GOGO Setup and Trade Plan

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Today’s Featured Trade Idea is GOGO.

Members can join us in Trading Room #1 as Rick reviews the GOGO setup and other Trade-Ideas at 9:10am Eastern.  For now, here are my own analysis and a potential trade plan made using our Trader Vision 20/20 software.

GOGO has been in a bullish trend for the last 1.5 months. In the last few days, it has been consolidating between 2 Support/Resistance levels. On a breakout, it will get into a large “waterfall” candle that will act like a gap. However sometime during the time it takes to fill that waterfall, it will run into potential resistance at the 200sma.

For planning/analysis purposes, for my Target price, I chose a level along the recent trend that should be near the 200sma when GOGO reaches that point. I will look for a b/o Entry and an initial Stop below the most recent Support.

Trader Vision shows us that earnings are out of the way and we have 2+ months until they come around again. It also lets us know this trade has 3 Bullish Conditions, but 2 Bearish Conditions, making it less of a “slam-dunk” setup. Specifically, there is no buy signal, the ticker has not reversed its downtrend yet and the short-term market trend is not Bullish. However, since we can address those issues to our satisfaction we can ahead with planning (especially since this is a small trade relative to the account size).

TV20/20 tells us this trade plan offers a great Reward/Risk (4.42:1) and that we can achieve our trade goal by the time we are halfway to the single target price. While this is great, it should also be a reason for some caution that we are being optimistic. There are likely to be some down days and/or consolidations along the way to filling that 30% run.

Having this knowledge before a trade is even entered makes it much easier to control emotions and maintain discipline.

Below is my markup of the chart and the trade plan as laid out by Trader Vision 20/20.  As a bonus, if you click the green button below, you’ll be able to watch a video of the chart markup and trade planning process.

The GOGO Trade Setup – As of 9-17-18

GOGO Chat Setup as of 9-17-18

The Trade Plan

GOGO Trade Plan for 9-18-18

Note how Trader Vision 20/20 does so much of the work for you.  Knowing the ratio of Bullish Conditions to Bearish ones as well as the overall risk of the position size, risk to Stop out and the Reward possible at each Target price can help a great deal with controlling our emotions.  Knowing the dollar impact of every scenario ahead of time, allows us to make calm decisions during the trade.  It really takes the pressure off.  No guesswork.  No surprises.  No emotional roller coaster.

To see a short video of this trade’s chart markup and trade planning, click the button below.

 

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Put the power to Trader Vision 20/20 to work for you…

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Testimonial

Trader Vision immediately simplified the process…immediately it provided that information and guidance to me. I knew what I would risk for how much reward, I began taking trades off at the 1st target, 2nd target, I was no longer holding all my trades for the homerun. I also began implementing the stop losses if and when they were reached, not just hoping the stock would recover.  It then became easier to see what patterns were working for me and which were not.  It provided a much more relaxed and stress-free environment. –Joan G

 

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Investing and Trading involve significant financial risk and are not suitable for everyone. Ed Carter is not a licensed financial adviser nor does he offer trade recommendations or investment advice to anyone. No communication from Hit and Run Candlesticks Inc. is to be considered financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

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Markets hate Uncertainty

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Markets hate Uncertainty

Markets hate UncertaintyMarkets hate uncertainty.  The swirling threat of tariffs has weighed heavily on the mind of the market for the last couple weeks.  Now that unknown is finally behind us the market can deal with the reality and get back to business.  Asian and European markets all responded higher, and the US Futures are pointing to bullish open as well recovering about half of yesterday’s losses in the SPY and the DIA.

Having lost a key level of support, the QQQ is showing a slight bounce back this morning, but it’s currently much more muted than that of the DIA and SPY.  We will have to watch it closely over the next few days to see if it can recover.  Even though futures are suggesting, bullishness be very careful not to get caught up and chase into the gap up open.  Give it time and wait for follow-through buyers to prove they support the opening prices.  Remember the lower risk entry occurs at or near price support.

On the Calendar

The Tuesday Economic begins at 8:55 AM Eastern with the Redbook.  At 10:00 AM Housing Market Index forecasters expect a 67 reading in September which is unchanged from August and the lowest reading in a year.  We have just one Bill Auction at 11:30 AM today.  Then the Treasury International Capital at 4:00 PM which is not forecast by consensus.

On the Earnings Calendar, we have 11 companies reporting with the most notable being AZO and GIS before the bell.

Action Plan

I must admit to being surprised to see the US futures pointing to a higher open this morning the 10% tariffs against 200 billion in Chinese products beginning next Monday.  Of course, China has already stated they will retaliate.  Putting on a brave face Asian markets closed higher across the board overnight, and European markets are also currently showing nothing but gains.

