The Bulls are back in town.

August 31, 2017 by Doug Campbell

The Bulls are back in town.

After a tough battle at price resistance in the morning, the Bulls finally gained the upper hand about midday. Resistance levels and even some down trend levels gave way. We can now officially say the Bulls are back in town and at least for now seem to be in control. Historically August and September are tough months in the market, but there has been nothing typical about this year. As normal I will caution you about chasing the morning gap, but it now looks to me that new record market highs are possible in very near future. The massive damage in Houston what I assume create productivity losses and likely rising jobless claims, but this currently is being completely ignored by the market. That may be a little shocking but not all that surprising with the wildly bullish nature this market has displayed. The VIX is once again showing a remarkable lack of fear or as some might suggest complacency. Enjoy it and profit from it just don’t be lulled to sleep by it.

On the Calendar

We begin today’s Economic Calendar with the weekly Jobless Claims at 8:30 AM Eastern. Claims have held steady at historic lows this summer, and forecasters see that continuing but up slightly to 237K. Also at 8:30 AM we get a reading on the Personal Income and Outlays which was weak in June. However, the consensus is expecting an increase of 0.4% in both income and spending today. At 9:45 is the Chicago PMI which pulled back slightly from a 3-year high in July. August consensus is expecting another slight decline to 58.6 which is still very strong overall on order and backlogs. At 10:00 is Pending Home Sales which forecasters see rising 0.4% from the July number.

There are more than 50 companies on the Earnings Calendar expected to report results today. Retail seems to be a theme today with DG, LE, LULU, and BEBE on the schedule. Also reporting today is big blue chipper CPB.

Action Plan

Yesterday the market seemed to struggle until about midday when the Bulls finally began to over run the Bears at resistance. Not only did the Bears give up resistance levels but by the end of the day, even some of the down trend levels gave way to the buying. We are not completely out of the woods with more resistance levels above, but Bulls seem to have regained control of market direction. This morning the Dow Futures are pointing at least a 50 point gap up. As always a will caution you about chasing a gap when we are at or near market highs. It’s the perfect place to find whipsaw price action and set Bull traps. Wait to see if there is follow through buying before adding new risk.

Currently, we are in some great positions with 70% gains in X, 50% gains in TECK, very nice profits in the BRKB. We are holding small gains in FCX, and GRUB. Even our new position in MSFT closed the day with gains. As we head into the weekend, don’t forget to take some profits. Selling into strength is a trait of consistently profitable traders. Don’t allow greed to prevent you from getting paid for your hard work. As long as this morning gap holds, I will be looking for new long positions entries but protecting current gains will be at the top of my list of priorities.

[button_2 color=”green” align=”center” href=”https://youtu.be/50wbS8ga2Fw”]Morning Market Prep Video[/button_2]

Trade Wisely,

Doug

New Trade

August 30, 2017 by Doug Campbell

Today During the live session we entered a new trade in MSFT using a weekly chart. The trade is still viable for an entry. 8-30-17

Buy the JAN 2018 67.5 Call Options, best possible price. Initial Stop was set at $70.15. Manage as you see fit.

The goal will be to sell calls against the trade if MSFT makes a move higher. I will be managed on a weekly chart at least for now.

Technical Difficulties

August 30, 2017 by Rick Saddler

Technical Difficulties

Please except our apologies we are experiencing technical problems causing us not to get any of our trade ideas sent out.

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.

►Trade Updates – Hit and Run Candlesticks

We sold the second ½ of JNUG for a 19.03% profit – I love my job! We also bought MNKD; yesterdays featured trade idea.

