Two-sided price action

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Two-sided price action.

Two-sidedIt was of course very nice to the Bulls so inspired in the early morning session yesterday producing some very nice profits for the beginning of the week.  Unfortunately, after making a run at resistance levels, the price action became very two-sided and left behind candle patterns of concern rather than confidence.

Tucked up against resistance and printing possible topping candle patterns leaves a trader stuck in a bit of a quandary.  Is the door open to a path of profits or is it a trap door with just enough rope to hang yourself if you dare to wager a prediction.  I must admit I am holding on to hope that the bulls will find the energy to push through resistance but that hope will not prevent me from being ready if Bears ultimately wins the battle at resistance.

On the Calendar

An unusual second day in the row of no expected market-moving reports on today’s Economic Calendar.  The Redbook comes out at 8:55 AM Eastern, followed by the Richmond Fed Mfg. Index at 10 AM.  After that, two bond auctions are occurring at 11:30 AM and one at 1:00 PM.

On the Earnings Calendar, 50 companies are reporting their quarterly results.  Before-the-bell AZO, TJX, KSS, AAP and TOL.  After-the-bell,  INTU, and URBN may be noteworthy.

Action Plan

With a little uncertainty in the price action at resistance, it will be important to watch closely and have a plan for both a bullish or bearish move.  As this battle continues, it will be very important to remain flexible, unbiased and focused on price action clues.  The good news is that the early Dow Futures are pointing to another bullish gap this morning and perhaps indicating the Bulls have enough energy to follow through.

With the IWM suggesting the 6th day up and another record high this morning I would watch this index closely for clues of a possible pullback at any time.  It may well serve as an early warning system for the overall market if a pullback does begin.

Trade Wisely,

Doug

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Bullish Piercing Candle On Support

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Bullish Piercing Candle On Support

COUP has produced a Bullish Piercing Candle on Support after a few days of consolidation. The weekly chart shows a perfect J-Hook Continuation pattern with a breakout and a test of the breakout point ($50.70). You can see on the weekly chart COUP has been bouncing off the rising T-Line creating a nice T-Line Run. Above $54.00 we could see a 20% swing

We will cover more details about stops and entries in the HRC trading room. Live Members Morning Prep with Steve Risner at 8:45 AM Est. And Rick Saddler at 9:10 am this morning.

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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

SPY

Trade issues on hold and the market pops. Nothing changes, the chart and price action is where we do our work. The SPY produced a Doji Friday and still using the T-Line and April 18 as support. $275 remains an important area for the buyers to break through. Last week the sellers Evening Star (Daily chart) held the buyers back. Perhaps9 a positive close today will begin the end of the Evening Star action.

IWM a driving force broke out and held its ground last week. IYT slow but held it’s own, above $195.25 could put this vehicle in motion. SMH pulled back last week and its premarket looks a little weak, $102.90ish may be a destination.

VXX – With price trending down there seems to be no fear in this market. Bulls live on another day.

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To learn more about our trading tools join us in the trading room or consider Private Coaching.

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

 

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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Playing nice

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Playing nice with each other.

Playing niceThe Bulls appear ready to leap the fence this morning gaping the Dow sharply higher with the other indexes following suit.  The media labeled, Trade War, was apparently called off as China and US officials playing nice with each other.  Big surprise, mutually assured destruction of economies was never the goal!

Although the market looks to open higher across the board, they still have significant levels of resistance to deal with just above.  The Bulls may have the inspiration to leap higher, but the question is do they have the energy to break through resistance.  Keep that in mind as you plan your trading day and be careful not to chase entries into resistance.

On the Calendar

The Economic Calendar has a full day scheduled for the Monday, but none of the reports are likely to move the market.  The Chicago Fed National Activity Index at 8:30 AM, 3-bond reports, and Fed Speakers at 11:30 Am, 2:15 PM, and 5:30 PM.

On the Earnings Calendar, we have 48 companies fessing up to their quarterly results.  Although earnings season is winding down, traders must always be aware of the earnings reports on companies you hold or at thinking of buying.  Failure to do so can lead to a very expensive lesson in planning and preparation.

Action Plan

News over the weekend that the US and China will play nice with each other and earnestly work to avoid a so-called Trade War has the bulls fired up this morning.  After only four days of consolidation, the Dow looks as if its ready to trade another run at 25,000.  Currently, the Dow Futures are indicating a gap up of more than 200 points with the other indexes leaping as well.

As exciting as it is to see the bulls inspired higher be careful not to chase and enter trades at price resistance.  Make the market and the stock you are considering for purchase prove they can not only breach resistance but hold it as support.  Years ago that was a major problem for me, and it cost me a lot of money and time.  I would get caught up in the morning hype, leap in with both feet and later realize I had entered positions almost exactly at the point of a pullback.  A pain lesion I hope you don’t have to learn the hard way as it did.

We should have some very nice profits this morning on our long positions.  Our two short positions that are holding some very nice gains will likely give back some of the gains, but as of now, the trade patterns are still valid if you choose to hold.

