QURE Testing Support & Resistance
QURE Testing Support & Resistance
On a weekly chart, QURE has been testing support and resistance for about 11 bars. Then POW – buyers finally found a way out and finally broke out. The Ascending Triangle breakout could push QURE to it’s 2015 high and produce a few good swings for the swing trader. Remember to check out the Event Calendar located at the top left of any webpage.
►Listen to your Rules
The Market or any chart, do you feel comfortable buying a stock long if the price is not trending in your favor? If you do, you may be a predictor. Some predictors make money; most do not. As yourself a few questions.
- What is the 34-EMA doing in relationship to itself 20 -30 – days ago?
- What is the T-Line doing in relationship to itself 20 -30 – days ago?
- What is the T-Line doing in relationship to the 34-EMA?
- What is Price doing in relation to both the T-Line and the 34-EMA?
►Learn the Power Of Simple Trading Techniques
On January 31, Rick shared SFLY as a trade for members to consider and how to use the trading tools listed below. Currently, the profits could have been about 33% or $1770.00 with 100 shares. Using our Simple, Proven Swing Trade Tools and techniques to achieve swing trade profits.
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… Learn More
►The VXX short-term futures
The VXX is built on fear, and it’s carrying a great deal of fear. VXX holding over the 200-SMA on the daily is something to take note.
►Rick’s Swing Trade ideas
Member Login – Full Trade List
30-Day Trial • Monthly • Quarterly • Semi-Annual • Annual
To learn more about our trading tools join us in the trading room or consider Private Coaching. Rick will help coach you to trading success.
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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Protect Your Capital
Protect Your Capital
I often say trading is a business. With the trader as the CEO of the business, it’s our responsibility to make money. As a result, it only natural that we want to trade every day. It’s very easy forget that if we are to make money, then it must be the first order of business to protect your capital. If your anything like me patience is a skill that I have to work on every day of my life. The truth of the matter is that most of us have very little natural patience.
To combat our natural tendencies is why we as traders must have a well thought out trading plan and develop the discipline to follow the rules. With volatility so high my edge is gone, and it’s my discipline to follow the rules of the plan that protects me, from me. I have learned the hard way that if I break my rules, the consequence of that action is often a capital loss. The choice is yours. Will you exercise the discipline necessary to follow the rules that protect your capital or will you allow your impatient nature to rule?
On the Calendar
Another very light day on the Economic Calendar today with no market-moving reports. There is a Fed Speaker at 8:00 AM Eastern which happens to be the biggest event listed today.
On the Earnings Calendar, we have about 150 companies reporting today. Make sure your checking and have a plan for companies you hold or thinking of buying.
Action Plan
The big gap up yesterday seemed to run directly into a stone wall as there were no follow-through buyers. The VIX pulled back ever so slightly but remained very high by the end of the trading. The decision to stand aside is a difficult one for most traders, but it seems to have been a good call considering the morning futures. As I write this, the Dow Futures are pointing to gap down in the Dow of more than 150 points. That could potentially create a failure pattern on the index ETFs.
Now the question is can the market hold creating a higher low we can work with, fall to lows to find support or will it drop right on through creating a new low. Continue to expect very past price action with the VIX likely rising at the open today. Remember that sitting in cash is a position and one that protects your capital in times of such volatility. Try to be patient; good things come to those who wait.
Trade Wisely,
Doug
[button_2 color=”green” align=”center” href=”https://youtu.be/SQsmmYlljEQ”]Morning Market Prep Video[/button_2]
Support?
Support?
Friday certainly was a rough day for the market capping off one of the worst weeks in several years. As nasty as was the market received answers to two very important questions. Will the SPY 200-day average provide some support? Will bulls be willing to take the risk even though the DIA and QQQ’s didn’t reach that deep.? Both answers come back affirmative, and the Dow Futures indicate more are willing to dive in this morning.
Volatility is still extremely high making it very dangerous as huge reversals can still happen at any time. With this morning’s huge gap up it puts the Dow’s price support about 600 points down. With the volatility still so high that is way beyond my tolerance for risk. Consequently, I will maintain my discipline and not get caught up in the morning hype. I will not chase!
On the Calendar
We begin this week with another light day on the Economic Calendar. Amid several bonds events, the only potentially market-moving report comes at 2:00 PM Eastern with the Treasury Budget. The consensus is calling for a sizeable deficit of 51.0 billion and is the first post-tax reform report.
To keep us on-our-toes we have just under 80 companies reporting today. Make sure to have a plan if you are holding or intending purchase a company at or near it reporting date.