As of right now, the Dow is pointing to a gap up recovering more than half of yesterdays losses shrugging off tariff worries.   The SPY, QQQ, and IWM also indicate a higher open this morning, but the QQQ is in the most precarious position having closed sharply below a key price support.  Be careful not to rush into the gap waiting for follow-through buyers to prove their support of the gap.  Fast price action and quick reversals are certainly possible as the market reacts to the news.

Trade Wisley,

Doug

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Downtrend, Double Bottom, Bull Kicker

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Downtrend, Double Bottom, Bull Kicker

Downtrend, double bottom, and a Bull Kicker show up on a chart what do you get? Three great conditions! After the Bull Kicker DISH popped over the RBB Line and had held steady for the past five weeks. Current price action is challenging the $36.90 level with a Bullish “W” pattern breakout and a Doji Continuation pattern, (All within an “RBB” Rounded Bottom Breakout Strategy). The weekly chart also has a Candlesticks Morning Star Signal and price riding the T-Line.

I am bullish on DISH over $36.80 with a protective stop about $35.42. Don’t forget to subscribe to my YouTube Channel

Past performance is not indicative of future returns

Good Trading, Rick, and Trading Team

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SPY

Friday was pretty slow, not much to report. Buyers are keeping the price above the T-Line, and the T-Line closed higher than it did a week ago. The August 29 high is still a problem for the current price. Our 17-day trend line is still pointed in a bullish direction.  FDX and ORCL report today, neither one is likely to have a huge impact on the market.

****VXX – Back below the T-Line suggest no fear

Focus Trading Education

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Testimonial

This is not your usual service that sends out a ton of stock recommendations, and then cherry picks the winners to show you how great they are. Hit and Run Candlesticks and Right Way Options are truly educational services. They taught me how to trade not what to trade. The entire team: Rick, Doug, Steve, and Ed are there to help and answer your questions. They are awesome. They cut years off my learning curve. And it’s a team effort. Everyone in the room (all the members) are there to help with invaluable insights and advice. The only service you will ever need. Thanks to all the team for how you have helped me and for all you do. –Jonathan Bolnick

Rare to have a service teach you how they find their choices but, HRC/RWO teach you how to fish instead of fishing for you. And, your ideas are not panned but shared, implemented, or improved. Sharing is caring. –Thomas Bradly

 

 

Past performance is not indicative of future returns

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, Right Way Option, Trader Vision 2020, Top Gun Futures or Rick Saddler, Doug Campbell, Ed Carter, Steve Risner is to be considered financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler, Doug Campbell, Ed Carter, Steve Risner is not a licensed financial adviser nor do they offer trade recommendations or advice to anyone.

 

 

DISH Setup and Trade Plan

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Today’s Featured Trade Idea is DISH.

Members can join us in Trading Room #1 as Rick reviews the DISH setup and other Trade-Ideas at 9:10am Eastern.  For now, here are my own analysis and a potential trade plan made using our Trader Vision 20/20 software.

DISH recently broke its long-term downtrend and after a run up off the bottom has been consolidating in a range for a month. The last few days it ran up and then on Friday started retesting the breakout level printing an indecisive Spinning Top. If it can break out, there is about 5% to be made before it runs into the next S/R level and the 200sma.  So, this trade really is only viable as a stock trade if it breaks on through that level and continues the rally up into the $42 area.  I will look for a b/o buy, with a tight Stop and the targets drawn off longer-term charts.

Trader Vision tells us earnings are out of the way. It also shows us that we have 5 Bullish Conditions and only 1 Bearish Condition (overall market short-term trend) in favor of this setup.

TV20/20 shows us that this trade plan offers low risk (at a reasonable position size), but also limited upside potential. We can achieve a 2:1 Reward/Risk at the 1st Target by using a tight Stop. However, if we can sell half at Target #1 and hold the remainder up through the 200sma to Target #2, we can get 3.64:1, achieve our Trade Goal and pocket a respectable 9.9% ($364.50) overall on the trade.  If this offered a decent options setup, this would be a more attractive trade.

Having this knowledge before a trade is even entered makes it much easier to control emotions and maintain discipline.

Below is my markup of the chart and the trade plan as laid out by Trader Vision 20/20.  As a bonus, if you click the green button below, you’ll be able to watch a video of the chart markup and trade planning process.

The DISH Trade Setup – As of 9-14-18

DISH Chart Setup as of 9-14-18

The Trade Plan

Note how Trader Vision 20/20 does so much of the work for you.  Knowing the ratio of Bullish Conditions to Bearish ones as well as the overall risk of the position size, risk to Stop out and the Reward possible at each Target price can help a great deal with controlling our emotions.  Knowing the dollar impact of every scenario ahead of time, allows us to make calm decisions during the trade.  It really takes the pressure off.  No guesswork.  No surprises.  No emotional roller coaster.

