Don’t Panic, Don’t Impulse Chase

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Don’t Panic, Don’t Impulse Chase

Don’t panic, don’t impulse chase today, need I say more? The smart trader has set protective stops on current trades and is having a cup of coffee thinking about going fishing when the sun comes up. The market is not friendly or sane right now, my god it’s getting lead around by TWEETS, how crazy is that.

We will post possible trades live only when the market takes it’s pills and calms down.

Live Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing

Recently closed

VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •

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Event Calendar

SPY • Yesterday’s Harami

WOW! it was a great feeling to see the buyers come back yesterday from the $256.84 low to close with a Bullish Harami. But wait the bullish Harami did not close over the T-Line, so there was no follow through. Maybe today we get follow through….LOL that’s funny…have you saw the futures this morning. My trading spidey sense tells me I should only manage what I already have and probably not take on any more trades. Ya, Think!

From the eyes of a swing trader…The only thing I see in the SPY chart is a big bearish “h” pattern, a bearish “m” pattern and a little bearish “h” pattern. If it sounds like a duck and quakes like a duck……must be a duck

 

The VXX short-term futures

The VXX chart even though it closed off the previous day’s highs it maintained it’s spot above the T-Line and added the 11th day to the bullish T-Line Run.

Rick’s Swing Trade Ideas Reserved for Subscribing 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.

 

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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Gloom and Doom

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Gloom and Doom

Gloom and DoomIt’s pretty difficult when looking at index charts to see anything other than gloom and doom.  There is technical damage everywhere you look, and a general feeling of dread has gripped the market.  The financial news headlines have become predominantly negative with more and more talking heads predicting more gloom and doom to come.  Having traded for more than 28 years, I can tell this is the normal process of correction.

If you remember when the selloff began I suggested this would take weeks if not months to resolve.  That was not a prediction of the future just the experience of an old trader that has seen this many time before.  The market will eventually heal and better days will return.  Remember its always darkest before the dawn, and we will likely see more days of gloom and doom ahead but when it’s over a target rich environment will emerge as great stocks will be at discount prices.  Believe that.

On the Calendar

Motor Vehicle Sales tops the Economic Calendar which comes out very early in the pre-market and is the only report likely to move the market today.  Forecasters expect Motor Vehicle Sales to remain soft with total unit sales slipping to 17.0 million annualized rate vs. the February 17.1 reading.  Domestic sales expected to slip from 13.2 million in February to a 12.9 million rate today.  The Redbook is out at 8:55 AM, a Fed Speaker at 9:30 AM and a bill auction at 11:30 AM wrap up the calendar for today.

We also have a light day on the Earnings Calendar with only 18 companies expected to report results.

Action Plan

Yesterday was an ugly day in for the market with three of the four major indexes dipping deep enough to test their 200-day moving averages.  Only the QQQ managed to hold just above its 200-average which was just over one point away from the low of the day.  The SPY really took it on the chin closing below the 200-average, despite the late rally bouncing the indexes off the lowest prints of the day.  Even the popular FANG stocks had not escaped technical damage with AMZN now down more than 15% from its high print less than one month ago.

Currently, futures are pointing to a gap up open of more than 75 points, but I would be very careful trying to anticipate a bounce with the QQQ’s so close to a 200-average test.  If you take a look at the weekly index charts, we are very close to testing the weekly 50-averages which could easily see a test in the coming days.  Remember its always the darkest before the dawn.  The selling will eventually stop, and great stocks will be on sale at discount prices.  However, repairing so much technical damage could take some time, and we could see some very choppy price action ahead as the markets try and build a level of support.

Trade Wisely,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/ffDasbfRBx0″]Morning Market Prep Video[/button_2]

Nervous Feeding Frenzy

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Nervous Feeding Frenzy

The overall market is in a nervous feeding frenzy. In my personal experience, I have found this type of the market is the hardest of all to trade, (Choppy, weak up moves, stronger down moves). Until this changes, we will not be providing trade ideas before the market opens. We will point out long, and short trades live during the day. When a trade is suitable, we will post it on the website, email and through our APP for members.

