P Is Building A J-Hook Continuation Pattern
(Pandora Media Inc) $P is building a J-Hook continuation pattern after a 8 day run to the 50-sma. The pullback ended with a Bullish Engulf, the follow through ended yesterday with a Doji, now creating a Doji Continuation pattern. Other patterns and signal involved are Inverse Head and Shoulder, POB to the 38% Fib line. 2-day chart is supporting a Bullish Morning Star Signal
Learn more about Hit and Run Candlesticks, and today’s trade idea plus the 10 or more members trade ideas, starting at 9:10 EST AM every morning. Every day we teach and trade using the T-Line, Candlesticks, Support and Resistance, Trends, chart patterns and continuation patterns.
We are still holding ARDX 22.64% profit
Education on how to manage a trade from start to finish is vital to a swing traders success.
With on-demand recorded webinars, eBooks, and videos, member and non-member eLearning, plus the Live Trading Rooms, there is no end your trading education here at the Hit and Run Candlestick, Right Way Option, Strategic Swing Trade Service and Trader Vision.
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$SPWR was first presented to HRC members on May 31
Now up 24.66%. And popped 12.39% yesterday. SPWR was a Rounded Bottom Breakout and nailed it by the numbers on the daily chart. The 2-day chart is still a Rounded Bottom Breakout pattern, and it looks like another 25% is in the sun.
Eyes On The Market
Yesterday the market loved everything about Miss Janet, will today be the same? Price gapped and held above the downtrend line on the SPY turning the T-Line back up. Stay cautious and let’s make money.
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 watchlist, we wait until price action meets our conditions for a trade.
MEMBERS ONLY
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.
HZNP Printed A Bullish Engulf Yesterday
(Horizon Pharma PLC) $HZNP printed a Bullish Engulf yesterday after a 3 Doji pull back. The price action has been rising with the T-Line and the 34-ema crossing over the 50-sma. The past 5 days has created a Pop Out OF The Box Pattern. Learn more about Hit and Run Candlesticks, and today’s trade idea plus the 10 or more members trade ideas, starting at 9:10 EST AM every morning.
We are still holding IPI Plus 13.79%
Education on how to manage a trade from start to finish is vital to a swing traders success.
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 Candlestick, Right Way Option, Strategic Swing Trade Service and Trader Vision.
BAS was first presented to HRC members on June 28,
Now up 13.02%. BAS started out as a Pinball set-up then went into the Rounded Bottom Breakout. With a rally followed by a Bullish Morning Star, PBO BAS looks ready to follow through on a J-Hook continuation pattern.
Eyes On The Market
Today is the start of Miss Janet talking to Congress; I suspect the market will be a bit dizzy before it makes a direction decision. Plus, earnings season is about to kick off. I find it very helpful if I watch what price does and compare it to the T-Line performance.
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 watchlist, we wait until price action meets our conditions for a trade.
MEMBERS ONLY
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.
Price resistance holds strong.
The Bulls tried once again to break through price resistance yesterday day but once again did not have quite enough energy to do so. The newly driven whipsaw left behind nice hammer patterns but it’s important to remember that that placement of this pattern is very important. A hammer pattern at support is important. The same pattern is drawn in a light volume rally that remains under resistance, not so much. If fact some might call it a hanging man pattern at price resistance. With the futures pointing to a gap up this morning, please keep in mind this is the perfect setup for a pump and dump whip whipsaw. Don’t allow the emotion whipped up in the premarket to influence your trading decisions.
On the Calendar
Today Economic Calendar is dedicated to Janet Yellen. The Fed Chair will deliver her opening statement in front fo the House Financial Committee at 8:30 AM Eastern. She will then follow that up with the semiannual monetary policy testimony at 10:00 AM. At 10:30 AM today we get the EIA Petroleum Status Report which last time showed a nice decline in supplies and helping oil companies find some support. Today lets hope this trend continues. At 2:00 PM is the Beige Book which may shed light on next FOMC action with the compiled data that influences their decision. Lastly at 2:15 PM we have another Fed speaker to round out the day.
There are 21 companies reporting earnings today as we slowly ramp up 3rd quarter reports. Please remember to make checking report dates part of your morning preparation.
