DOV – Trending Back Over The T-Line
DOV (Dover Corp), The DOV Chart is trending and now back over the T-Line after a gap down followed by a bullish rush to stay afloat. On a 2-Day chart, you can see a clean Bullish Belt-Hold that’s closed above the T-Line, the upper T-Line and the Volatility Stop.
►Candle Pattern
2-Day Chart • Bullish Belt-Hold
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► Ticker Update (ACLS)
You could have profited about 16.55% or about $470.00, with 100 shares when we posted to our members on October 2nd.
If you are interested in trades and profits Rick Saddler founder of Hit and Run Candlesticks offers private recorded coaching • LEARN MORE
Learn more about Hit and Run Candlesticks, and today’s trade idea and plan plus the 10 or more members trade ideas, starting at 8:45 EST AM every morning with the HOG and then Rick at 9:10 EST. Every day we teach and trade using the T-Line, Candlesticks, Support and Resistance, Trends, chart patterns and continuation patterns.
► Eyes On The Market
The SPY seems to be possessed with Bullishness. My overall plan is to remain bullish and trade charts that are ready to pay or to pay me. Following the trend and price action is not only easy but rewarding as well.
With Friday’s close, we see support around the $256.00 area.
Rick’s trade ideas for the day – MEMBERS ONLY
Monthly • Quarterly • Semi-Annual • Annual
Investing and Trading involves 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.
The Bulls punish early Bears.
What an amazing recovery of yesterdays gap down is punishing those that attempted to predict the selloff was finally here. Those that got short in anticipation are now being squeezed out as the Bulls punish early Bears. A reminder that trying predicting the market is nothing more than gambling. Traders with big ego’s of their predictive prowess often find themselves fighting the market rather than working with the market. Believe me; I have the scars from making this mistake more than I care to admit. The solution is simple but it very hard to learn.
As the market is rallying, try to be a profit taker and sell into strength. When the market does roll over you will then be less affected. Then wait for the market to prove it’s ready to go lower before jumping on board. When your profits are safely tucked away in your account, you can afford to wait. Always remember you don’t have to trade everyday to be successful.
On the Calendar
The last day of the trading week begins with Existing Home Sales at 8:30 AM Eastern on the Economic Calendar. Forecasters expect the the number for September coming in a little lower at 5.300 million. The slide in existing sales is a result of hurricane impacts. The National Asso. Of Realtors has warned Hurricane effects may slow sales the rest of the year. We have a Fed Speaker at 2:00 PM and Janet Yellen will Speak today after the market close at 7:30 AM. Maybe at 2:00 PM is the Treasury Budget report which has already moved several times this week.
On the Earnings Calender, we have just short fo 50 companies reporting. A lot of eyes will be focused on the Earnings out of GE before the bell today. The companies stock has been in an ugly decline of around 25% this year. There is a rumor out there that GE may cut or even suspend it’s dividend today which would likely send the stock much lower. It will be interesting to see what happens.
Action Plan
After gapping lower yesterday the Bulls went back work and made quite a deminstration of strength. The DIA set another new record high close by the end of the day. The other indexed lagged behind but they all rallied signiffiantly off the morning lows. The Futures this morning are now wildly bullish pointing to gap up of more than 80 points. Count this as very good lession about trying to perdict the market. I can guarantee part of the rally yesterday and this morning will be because a lot of folks anticipated a sell off and got short. They are now getting run over and forced to buy to cover adding fuel to the rally. A painful lession I had to learn the hard way.
It’s Friday and for that means profit day. I will be much more focused on taking profits today rather than adding new risk. Also, keep in mind that this mornings gap up in the Dow could produce whipsaw price action. Chaiseing, today’s pop, would be very unwise in my opionion.
Treade Wisely,
Doug
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I plan My Trades – I pay myself
(It’s Friday) Because I plan my trades, I can pay myself, on Fridays. Friday is my favorite day of trading because it’s the day I get rewarded from a hard work week. Yep, every Friday I write a paycheck to myself from my trading account.
►Friday is the day we count our money and reflect on our weeks trading. How did we do? How can we improve? Take time today to pause on trading and consider education. Reevaluate your trading goals, are your goals on track?
Good Trading – Hit and Run Candlesticks
Learn more about Hit and Run Candlesticks, and today’s trade idea and plan plus the 10 or more members trade ideas, starting at 9:10 EST AM every morning. Every day we teach and trade using the T-Line, Candlesticks, Support and Resistance, Trends, chart patterns and continuation patterns.