Live Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing

Recently closed

VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •

[button_2 color=”red” align=”center” href=”https://ob124-5a86cf.pages.infusionsoft.net/” new_window=”Y”]Be Ready For The Next Bullish Market Move[/button_2]

Event Calendar

SPY • Sellers Control the Direction

Yesterday was another day where the sellers controlled price, hitting a new lower low and close in the past 15 bars. For whatever it is worth price has found the weekly 50-SMA. Maybe this is something the buyers can work with, price will only tell. As I look at the daily chart (SPY) for the market direction, I only need to consider what price is doing in relationship to the T-Line. Is price below the T-Line? Is price above the T-Line? Trading in the direction of the market increases your trading success, no one I know disputes that. From late January to now the chart pattern on the SPY is a sellers pattern, price is below the T-Line, no relief rally signal on yesterdays close. As of yesterday close being short or trading the Inverse ETF’s makes the most sense. Another choice is to remember “cash” is a position.

The VXX short-term futures

Price leads the T-Line higher indicating buyers are in control. The VXX chart is a good chart to watch and see the fear in the market. A simple rule of thumb, when price is above the T-Line (VXX) the market is choppy at best when price in below the T-Line (VXX) the market is happy and generally bullish.

Rick’s Swing Trade Ideas Reserved for Subscribing 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.

 

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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Do you believe in magic?

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Do you believe in magic?

magicI’m going to kick off this quarter with a little rant.  Over the long weekend, my email and social media feed’s filled with all kinds of offers selling the dream of simple market riches.  They all allude to some newly discovered indicator or pattern that can suddenly transform any trader into the super wealthy almost overnight.  That is total BS!  There is no magic or double top secret newly discovered formula you can buy that will make you rich.  Sorry to burst your bubble but it’s the truth.

There is only one way to success in any business.  It’s called hard work.  It’s the original and the only magic formula to success.  Start with some education, develop a trading plan (business plan) pull up your big-boy britches and get to work.  Trading success is a marathon, not a sprint.  There are obstacles to overcome and a lot of frustrating times on the path to success.  However, if you stay dedicated, disciplined, focused, willing to pay your dues and put in the overtime, then success can be yours.  Choose to believe in all that other mumbo-jumbo and plan to provide liquidity to those that do it the old-fashioned way.  Hard work!

On the Calendar

The Economic Calendar on the first trading day of Q2 the Economic Calendar hits the ground running with three important reports.  At 9:45 AM Eastern we get the PMI Mfg. Index which consensus expects to come in steady and strong with a 55.7 reading.  The ISM Mfg. Index at 10:00 AM expects a slight decline to 60.0 vs. the 60.8 February print that hit a very strong 14-year high.  Also at 10:00 AM is Construction Spending which consensus suggests will bounce 0.5% higher in February vs. the flat reading in January.  There are 7-bond events on the calendar as well as a Fed Speaker at 6 PM to round out the day.

On the Earnings Calendar, there are 132 stragglers expected to report Q4 2017 earnings today.

Action Plan

On Friday the Bulls managed a nice bounce of more than 250 Dow points.  The bullish sentiment spread across the all 4 of the major indexes but they all remain in down-trending patterns and below significant levels of price resistance.  Historically stocks do much better in April, but we seem to be getting off to a rocky start for the Q2 with the Dow Futures currently suggesting a gap down open of more than 75 points.  China announced the new tariffs on more than 120 products yesterday as our two governments square off for a Trade War and keeping the markets on edge.

After a 3-day weekend, it’s normal to see some light and choppy trading as traders extend their vacations one more day but that may not be the case today with so much nervous energy.  With earnings and economic reports continuing to demonstrate strength, our current uncertainty is by-in-large politically generated.  Political volatility is very challenging to trade because complete market reversals can occur as often and as quickly as the political spin shifts.

Trade Wisely,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/pZeuh4AO_J4″]Morning Market Prep Video[/button_2]

Bullish Morning Stars are Clues

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Bullish Morning Stars are Clues

Bullish Morning Stars are clues, SSNC created a Bullish Morning Star on support during trending consolidation. The 2-day chart also shows a Pop Out of The Box pattern, and the weekly still has the T-Line trending with price leading. On Tuesday last week price pulled back after hitting a new high, the bullish morning star suggests the buyers are still active.