To see a short video of this trade’s chart markup and trade planning, click the button below.

 

[button_2 color=”light-green” align=”center” href=”https://youtu.be/E1D8n3ngNW0″ new_window=”Y”]Trade Plan Video[/button_2]

Put the power to Trader Vision 20/20 to work for you…

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Testimonial

Trader Vision immediately simplified the process…immediately it provided that information and guidance to me. I knew what I would risk for how much reward, I began taking trades off at the 1st target, 2nd target, I was no longer holding all my trades for the homerun. I also began implementing the stop losses if and when they were reached, not just hoping the stock would recover.  It then became easier to see what patterns were working for me and which were not.  It provided a much more relaxed and stress-free environment. –Joan G

 

***************************************************************************************************

Investing and Trading involve significant financial risk and are not suitable for everyone. Ed Carter is not a licensed financial adviser nor does he offer trade recommendations or investment advice to anyone. No communication from Hit and Run Candlesticks Inc. is to be considered financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

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Challenging Market

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Challenging Market

Challenging MarketIndexes holding above key support near all-time highs with indecisive daily candles that included daily price whipsaws has made for a very challenging market.  The Bulls continue to control the trend, so a move higher is certainly a possibility.  Indecisive candle patterns near all-time market highs suggests we must prepare for a possibility of the Bears gaining a foothold.  Toss in all the weekend conversation of China tariffs and the retail traders will have to be ready for just about anything.

US Futures are only suggesting a modest loss at the open currently but remember its how buyers and sellers react after the open that matters.  Stay focused on price action and remember all the intraday whipsaws we experienced last week could easily continue this week.  Be careful not to over-trade and stay focused on price action.

On the Calendar

We have 3-bond Settlements to begin the Monday Economic Calendar day.  At 8:30 AM Eastern we have the only potential market-moving report, with the Empire State Mfg. Survey.  Consensus for September is 23.0 with a continued strong build in orders and a rising backlog.  After that we one Bill Announcement @ 11:00 AM and 2-Bill Auctions @ 11:30 AM to close the calendar day.

On the Earnings Calendar, we show 15 companies reporting and by far the most notable of the day happen after the morning close with FDX, and ORCL confesses quarterly results.

Action Plan

Over the weekend there was sure a lot of conversation about China Tariffs form the Whitehouse to the financial talking heads.  Even a former Obama staff member chimed in surprisingly in support of the renegotiations of the China trade deal.  Asian markets closed mixed but mostly lower overnight while European markets are currently modestly lower across the board.  Consequently, US Futures are also currently suggesting a modestly lower open.  The stage appears set, and we should prepare for the possibility that the Whitehouse could lower the boom at any time.

At the close of Friday, the bulls were still in control, and the uptrends in the indexes continue to hold above key support levels.  Unfortunitually the candle patterns left behind on Friday were very indecisive.  Combine that with the threat of tariffs and a slightly lower open and indexes near all-time market highs; traders need to set aside their bias and prepare for anything.  Continue to watch for head fakes, fast reversals, and whipsaws.

Trade Wisley,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/HpLKk30QyTY”]Morning Market Prep Video[/button_2]

Position Trading Follow Up – Members E-Learning

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[img_text_aside style=”1″ image=”http://hitandruncandlesticks.com/wp-content/uploads/2018/09/Position-Trading-Follow-Up-thumbnail.jpg” image_alignment=”left” headline=”” alignment=”center”]A follow up to the position trading class to answer member question and take a deeper dive into the details.

[/img_text_aside] [button_2 color=”green” align=”center” href=”https://hitandruncandlesticks.sharefile.com/d-s336d1686f0e4a929″]Position Trading Follow Up – Members E-Learning Video Replay[/button_2]

VRS Setup and Trade Plan

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Today’s Featured Trade Idea is VRS.

Members can join us in Trading Room #1 as Rick reviews the VRSsetup and other Trade-Ideas at 9:10am Eastern.  For now, here are my own analysis and a potential trade plan made using our Trader Vision 20/20 software.

VRS has been in an uptrend well over a year. The most recent strong bull run lasted more than a month and has culminated in a little profit-taking J-hook pattern that bottomed out on a Morning Star type signal. I will be looking for a b/o and then a bullish move similar to what it has done in the past.  Note that there have been a number of 15-20% bullish runs in the last 18 months.

I will look for a b/o Entry with Stop roughly where indicated by V-Stop. At all-time highs, I will use Fibonacci Extension targets of 38.2% and 61.8%.

Trader Vision tells us that earnings are out of the way for a couple months. It also shows us that we have 4 Bullish conditions versus 2 Bearish conditions for this trade setup.

