We covered, or PG put yesterday for a14% profit after the Bullish Harami on the daily chart and the chart pattern of the 15-min and 60-min charts. AMD did not trigger yesterday, AMD failed to break out into the pattern buy area, but we will wait and be patient. AIG is setting up inside the T-Line Bands currently a PBO winding up for a J-Hook continuation pattern. Learn more in our live trading room.
Yesterday was the second day below the 200-SMA and came within .67 of testing the March 8 low. Make no mistake the sellers are controlling the current trend, but even the bears allow relief rallies if only to bring in new sheep. Yesterdays Doji may have been enough indecision to produce a relief rally. Yesterday I mentioned I saw a few bright spots in the charts; this could be the beginning. A relief rally to about $280.10 would make sense because of the recent support/resistance. The VXX chart has backed off overnight, opening the door for the buyers to open the door. Remember it’s the close today that counts. The FNGU 15-min chart shows price over the T-Line pre-market, the question now is can the buyers hold there course.
A Traders Edge In All Markets
The LTA Scanner can filter out charts that are trending, up ordown and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. Hey, check out the NEW BULL PERFECT TREND ALERT. The right tools for the job.
6/4/2019 Acton Plan
Plan relief rally trades
Use our base hit strategy
Fight the urge to predict a bottom
Grow rich trading base hits
HRC Trades Ideas
✅ We are adding the following to our possible trade list, CECE, AIG, TGT, TPX, LMT, KMX. Trade wisely
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DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
As the President makes a European tour and dines with the
Queen global trade uncertainty are having seeing impacts on markets around the
world. Asian markets closed lower and
European are also in the red this morning on the deepening uncertainty. US futures have recovered significantly from
overnight lows but continue to point to lower open this morning.
There is nothing to inspire the market on the Earnings
Calendar this morning so hopefully the PMI & ISM numbers will help provide some
clarity to calm the nerves of traders and investors. Although we can expect the price action volatility
to very challenging the short term oversold condition could provide us at least
a modest relief rally in the near future.
Unfortunately, considerable technical damage and price resistance above does
not favor a speedy recovery unless we find some resolutions to the trade uncertainty.
On the Calendar
On the Earnings Calendar we have just 20 companies reporting
with nothing particularly notable today.
Action Plan
Swirling uncertainty continues to plague the market as China
ramps up the rhetoric issuing a white paper blaming the US for the Trade
War. Asian markets closed modestly lower
across the board. As the president makes
a European tour there markets are also modestly lower as global trade worries
deepen. As a result, US Futures reflected
the uncertainty being down nearly 175 points during the night but slightly recovering
as we move toward the open.
Perhaps the PMI Mfg, ISM Mfg and Construction Spending
reports on the Economic Calendar this morning can help to provide some clarity
and settle the nerves of traders and investors.
As the technical damage deepens expect price action volatility to remain
very challenging with sudden overnight and even intr-day new driven reversals. Anything is possible if more bad news is
released but the short-term oversold condition will have me watchful for at
least a modest relief rally in the near future.
Last week we bought PG- Procter & Gamble, August $110 Puts as price action was showing signs of weakness and failing the 50-SMA. At Friday’s close, the sellers still outnumbered the buyers. To learn more about the PG put currently up 23% join us in the HRC Trading Room.
The sellers
continue to dominate the with another lower close Friday. Fridays gapped and
closed right through the 200-SMA also closing below the Dotted Deuce. The March
8th low $274.45 seems likely as the next possible test for price
action on the daily chart. This summer is the summer of the trade war and more importantly,
a summer to respect the trend. In our efforts to remain profitable, we find
that going back to basics is the best approach. Trade with the trend, when the market
trend is down, we find it easier to make money shorting or buying puts. We will
hold fast to our trading rules and continue to trade for base hits. Let us all
be care full not to overtrade or try to force trades because we think we have
to trade something every day.
A Traders Edge In All Markets
The LTA Scanner can filter out charts that are trending, up ordown and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. Hey, check out the NEW BULL PERFECT TREND ALERT. The right tools for the job.
6/1/2019 Acton Plan
Trade with the current trend of the SP-500
Expose less money to each trade.