We will any discuss our trades in detail during our Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing

Recently closed

VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •

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Event Calendar

SPY • Needs To Take Back The T-Line

The buyers were able to close the week with a bullish Morning Start last week giving them five candles in the bottom construction and another Volatility Dots has added to the construction. A close over the 3/27 candle would give follow through to the Morning Star pattern and clear the path to challenge the daily 50-SMA. The first goal for the buyers is to close price above the T-Line

The VXX short-term futures

Last week the VXX showed weakness but still closed over the T-Line. Positive trading today should close the VXX below the T-Line possible testing the downtrend line.

Rick’s Swing Trade Ideas Reserved for Subscribing 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.

 

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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Three-Day Weekend

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Three-Day Weekend

Three-Day WeekendWith the wild 2018 Q1 coming to an end today it seems very appropriate it culminates with a three-day weekend.  Tensions have been very high, and nervous traders could use some time to decompress and prepare for Q2.  Typically, volumes drop ahead of a long weekend and price action becomes quite choppy.  However, with frayed nerves and emotions, high anything is possible.  Keep a close eye on the price action watching for clues of additional selling as traders may choose to go into the long weekend with their cash safely tucked away in the account.  On the other hand, the bulls could attempt a little relief rally in a reaction to the 200-day average on the SPY and DIA.  Long story short prepare for anything ahead of this three-day weekend.

On the Calendar

On this last trading day of Q1, the Economic Calendar has several potential market-moving reports.  At 8:30 am the Jobless Claims consensus is looking for a slight decline of 1000 to a 228k print vs. 229K last reading.  Also at 8:30 AM, forecasters expect the Personal Income and Outlays report to show a 0.4% increase in personal income.  Consumer spending is also expected to rise 0.2% with the closely watched core PCE price index coming in at 0.2% in February and a 1.5% annualized reading.  Consumer Sentiment is at 10:00 AM and expected to remain strong with a 102.0 forecast reading.  There are several other non-market moving reports throughout the day, a Fed Speaker at 1:00 PM, and a couple of bond-related events to close out the quarter.

The Earnings Calander shows 89 companies stepping up to report today.  Make sure you have a plan if you’re holding or considering an entry on stocks that are reporting.

Action Plan

Yesterday indexes experienced some 2-sided choppy price action as the bulls and bears battle around the SPY and DIA 200-day average.  The Dow traded in a chop range of more than 350 points making it a very challenging and frustrating environment for most traders.  Currently, the Dow Futures are pointing to gap up open that but still within yesterday’s choppy range.  With a 3-day weekend ahead don’t be surprised to volumes drop quickly after the morning rush.

Have an awesome extended weekend everyone.  Happy Easter!

Trade Wisely,

Doug

[button_2 color=”green” align=”center” href=”https://youtu.be/J0m1cGyWR2U”]Morning Market Prep Video[/button_2]

SEARS Ready To Play?

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SEARS Ready To Play?

Sears could be ready to play; a scoop pattern has formed with a breakout above the daily 50-SMA. Yesterday’s close above the daily 50-SMA put SHLD in an (RBB) Rounded Bottom Break Out pattern. Take a look at the 3 and five-day charts, and you will see very good candlesticks price action and they are both Pinball setups.

We will any discuss our trades in detail during our Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing

Recently closed

VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •

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Event Calendar

SPY • Bulls are Fighting Back

As of the close yesterday, the sellers are still in the lead. With a price below the T-Line and the T-Line trending down and no evidence that the buyers are outpacing the sellers. BUT the buyers are fighting back, the Doji yesterday and the past four bars respecting the 200-SMA as support suggest the buyers are trying to fight back. To get any bullish party started the buyers must get the price to stabilize over the T-Line.

The VXX short-term futures

VXX has been a good money maker for many of our members. As always let price speak to you and of course “listen.”

Rick’s Swing Trade Ideas Reserved for Subscribing 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.

 

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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