-Line or price could hang while the T-Line catches up. Either way, I see the two old friends getting together by Friday this week. Price closing above the T-Line makes the sky the limit r how high we can go, price slipping below the T-Line and price will step down on major moving average at a time.

T-Line • Traders Best Friend

With a 9-day T-Line Run, the bulls are feeling pretty good. The T-Line supports price action and when price flys high it will come back to the T-Line for a test.

****VXX – The VXX price action is trying to sneak above the T-Line, the price action seems to be slowly improving. A close above the T-Line will get us the 34-EMA.

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Past performance is not indicative of future returns

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