[button_1 text=”We%20are%20offering%20a%20Full%20100%25%203-month%20membership%20to%20Hit%20and%20Run%20Candlesticks%20for%20%24212.50%20(Only%20%2470.83%20per%20month)%20Take%20what%20you%20learn%20and%20turn%20it%20into%20extra%20income%20or%20work%20from%20home%20and%20enjoy%20the%20lifestyle%20while%20earning%20an%20income%20and%20creating%20wealth.%20Hey%2C%20we%20post%20charts%20that%20thousands%20make%20their%20entire%20subscription%20fee%20back%20the%20first%20day.” text_size=”25″ text_color=”#000000″ text_font=”Lato;google” text_letter_spacing=”0″ subtext_panel=”Y” subtext=”Swing%20Trading%20-Learn%20More” subtext_size=”18″ subtext_color=”#f2f91f” subtext_letter_spacing=”0″ text_shadow_panel=”N” styling_width=”40″ styling_height=”30″ styling_border_color=”#000000″ styling_border_size=”1″ styling_border_radius=”6″ styling_border_opacity=”100″ styling_gradient_start_color=”#FE5400″ styling_gradient_end_color=”#FE5400″ drop_shadow_panel=”N” inset_shadow_panel=”N” align=”center” href=”https://ob124.infusionsoft.com/app/orderForms/Membership—Hit-and-Run-Candlesticks—Quarterly” new_window=”Y”/]

Are you having trouble putting together a winning trade? Not sure what scans to use? So near to having multiple winning trades, but something always goes wrong. Maybe a couple hours with a trading coach could make all the difference in the world. Hit and Run Candlesticks has 4 trading coaches – Learn More about the Coaches

With on-demand recorded webinars, eBooks, and videos, member and non-member eLearning, plus the Live Trading Rooms, there is no end your trading education here at the Hit and Run Candlesticks, Right Way Options, Strategic Swing Trade Service and Trader Vision.

► ALRM – You would be up 9% or $369.00

If you bought 100 shares when we posted to our members on August 14. Hit and Run Candlesticks members practice trade management and trade planning with Price and Candlesticks, The T-line, Trend, Trend Lines, Chart Patterns, Support, and Resistance.

► Eyes On The Market (SPY)

Yesterday, Tuesday, August 29, the Bulls found themselves holding the cards and pretty much op

ened a can whoop-ass on the bears. Closing yesterday with a Bullish Belt Hold above the 50-SMA. So what’s next? Well, the Bull needs to show strength (follow through) sooner rather than later. Yesterday’s Belthold does not change trading 101; price still needs to close over the resistant line $245.45. I did lower it because of the chart pattern.

► What is a Trade Idea Watch-list?

A trade idea watchlist is a list of stocks that we feel will move in our desired direction over a swing trader’s time frame. That time could be one to 15 days for example. From that watch list, we wait until price action meets our conditions for a trade.

Rick’s personal trade ideas for the day MEMBERS ONLY

Start your education with wealth and the rewards of a Swing Traders Life – Click Here.

Investing and Trading involve significant financial risk and are 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.

Big beautiful bullish candle.

August 30, 2017 by Doug Campbell

Big beautiful bullish candle.

Yesterdays, big beautiful bullish candle, rejected the low with considerable strength. Unfortunately, all of the indexes remained just below resistance, so it was not a game changer just yet. A one day move can be the clue to a directional change but it in no way confirms a rally is at hand. For that to happen, we need a follow though that breaks and holds resistance. We can easily have the morning pop break the resistance level and create a lot of emotion. However, until we see actual buying stepping in to support the breakout and following through then all we had yesterday was a nice move inside a chop zone. I hope this is bullish; I want it to be bullish! Experience and discipline to follow my plan prevent me from chasing hope. Show me follow though, and I will gladly get on board the Bull train. As of right now, price, is still below resistance and a current downtrend continues to exist. Keep that in mind as you plan your day.

On the Calendar

We start off the Economic Calendar with the ADP Employment Report at 8:15 AM Eastern time. The ADP number has missed the mark wildly several times this year. Last month they did call for an increase in the payrolls, but it was still quite short. This month the ADP consensus is again to see an improvement but to 185K. At 8:30 AM we latest read on the GDP. Consensus sees an improvement to 2.8% as the second estimate for the second quarter. The GDP number is also expected to show a slight improvement in consumer spending to 3% which is a good sign for the economy. AT 10:30 we will hear from the EIA Petroleum Status Report. Once again we need to see a decline in supplies if want the oil companies to support the overall market and begin to recover.

The Earnings Calendar has just short of 70 companies reporting earnings today so stay on your toes! Also, keep in mind that we have the big Employment Situation number on Friday morning. It is not abnormal to see the market get choppy with light volume as we wait for that number. Also, keep in mind with the Labor Day just around the corner many of the big guys could begin taking off the Hamptons early for an extended weekend.

