Breakout Upper T-Line Band RBB Strategy

Breakout of the Upper T-Line Band and an RBB strategy, SYMC is one of ten that I am adding to our hot list of trade ideas. After the gap down in May SYMC has been constructing a bottom. Price action the past few weeks has found what seems to support and has created a nice channel to trade on a bullish breakout. Yesterday price broke out of the channel on good volume and put SYMC in an (RBB) Rounded Bottom breakout pattern/strategy with the 200-SMA about 20% away. Bullish above $20.85, stop near $20.35

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SPY • Harami

The Spy closed yesterday with a Harami in the t-Line Band Trap area above the recent low and below the recent high. The trend is still bullish as price action moves into a narrowing pattern. Yesterday candle attempted but failed to break out of the August 29 high. The battle between the buyers and sellers will be about the possible $291.60 breakout or the pullback as the sellers would like to have it. So how do we separate noise from real chart action, breakout or breakdown? I have found that using a defined trend and a trend area can be very helpful.

****VXX – The VXX is working on a Bullish Engulf followed by an inside day. The inside day (yesterday) is a little Hammer; the hammer is illustrating the fight between the buyers and sellers. Who won if the candle body closed in the upper end of the range? Just my humble opinion but I think we have some hedging going on.

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