TV20/20 then tells us this trade plan can easily achieve our Trade Goal, well prior to even reaching the 1st Target price. If we do reach that 1st Target, the trade can deliver 12.62% or a 3:1 Reward/Risk. However, if we can sell half there and hold the remainder until the 2nd Target, we’d be getting 4:1 ($648/$162) Reward Risk for almost a 17% trade overall.

Having this knowledge before a trade is even entered makes it much easier to control emotions and maintain discipline.

Below is my markup of the chart and the trade plan as laid out by Trader Vision 20/20.  As a bonus, if you click the green button below, you’ll be able to watch a video of the chart markup and trade planning process.

The VRS Trade Setup – As of 9-13-18

VRS Chart Setup as of 9-13-18

The Trade Plan

VRS Trade Plan for 9-14-18

Note how Trader Vision 20/20 does so much of the work for you.  Knowing the ratio of Bullish Conditions to Bearish ones as well as the overall risk of the position size, risk to Stop out and the Reward possible at each Target price can help a great deal with controlling our emotions.  Knowing the dollar impact of every scenario ahead of time, allows us to make calm decisions during the trade.  It really takes the pressure off.  No guesswork.  No surprises.  No emotional roller coaster.

To see a short video of this trade’s chart markup and trade planning, click the button below.

 

[button_2 color=”light-green” align=”center” href=”https://youtu.be/Dy_OB0XQjNA” new_window=”Y”]Trade Plan Video[/button_2]

Put the power to Trader Vision 20/20 to work for you…

[button_2 color=”orange” align=”center” href=”https://hitandruncandlesticks.com/product/trader-vision-20-20-monthly-subscription2/” new_window=”Y”]TV20/20 Software[/button_2]

 

Testimonial

Trader Vision immediately simplified the process…immediately it provided that information and guidance to me. I knew what I would risk for how much reward, I began taking trades off at the 1st target, 2nd target, I was no longer holding all my trades for the homerun. I also began implementing the stop losses if and when they were reached, not just hoping the stock would recover.  It then became easier to see what patterns were working for me and which were not.  It provided a much more relaxed and stress-free environment. –Joan G

 

***************************************************************************************************

Investing and Trading involve significant financial risk and are not suitable for everyone. Ed Carter is not a licensed financial adviser nor does he offer trade recommendations or investment advice to anyone. No communication from Hit and Run Candlesticks Inc. is to be considered financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

***************************************************************************************************

Bulls remain in control.

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Bulls remain in control

Bulls remain in controlWith Asian markets mostly higher overnight and European markets currently bullish across the board the US Futures are pointing to a gap up open as the bulls remain in control for Friday’s open.  The NASDAQ regained a key support yesterday as the DIA and SPY pushed higher and the IWM decided to take a break.  If the Futures continue to maintain current prices, the SPY will open very near new record highs once again.

Once again I want to remind everyone to be careful chasing gaps into market highs.  Wait for proof that buyers will follow-through after the open.  Remember the pop and drops on the 10th and 12th of this week when you think about rushing into a gap open.  As always I plan to reduce my risk heading into the weekend and tucking in some of those tasty profits safely into the bank.

On the Calendar

A busy day this Friday on the Economic Calendar.  At 8:30 AM Eastern we get both Retail Sales and Import/Export Prices.  Consensus expects another solid month with a 4 % gain in August Retail Sales, remove autos, and the call is for a 0.5 percent gain.  August import prices expect a 0.1 percent decline while Export prices will increase 0.2 percent according to forecasters.  We have a Fed Speaker at 9:00 AM and then Industrial Production at 9:15 AM.

Capacity Utilization is expected to tighten to 78.3 percent with an increase of 0.4 percent in Industrial Production with the manufacturing component also up 0.3 percent in August.  At 10:00 AM we will get both Business Inventories and Consumer Sentiment reports.  Business inventories expect an increase of 0.5 percent as the underlying sales remain strong and the Consumer Sentiment Index also moves up to 97.0 according to consensus.  We wrap up the calendar day with the Baker-Hughes Rig Count at 1:00 PM.

On the Earnings Calendar, we only have five companies reporting with PLAY being the most notable before the bell.

Action Plan

Have you taken some profits this week?  If not, Friday is a great day to take some risk off the table before the weekend and tuck it safely away in your account.  Futures are pointing to a Bullish open following the lead of European markets that are currently higher across the board and Asian market closing the week mostly higher overnight.

If the market opens where the Futures currently suggests, the SPY will be very close to a new record high.  Remember to be careful not to chase the morning gap an continue to be watchful for clues of reversal and of course those nasty whipsaws that have plagued the market all week.  I wish you all a fantastic weekend.

Trade Wisely,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/_rA4ylsQHgs”]Morning Market Prep Video[/button_2]