Action Plan

Yesterday the markets showed some surprising strength shaking off the concerns of North Korea and jumping into rally mode. All four of the major indexes left behind encouraging bullish candles. As nice as that for to see all they did is move up to challenge resistance levels without actually breaking out. So today it’s all about the follow-through to confirm yesterdays move. A big, beautiful bullish candle with out follow-through below price resistance would turn out as nothing more than a good day within a chop zone. Currently, the futures are pointing to a positive open so let’s hope we do see the Bulls step up and provide a little more confidence in direction.

As for me, and the members of RWO, we are holding some very nice gains in several positions. A continued bullish move would most likely only improve our profits. I will, however, need to see some real buying after the morning pop before I consider adding new positions. If the Bears happened to reassert themselves here at resistance, then I want to be prepared to take some profits off the table. I guess what I’m trying to say is don’t be blinded by yesterdays bullish candle. Look at the overall chart and acknowledge that we are still in a downtrend and below resistance. There is no good reason to speculate if this is the bottom or not. Wait for it to prove and prepare a plan to react once it has proved. That alone will improve your Win/Loss Ratio!

[button_2 color=”green” align=”center” href=”https://youtu.be/8szqG129p4I”]Morning Market Prep Video[/button_2]

Trade Wisely,

Doug

Shorting The Blue Ice

August 29, 2017 by Rick Saddler

Shorting The Blue Ice

In tonight’s e-Learning 8-29-2017 we will discuss the current state of the market, and Finding and trading the Blue Ice Short from the 50-SMA to the 200-SMA.

The recipe for a winning trade is to follow your plan and the best tools for you. We feel a few of the best tools are: Price Action, Candlesticks, Support and Resistance, Trend Lines, Chart Patterns.

Thank you, Ed Carter

For taking an idea and making it work. Ed created a PCF scan for TC2000 that I have been using to narrow my search and look for a specific chart pattern. Sorry, it’s not the Golden Goose, you still have to do the work.

►Shorting The Blue Ice – TC2000 Code

This scan looks for a stock that has failed the Blue Ice (50-SMA) with the idea of follow through to the 200-SMA. Note there is a high probability of minor relief rallies.

ABS(XAVGC8 – AVGC200) / XAVGC8 > .10 AND

C > AVGC200 AND

C < AVGC50 AND

C > 10 AND

( (H5 > AVGC50.5) OR

(H4 > AVGC50.4) OR

(H3 > AVGC50.3) OR

(H2 > AVGC50.2) OR

(H1 > AVGC50.1) )

►Shorting The Blue Ice – TOS Code

#Blue Ice Failure

# Written by Rick Saddler

# Converted to TOS by Ed Carter

def XAVGC8 = ExpAverage(close, 8);

def AVGC50 = Average(close, 50);

def AVGC200 = Average(close, 200);

def C = close;

def H = high;

plot BlueIceFail = (

AbsValue(XAVGC8 – AVGC200) / XAVGC8 > .10 and

C > AVGC200 and

C < AVGC50 and

C > 10 and

( (H[5] > AVGC50[5]) or

(H[4] > AVGC50[4]) or

(H[3] > AVGC50[3]) or

(H[2] > AVGC50[2]) or

(H[1] > AVGC50[1] ))

);

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.

MNKD – RBB J-Hook Breakout

August 29, 2017 by Rick Saddler

MNKD – RBB J-Hook Breakout

MNKD has presented us with a double bottom followed by a rally into resistance. Consolidated then broke out and closed over the 200-FWL moving average. I would also like to note the tweezer bottom added a nice punch to the double bottom and the 3-day chart has drawn a Doji continuation pattern.

Good Trading – Hit and Run Candlesticks

►Trade Updates – Hit and Run Candlesticks

We sold ½ of out JNUG trade yesterday for a 13.

07% gain, and it looks like we are going to make more $$$. AMZN short is still working but nearing a level that may see a bounce, but will it be enough? X is trending the T-Line (nice) price is approaching the 200-FWL line, so consolidation is likely.