Trade Wisely,

Doug

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Shine The Harley Up and Ride

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Shine The Harley Up And Ride

Ya, it’s Friday! My plan today is to trade a little, shine the Harley up and go for a ride. The life of a trader can be so very rewarding, but it does take a little work. Todays Trading Prep in the trading room starts at 8:45 AM. Why are we worth $85.00 per month? 145% gain in our project account in 5.5 months -That’ Why We never claim and never will claim to have 100% winners (that is impossible), and we will never claim to turn $5000.00 into 5 million in 5 years (that’s total bull crap)!

Recent Trades • Project Account

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 NKE 95.3% • GPRO 11.29% • QQQ 13.7%  • UAA 34.8% • MOMO 5.95% • VRX 30.17% • UPS 36.9% • WB 12.6% • FOSL 57.4%

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SPY Market

The T-Line once again is supporting price, while price slowly tries to crawl back to the crime of May 14. The battle is really starting to heat up between the buyers and sellers. Buyers want to be above $275.00, and sellers want to be below $265.00. Our short-term Red, White and Blue trend is bullish but hasn’t been strong enough to push price through the seller’s wall.

Testimonial

In the past eight months, I have been a fortunate member of Hit and Run Candlesticks Right Way Options. The education on a day-to-day basis is both informative and fun. The E-learning further cements the learning experience along with the educational archives and methodology. If you enjoy working with other members to solve mutual options strategies engagingly with a sense of purpose, then this membership can be yours. -Jerry Hefner

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

 

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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Consolidation?

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Consolidation?

ConsolidationOnce again the small caps manage to set new record highs.  However, the DIA, SPY and QQQ’s remain stuck between significant levels of support and resistance.  Currently, the Bulls and Bears seem equally matched and seem to have slipped into a tight range consolidation at least for the short-term.

Futures are pointing to a higher open but that open looks as if it will occur inside the range of the consolidation.  Perhaps one side or the other will be able to find some inspiration in the news, but I wouldn’t be at surprised to see another day of 2-sided price action.

On the Calendar

There is nothing on Friday’s Economic Calendar likely to move the overall market.  We have Fed Speakers at 3:00 AM,  and two at 9:15 AM.  Then at 1:00 PM is the Baker-Hughes Rig Count to close out the day.

The Friday Earnings Calendar only has eight companies reporting as 2nd quarter earnings wind down.  However, there are two noteworthy reports from CPB and DE that happen before the bell.

Action Plan

Yesterday we saw a little 2-sided price action with the bulls and bears equally matched and settling into a narrow consolidation pattern.  With light days on both the Economic Calendar and the Earnings Calendar, the market may have to look for inspiration from the trade negotiations news.  Currently, the Futures are pointing to a bullish open, but the DIA, SPY, and QQQ all look as if they will open in the consolidation range.  After the morning rush, I would not be at all surprised to the price action become light and choppy as we head into a summer weekend.

As always my primary focus ahead of a weekend is profit taking rather than adding additional risk.  Of course, any trades that you plan to hold through the weekend should have thoughtfully places stop orders in place as well as hedges to the position or portfolio.  It’s been a fabulous week of profits so let’s keep that going right into the weekend.  I wish you all a wonderful weekend.

Trade Wisely,

Doug

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Weekly Rounded Bottom Breakout on NBR

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Weekly Rounded Bottom Breakout on NBR

The weekly Rounded Bottom Breakout on NBR caught my eye before the market closed yesterday. The weekly Red White and Blue indicators have turned up nicely, and the daily chart has been trending. On the weekly chart, I can see an “Inverse Head and Shoulder” Bullish Morning Star and a Flag. The first target zone is about 23% away, and the last one is 115% away.

We will cover more details about stops and entries in the HRC trading room. Live Members Morning Prep with Steve Risner at 8:45 AM Est. And Rick Saddler at 9:10 am this morning.

Did you know I (Rick Saddler) opened a small $5000.00 test account to make a point and in 5.5 months it is now up 145%? Climb aboard the train to financial freedom with us. We have Monthly • Semi-Monthly and Annual memberships. Cancel at any time.

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Testimonial

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

SPY

The buyers are a bit skittish of the Evening Star that printed earlier this week. Yesterdays bullishness tried to recover but met intraday resistance when trying to overcome the full gap and star. The T-Line and the center peak of the “W” pattern have performed well the last two days as support, so the questions are will it continue to perform. Overall I remain bullish with price action still holding above the 23.6 Fib line of the recent run. Below $270.15 the $267.55 area should get tested.

VXX closes below the T-Line and gives no help to the recent Bull Kicker.

Rick’s Trade-Ideas Reserved for Members

30-Day Trial • Monthly • Quarterly • Semi-Annual • Annual

Focus Trading Education

Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning, Fibonacci, Stoch/RSI

To learn more about our trading tools join us in the trading room or consider Private Coaching.

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

 

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.

Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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