Fight the urge to predict a bottom
Grow rich trading base hits
Worlds #1 Live Alert Scanner
HRC Trades Ideas
✅ We are adding the following to our possible trade list, MRCY, PG, BOLD, CMG, ACAD, SAFM. Trade wisely
HRC Monthly service only $110 with this promo code: SAVE50
We use 2 of The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍
DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
With illegal boarders crossings reportedly rising to 4500
per day the President shocked the market yesterday afternoon with punitive tariff
increases on Mexican goods. The tariffs
will begin with a 5% increase on June 10th with an increase to 10%
in July and 25% in October unless Mexico takes steps to stem the tide of
illegal crossings.
The shock and uncertainty of this action have the futures
pointing to a substantial gap down this morning that threatens to break some
key price support levels. Raising this
much uncertainty ahead of the weekend has the potential to create some panic
among already battered traders and investors.
Buckle up the road could be very bumpy ahead.
On the Calendar
A light day on the Earnings Calendar as we begin to wind down
the second quarter earnings season. The
only particularly notable report today is BIG coming out before the bell.
Action Plan
Yesterday’s choppy price action reflected the uncertainty the
faces leaving behind more questions than answers. After the bell the President then surprised
the everyone announcing he will raise tariffs on Mexico by June 10th
if they don’t begin to stem the tide of illegal crossings that are overwhelming
border enforcement. According to reports
the US is currently holding over 80K illegals with approximately 4500 added
each day. According to the Whitehouse
the tariffs will be at 5% and increasing to 10% in July and 25% shortly after
that if the problem persists.
This morning the futures are reacting strongly to the surprising
news suggesting a gap down of more than 200 Dow points at the open. Grappling with the possible ramifications and
uncertainty of it all has the potential to trigger a bit of panic selling if
key supports fail with the weekend approaching.
The best we can do is stay focused on the price action and disciplined to
our rules, avoiding emotional decision making that often creates costly mistakes.
Although yesterday’s selloff created a lot of technical damage
it also offered a glimmer of hope for at least a little relief rally. With the Dow having tested the psychological support
of 25,000 and the SP-500 testing its 200-day average both indexes left behind hammer
candle patterns that indicate at least a short-term bottom is possible. Keep in mind that hammer patterns require follow
through to be confirmed and that relief rallies may be very short-lived but a
little break in the selling would is nice just the same.
Currency fluctuations, slipping bond rates and sharply
rising grain commodities will continue to weigh heavily on the mind of the market
let alone the happens in the trade war. The
market is still very sensitive to the news cycle so stay on guard for the
possibility of very quick reversals and high price volatility to continue challenging
traders skills.
On the Calendar
On the Earnings Calendar we have just under 60 companies
reporting today. Among the notable
reports DG, COST, BURL, CSIQ, DELL, DLTR, EXPR, GME, GPS, LULU, MOV, NTNX, ULTA
& VMW.
Action Plan
Spending considerable time looking through charts last night
there is now widespread technical damage across the majority of market sectors. Having said that there is also a glimmer of
light for a relief rally after the DIA tested 250 and the SPY found support at
its 200-day average yesterday. Please
note that I didn’t say recovery because there is still a lot of work needed before
occurs but a little relief rally would certainly be nice even if it’s very
short lived.
Although currency fluctuations and slipping bond rates have
the market on edge future are currently pointing to a modestly higher open
today. The GDP number, International Trade
report and weekly Jobless Claims that all come out at 8:30 AM Eastern could lift
the market spirits or dampen them quickly if the numbers disappoint. Expect price action volatility to remain very
challenging with quick reversals due to news sensitivity.
The SPY printed a Hammer yesterday after a gap down finding the 200-SMA as we have been talking about the past week, on fairly strong volume yesterday. The T2122New High/Low Ratio chart from TC2000 is at a low 4.35. The weekly chart is sitting on the 50-period moving average while the monthly chart is printing a Bearish Engulf, there no doubt the sellers are holding the cards, the buyers are just not giving up very easy. Bullish follow-through above yesterdays Hammer (above $278.90) should produce a small relief rally to maybe to the $280.60 area. Many reading this knows how much I like the RBB chart setup, and the VXX is, in fact, one of these setups. Price is now above the 50-SMA and looks to be determined to challenge the 200-SMA. The VXX has challenged the 200-SMA a couple of time the last few months, and if the VXX can stay below the 200-SMA, the markets should be safe from disaster but not choppy trading. If the VXX finds a path above the 200-SMA, the market could be in a little trouble. Good trading my friends.