[button_1 text=”It%20is%20amazing%20how%20much%20knowledge%20you%20can%20gain%20in%203%20months%20about%20Swing%20Trading%20%E2%80%93%20We%20are%20offering%20a%20Full%20100%25%203%20month%20membership%20to%20Hit%20and%20Run%20Candlesticks%20for%20%24212.50%20Take%20what%20you%20learn%20and%20turn%20it%20into%20extra%20income%20or%20work%20from%20home%20and%20enjoy%20the%20lifestyle%20while%20earning%20an%20income%20and%20creating%20wealth.” text_size=”26″ text_color=”#000000″ text_font=”Open Sans;google” text_bold=”Y” text_letter_spacing=”0″ subtext_panel=”Y” subtext=”Click%20to%20Take%20Advantage” subtext_size=”18″ subtext_color=”#f8f53a” subtext_bold=”Y” subtext_letter_spacing=”0″ text_shadow_panel=”N” styling_width=”40″ styling_height=”30″ styling_border_color=”#000000″ styling_border_size=”1″ styling_border_radius=”6″ styling_border_opacity=”100″ styling_gradient_start_color=”#FE5400″ styling_gradient_end_color=”#FE5400″ drop_shadow_panel=”N” inset_shadow_panel=”N” align=”center” href=”https://ob124.infusionsoft.com/app/orderForms/Membership—Hit-and-Run-Candlesticks—Quarterly” new_window=”Y”/]

► ALRM – You would be up 9% or $369.00

d Resistance.

► Eyes On The Market (SPY)

Yesterday, Monday, August 28, the Bulls found themselves once again in second place. Yesterday’s candle closed below the open and below our trend line and $245.90. With the weak futures, this morning it looks as if we are deep into the Bearish channel. If the Bulls can’t find a reason to become Bullish $239.50 could be tested. Interesting that $239.50 is the 23.6 retracement from the 2016 November low to the 2017 August high.

► What is a Trade Idea Watch-list?

Rick’s personal trade ideas for the day MEMBERS ONLY

Start your education with wealth and the rewards of a Swing Traders Life – Click Here.

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.

Who let the Bears out?

August 29, 2017 by Doug Campbell

Who let the Bears out?

The market has obviously been showing weakness, and I have been expressing the use of Caution for some time now. So who let the Bears out today? That blame falls right on that puffy little dictator in North Korea by firing a ballistic missile over the top Japan. As luck would have it our shoot from the hip president has been quiet about the subject with no antagonistic Twitter posts. Perhaps he has learned the error of his ways, but it could also have gone quiet as the US plans its military response. Either way, the market hates uncertainty, and this action creates more questions than answers. Be very careful my friends. Expect a major injection in volatility which can create big swings both up and down making a dangerous environment for most traders.

On the Calendar

The Economic Calendar gets going at 9:00 AM Eastern with the S&P Corelogic – Case -Shiller HPI. I think the first thing they need to do is find a new name for this report! LOL. The Consensus for June is to remain strong with an 3% increase, with the year on year number coming in at 5.8. At 10:00 AM we get the Consumer Confidence report which has been beating consensus in recent months. The July number was very strong at 121.1, but forecasters are calling for a pullback to 120.6 in August. The calendar rounds out with a couple more nonconsequential reports and bond auctions.

Today on the Earnings Calendar we have about 50 companies reporting. Make sure you continue checking the companies you hold or are considering for purchase. It’s very easy to forget about earnings this late into the season and get caught in with a nasty surprise. Make checking for earnings a habit of your daily planning as well as you individual trade planning.

Action Plan

Yesterday the morning futures pump by the big boys created yet another pop and drop in the price action right at resistance levels. I hope everyone is beginning to see clues to this type of price action and learning to wait for confirmation rather than chasing the morning pump. Add in the drama that the financial news creates and a trader can easily make poor emotionally based decisions. Take it from a former yo-yo trader that would allow time like this to chop my account to pieces and destroy my confidence.

Today the futures are pointing to a triple digit gap down in the Dow as the market reacts to the actions of the North Korean dictator. Firing a ballistic missile over Japan would seem to prove just how unstable he has become. The market hates uncertainty so we can expect volatility to ramp up making it difficult to trade. Unfortunately, the major index charts are in a position that a sharp sell off only serves to increase the technical damage. It will also reinforce the emerging downtrends with yet another failure at a lower high. The danger of a substantial seems to be growing so plan according and protect your capital.

[button_2 color=”green” align=”center” href=”https://youtu.be/hf-V0oqbFRk”]Morning Market Prep Video[/button_2]

Trade Wisley,

Doug