Today’s Swing Trade Idea

No trade ideas today; it’s very important to manage what you have
My entry plan idea:
My stop plan:

Good Morning,
SPY: If you are a member of Hit-And-Run Candlesticks – Trading for Profit and you were in the trading room on Wednesday, early in the day you heard me say that if the SPY continues to show weakness, I will be closing 14 long green positions to bank the profits, no questions asked. Having to leave for the doctor before the market closed Wednesday, I did close 14 long green positions and Thursday (yesterday) the market had a very bad day. We paid attention to the charts, we paid attention to what the SPY was whispering and what the IWM was screaming.

For several days now I have been talking caution on the SPY and sharing how the IWM has formed a bearish h pattern. The June 10 lows on the SPY were very important, and yesterday the bears ate that right up as well as the 50-day simple moving average. Today the bears may be looking to have $192.30 to $191.40 for dinner as well. If the selling continues and the buyers can’t plug the drain, I see the SPY heading to the $189.50 area and then possibly to the 200 simple moving average. I’m fairly confident that will see some relief rallies along the way.

IWM: (The dreaded h pattern is working) The bears have broken down through $112.23, and the door has now opened for the $107.50 area.

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Here is what two of our members said in the room yesterday

(10:20 am) Doug Campbell: Is it not the coolest thing in the world that the market is tanking yet members in this room are banking profits!

(10:21 am) Petra H.: This is one of the best days this year for me.

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VXX S&P 500 VIX Short Term Futures: Yesterday’s close above theT-Line ™ implies the bullish short-term swing traders are in control, Yesterday’s Bullish gap and close above the 50 SMA indicates more bullishness VXX has now become an RBB.

USO United States Oil Fund: Yesterday’sclose below the T-Line ™ implies the bearish short-term swing traders are in control. Yesterday’s Candle implies more downside and the 200 SMA

GDX Gold Miners ETF: Yesterday’s close Below the T-Line ™ implies the Bearish short-term swing traders are in control. Yesterday’s Candle implies more downside likely to the 50SMA

TLT: Yesterday’sclose Below the T-Line ™ implies the Bearish short-term swing traders are in control. Yesterday candle implies Consolidation

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.

&mdash Rick

Members Trade Ideas – Members Only
No trade ideas today, I think it’s best to manage what you have, close and protect green positions and close red positions that you can afford to. Next week will be a new start, think cash for a few days or at least smaller and fewer positions.