A Traders Edge In All Markets
The LTA Scanner can filter out charts that are trending, up ordown and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. Hey, check out the NEW BULL PERFECT TREND ALERT. The right tools for the job.
5/30/2019 Acton Plan
Consider the trend of the SPY, DIA’s IWM, and the QQQ’s when trading, it is easier to make money trading with the trend.
85% of all stocks follow the trend of the SP-500
Don’t try to time the exact turn or trend change of chart
Manage current trades looking for base hits.
Welcome small losses
Trade smaller, less capital in a position
Fewer positions
Trade strong, stable charts, not one-day wonders
Trade with the trend of the chart
A trading plan for each trade.
Worlds #1 Live Alert Scanner
Trades Ideas
AMD has broken above the T-Bands suggesting bullishness, I am considering a trade above $29.10 and only on an acceptable entry pattern. To learn more join us in the trading room, we will discuss AMD and more Trade-Ideas as well.
HRC Monthly service only $110 with this promo code: SAVE50
We use 2 of The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍
DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
The market could sure use a positive story but today the
hits keep coming. The US as nine countries
to their monitoring list of possible currency manipulators. China threatens to withhold rare earth
minerals essential to technology manufacturers.
Extreme weather and flooding across the majority of the gain belt is
seriously delaying crop planting raising commodity prices sharply and raising
concerns about future food prices.
Currently futures are pointing to a substantial gap down at
the open threatening to break important price support levels this morning. The odds of a 200-day moving average test in SPY
and the QQQ are rising and Dow could easily slip to 25,000 if the sellers begin
to pile on and fear of global slow down grows. Expect increased volatility in prices and keep
an eye on VIX as fear could quickly spike.
On the Calendar
Less than 40 companies expected to report earnings today with
retail in the spotlight. Notable reports
include, ANF, UHAL, BMO, CHS, DAKT, DKS, GES, PANW, PVH, TLYS, VEEV & VRNT.
Action Plan
Markets around the world are reacting negatively this
morning as currencies decline and commodities soar. The US added nine countries
to its monitoring list of potential currency manipulators. As a result the currencies weakened against
the dollar putting pressure on stock prices.
In the next move of the trade war, China threatens to cut off rare earth
minerals which are essential to technology companies. Adding insult to injury grain commodity prices
are rising sharply as weather events in the US have seriously delayed crop
planting as flooding across the grain belt continues this spring.
Futures are pointing to a triple-digit gap down this morning
with the all four of the major indexes threatening to open below key support
levels. If the seller pile on this
morning we could see the DIA slip to 250, the SPY tests its 200-day average
around 277 with the QQQ’s doing the same around 174. Keep a close eye on the possibility of a fear
spike that could greatly increase price volatility for the near future.
“The Trend is your friend” The key is to work with a trend that compliments your trading style. When the trend and your trading style come together as one, your engine will run smoother. Years ago, I discovered the power of the 34-EMA and the T-Line (8-EMA) when putting on the same chart. If the T-Line is below the 34-EMA, the trend is bearish. While watching for signs of a bullish reversal. This strategy using the T-Line and the 34-EMA can be used on indices, stocks, or ETF’s such as the SPY, DIA, IWM, VXX, AAPL, FDX, KO, and INTC to name a few. The SPY closed Friday’s candle and the T-Line below the 34-EMA suggesting the current trend is still negative, and the sellers have control. The trend is currently pointing at the 200-SMA with a possible bullish relief rally along the way.
Worlds #1 Live Alert Scanner
The LTA Scanner can filter out charts that are trending, up or down and alert on charts that have Candlestick signals and patterns, western patterns and when indicators, such as MACD, Stochastics, RSI or Bollinger Bands have crossed or reaches the desired level. The right tools for the job.