Action Plan
Friday was a pretty gruesome day until the bulls staged an impressive rally in the last hour of trading before the weekend. The rally began after the SPY broke below the 200-day simple average. The DIA didn’t make to the 200 nor did the QQQ, but they both seem to have reacted to a price support level. The IWM had fully given up the 200-day average but managed to recover back above with the end of day bullishness.
Dow Futures this morning are signaling a huge gap up of more than 300 points. Personally, I refuse to chase a big gap, and I instead will stick to my discipline an wait for low-risk entries. It’s great to see the bulls stepping back in, but that in no way shape or form means that its safe to get back into the water just yet. Keep in mind the VIX closed on Friday above 29 which means very fast price action and reversals are still likely. If you’re a very experienced and very fast day-trader, then this price action is just what the doctor ordered. However, if you’re a swing trader, the huge intra-day whipsaws create a risk that is well beyond the risk-tolerance of most traders.
Trade Wisely,
Doug
Friday We Posted SKX SKX bullish over $41.35 $40.30 Stop
Friday We Posted SKX
Friday we posted SKX in our blog (trade alert). SKX closed with a Doji Friday with the 4-day chart presenting up with a Pullback Opportunity Bullish Engulf find support on the Lower T-Line and the V-Stops. Hit and Run Candlesticks bought long SKX Friday. SKX looks as if it may challenge the $51-$52 area after a successful breakout of the current resistance.
►Listen to your Rules
Be wise, don’t rush in and listen to your trading rules. This what I will tell myself today over and over. In the SPY price is still trending down below the T-Line and the T-Line Bands (both upper and lower). On the daily chart, Lower highs and lower lows are present when this chart pattern reverses then and only then will the market be in a good position to attack. Just my plan, what’s yours?
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►Learn the Power Of Simple Trading Techniques
On January 8, Rick shared VSTO as a trade for members to consider and how to use the trading tools listed below. Currently, the profits could have been about 16% or $250.00 with 100 shares. Using our Simple, Proven Swing Trade Tools and techniques to achieve swing trade profits.
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… Learn More
►The VXX short-term futures
The VXX had a big week last week, and many dollars have been made on it bullish move. Now that the VXX is trading over the 200-SMA and has smacked resistance a good little rest is needed.
►Rick’s Swing Trade ideas
Member Login – Full Trade List
30-Day Trial • Monthly • Quarterly • Semi-Annual • Annual
To learn more about our trading tools join us in the trading room or consider Private Coaching. Rick will help coach you to trading success.
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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Trade Alert Ideas
Trade Alert
SKX has broken out today, if it holds and tests support with a pullback we might consider a trade.
COUP is an another we are considering for a long trade when the time is right
KORS we are waiting for a short set up when the time is right
Tune in thru-out the day we might post on the HRC blog, HRC Smart Phone APP, Twitter, Facebook, StockTwits as trade ideas present themselves.
Recently closed VXX 375% • TWTR 180%
Remember all trade ideas are for your evaluation and consideration
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Hard Week For The Market
Hard Week For The Market
It’s been a hard week for the market (SPY) eight days below the T-Line and in the middle of a Blue Ice Failure Pattern. Yesterday low closed below the previous low and our Dotted Deuce, I can almost hear the 200-SMA calling. Over my past 30-years of trading, I have found it much easier to trade in the direction of the market and ass of the close yesterday our trading trend is still down.
The VIX (CBOE Market Volatility Index) has been on fire and is currently in a bullish stage. A wise trader once told me not to fight the trend.
We feel trading right now will be more risk then the typical trader wants to experience, I am personally in all cash after recently closing my VXX trade for 375% and the TWTR trade for 180%
►Events Calendar
Stay up to date with our events calendar, Webinars/Workshops, and Special Events https://hitandruncandlesticks.com/events/
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►Everyday At 9:10 AM ET.
Each Morning before the market opens Rick and the HRC members meet up to discuss today’s trade ideas. Rick, we will demonstrate live how each trade could be traded using our Simple Proven Swing Trade Tools
Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trends • 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 • Continuation Patterns • Trade Planning… Learn More
The VXX short-term futures have broken out of the 200-SMA, the VXX needs to pull back a little before they become a long trade. Holding above the 200-SMA in the future should keep the volatility high and the market on its toes.
Rick’s Swing Trade ideas
Member Login – Full Daily List
30-Day Trial • Monthly • Quarterly • Semi-Annual • Annual
Candlesticks • Price Action T-Line • T-Line Bands • Support • Resistance • 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 • Continuation Patterns
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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