Give us a try If you would like to learn what and how we do it click here to give us a try, cancel at any time.
►Eyes on The Market
Tax Reform is revving up – Futures are up, and the bullish trend continues. Yesterday the SPY gapped down and then recovered nicely. Follow the trend and Price Action – The way of the Ninja LOL.
Rick’s Swing Trade Ideas • MEMBERS ONLY
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Investing and Trading involves 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.
Focus on your rules and trade plan.
The October rally has been a full-on Bull party that has lasted 15 days in Dow. As with all great parties they eventually come to an end and the hangover begins. I’m sure there are many looking at the futures this morning might be feeling some panic, but try to put this pullback into perspective. As it stands right now, Dow 23,000 is holding and the sky is not falling. All healthy rallies must take a break or pullback to test trends or price support. It’s the natural progression of price action. So, try to avoid knee jerk emotional decision making today. Focus on your rules and trade plan. They are there to protect you but only if you allow them to do so.
On the Calendar
The Thursday Economic Calendar begins with Jobless Claims and the Philly Fed Business Outlook Survey at 8:30 AM Eastern. With the hurricane effects still a bit of a wild card, forecasters expect the weekly claims coming in at 243K this week. The Philly Fed Survey remains incredibly strong last month coming in at the highest level in the 50-year history of the report. The consensus for October is 20.2 vs. 23.8 last month. We have one Fed Speaker at 9:45 AM followed by the Leading Indicators report at 10:00 AM. The Treasury Budget is at 2:00 PM but would be highly unlikely to move the market.
Today is the biggest day of the week on the Earnings Calendar with more than 120 companies reporting. Stay on your toes as ramp up the numbers of reports because it’s not unusual for the market to become quite bumpy. Individual stock can have violent moves that carry over into the indexes in the premarket and aftermarket sessions making it very challenging for the retail trader.
Action Plan
While the DIA and SPY managed to close at new record highs yesterday the QQQ and the IWM seemed content to just consolidate. The DIA leaving behind a big gap at a new market high always concerns me and it would appear that concern is valid looking at the futures this morning. The 160 points gained in the DOW yesterday may now be mostly taken back with gap down at the open. A clear reminder that chasing a rally can be a very painful lesson.
As usual I will be more focused on taking profits as we head into the weekend than looking for new risk. With the gap down keep a close eye on current trades cutting losing positions and taking profits as per your trade plans. Try to avoid emotional decisions and stay focused on your rules because they will protect you from you.
Trade Wisely,
Doug
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HOG – RBB Strategy Above The 50-SMA
HOG (Harley Davidson), The HOG Chart, is now an (RBB) Rounded Bottom Breakout strategy above the 50-SMA. We have a double bottom in the $45.50 area and a Bullish Cradle pattern that pushed HOG into the (RBB) chart strategy. Over $47.50 the chart has a Bullish chance to see $53.85 [Tip] wait for the breakout and low-risk entry.
►Candle Pattern
Bullish Engulf • Doji Continuation
Low-risk entries • Trade with us • Learn more with us • Profit with us •. You will not find a better trading support group, up to you.
► Ticker Update (GGG) –
You could have profited about 9.27% or about $1076.00, with 100 shares when we posted to our members on August 1st.
If you are interested in the next level of trading profits • Rick Saddler founder of Hit and Run Candlesticks offers private coaching • LEARN MORE
Good Trading – Hit and Run Candlesticks
Learn more about Hit and Run Candlesticks, and today’s trade idea and plan plus the 10 or more members trade ideas, starting at 8:45 EST AM every morning with the HOG and then Rick at 9:10 EST. Every day we teach and trade using the T-Line, Candlesticks, Support and Resistance, Trends, chart patterns and continuation patterns.
► Eyes On The Market (SPY)
This past year I have introduced the T-Line Bands and how to use them, this past Tuesday evening we had a Members e-Learning webinar on them. You may find them very useful in the next few days. The SPY, IWM, QQQs, IYT may challenge the Lower Purple Band. I will be using the Lower Band to help with the attitude of charts that test the band.
Rick’s trade ideas for the day – MEMBERS ONLY
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Investing and Trading involves 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.
Member’s Webinar
In this webinar, we discussed the Blue Ice failure and Bearish “h” Patten AND Bullish Breakout patterns using the T-Line Bands
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