5/28/2019 Acton Plan
Stay
focused on trend long of short for a trade
85%
of all stocks follow the trend of the SP-500
Manage
current trades looking for base hits.
Welcome
small losses
Trade
smaller, less capital in a position
Fewer
positions
Trade
strong, stable charts, not one-day wonders
Trade
with the trend of the chart
A
trading plan for each trade.
Trades Ideas
Trade-Ideas will be sent out today using the APP throughout the APP. See App download buttons below.
HRC Monthly service only $110 with this promo code: SAVE50
We use 2 of The Worlds Best Trading Tools, TC2000 for charting, LTA-Live Trading Alerts for real-time price action, candle and candle patterns, and western patterns. The right tools for the right job.👍
DISCLAIMER: Investing / Trading involves significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, its affiliates or representatives is not financial or trading advice. All information provided by Hit and Run Candlesticks Inc, its affiliates and representatives are intended for educational purposes only. You are advised to test any new trading approach before implementing it. Past performance does not guarantee future results. Terms of Service
Friday’s big morning gap that ended up going nowhere as
volume quickly dried up heading into a 3-day weekend left behind more questions
than answers. While all four indexes remain
in downtrends the Friday gap left behind indecisive candle patterns on the DIA
and SPY while the QQQ printed a bearish engulfing just above key price
supports. With futures currently
pointing to flat or modestly lower open which way we go is anyone’s guess.
Although it would be nice to get some directional answers
today it’s possible we could see another day of light and choppy price action
as traders may have extended their holiday vacations through today. With the SPY and QQQ hovering near the midway
point between their 50-day and 200-day averages stay flexible and focused on the
price action for a directional clue. Remember
that currently downtrends are still in force at this time.
On the Calendar
We have less than 60 companies reporting earnings
today. Notable reports include BNS, BAH,
HEI, NIO, WDAY & YY.
Action Plan
Futures opened positive and remained positive most of the night
with Asian markets closing positive across the board as Trump concluded his
visit with Japan in hopes of striking a trade deal. Unfortunately, European markets are lower
this morning on fresh worries of Italy’s growing deficit. It would seem the Italian concerns are also
weighing on the US Futures as well in the pre-market, currently suggesting a
modestly lower open.
Friday’s price action seems to have left more questions than
answers with indecisive price action ahead of the 3-day holiday weekend. Although the QQQ finished Friday holding onto
key support levels it also left behind a concerning bearish engulfing pattern
as concerns that the trade war may transition into a tech war with China. Although hopeful for better price action today
it would not be abnormal to see struggle with light volume as many traders
extend their holiday vacation one more day.
Wild gaps continue to chop up traders accounts that try to
hold positions overnight. Thursday’s gap
down trapped long traders and those that held short positions overnight will this
morning fell the bite of the trap. I’ve
been warning that for a while that the current market condition favors day
traders has certainly been validated this week.
Now facing an uncertain holiday weekend traders have some
big decision to make. Hold positions into
the weekend rolling the dice for the Tuesday open or close positions to avoid
the risk? I for one choose the latter
and will slide into the weekend with my capital and weekly gains tucked safely away. After the morning rush we could see light and
choppy price action as trader’s head for the door to get an early start to the
weekend. Consider your risk carefully!
On the Calendar
We have a light day on the Earnings Calendar with only 13
companies reporting. Notable reports
include BKE, DXLG, FL, and HIBB.
Action Plan
This morning the futures are pointing to a significant gap which
I am very happy to see but I struggle to understand the bullishness. UK Prime Minister Theresa May resigned this
morning and European markets are responding higher on the news. Perhaps, the US markets see this as a signal
that Brexit will not happen. Yesterday’s
gap trapped those holding long positions and it looks like this morning we will
trap those holding short positions just before the long holiday weekend.
The markets wild movements have certainly confirmed my point
that swing traders have no edge and this is a day traders market. With the big gap up it is entirely possible
that a short squeeze rally could be triggered this morning. It’s also very possible the morning gap finds
no buyers ahead of the long uncertain weekend and a pop and drop pattern is the
result. After the morning rush I would
not be surprised to see the price action become very light and choppy as
traders shut down early to begin their holiday.
Stay focused on price action and consider the risk carefully you carry
into the weekend.