Action Plan
Yesterday saw another day of choppy price action with a news-driven whipsaw tossed in for good measure. Unfortunately, the overall technical picture of the charts really didn’t change. Resistance continues to be stronger than the will of the Bulls thus far. The DIA remains the strongest of the indexes and the one most likely to lead the market higher if only it could break out. Currently, futures are pointing to a higher open but keep in mind the market will hang on each utterance from Janet Yellen’s mouth today. Be prepared for the possibility of whippy price action.
Flipping through the charts last night, I found a lot of possible setups for both long and short trades. Personally, I remain bullish on the overall market but the fact all the indexes remain under resistance levels leaves a reason for concern. With futures pointing to gap up into resistance I have to consider the possibility of a pump and dump. As a result, I will give the market at least 30 minutes after the open before considering new trades just to make sure the bullishness attracts real buyers.
[button_2 color=”green” align=”center” href=”https://youtu.be/gc_G4dPZOmk”]Morning Market Prep Video[/button_2]
Trade Wisely,
Doug
INAP Has Printed A Doji Continuation Pattern
(Internap Corp) INAP Has Printed A Doji Continuation Pattern after breaking out of price action resistance and the big 3 moving averages. The past week or so INAP been in a tight consolidation with a bullish breakout (This is a Pop Out of The Box Pattern). On the 3-day chart, you can see an RBB setup coming off the dotted deuce turning up to the 200-sma. Learn more about Hit and Run Candlesticks, and today’s trade idea plus the 10 or more members trade ideas, starting at 9:10 EST AM every morning. 30-Day Trial
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 Candlestick, Right Way Option, Strategic Swing Trade Service and Trader Vision.
Yesterday We Closed IMGN for an 18% Profit
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AGEN was first presented to HRC members on July 5,
Now up 12%. The Rounded Bottom Breakout pattern brings money to the table again. After a few bars of consolidation, a 9% pop close AGEN over the dotted deuce. Double-digit target ahead.
Eyes On The Market
For the most part, the market has been walking around looking for a path but can’t seem to find it. There is not a candle signal or pattern that’s giving a clue to the next market direction. For now, we will remain in mostly long positions a few short.
The overall market remains vulnerable as the Bear works for more control. As of the close Friday, I feel the Bull still has control, and the Bear has been a pain in you know what. On the SPY, DIA, and IWM charts the T-Line is still in bullish territory, The T-Line on the QQQs have slipped below itself.
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 watchlist, we wait until price action meets our conditions for a trade.
MEMBERS ONLY
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.
Price Resistance proves stronger than the Bulls.
The Bulls stayed in control yesterday, but resistance levels proved to be stronger. It seems a lot of the Bulls decided to avoid the summer heat and hung out in the barn as volume was very low yesterday. Price action was understandably choppy as a result. Technically speaking nothing changed yesterday. Indexes remain under price resistance, and light volume rallies don’t inspire much confidence.
Boredom is dangerous for most traders. Rather than just sit and watch as we break discipline and trade just to have something to do. Allways keep in mind that you are the CEO of your trading business and it’s your job to maintain the discipline and stick to your plan.
On the Calendar
Tuesday’s Economic Calendar begins with the JOLTS numbers at 10:00 AM Eastern. This month job openings are expected to slip slightly lower to 5.975 million. Lately, openings have been running about 1 million above totals for hiring. Wholesale Trade is also at 10:00 AM but is normally a non-market moving number. We have Fed speakers at 12:30 PM and 1:20 PM to round out calendar today.
On the Earnings Calendar, we have 17 companies expected to report earnings today. One to keep an eye on is PEP as the consumer defensive stocks have been showing signs of strength of late. If you are not already in the habit of checking earning reports before entering new trades now would be a good time to start. Next week we will begin ramping up with 100’s of reports daily. Not knowing can cost you a lot of money.
Action Plan
Yesterday saw the Bulls matain control but sadly lacked the energy to break overhead resistance levels. Futures are currently pointing to a flat to slightly lower open this morning. The overall market seems to lack inspiration and is simply marking time with choppy low volume price action. With both economic and earnings news continuing to be on the light side we may have to wait a little longer for that inspiration to appear.
I will be looking for new bullish trades today, but as we approach resistance levels, I must also keep my mind open for bearish positions if failure patterns begin to show up in the charts. The market itself is in a slow, plodding mood, so there is no need to rush into new trades. Even the best fo the best setups are having difficulty performing in this environment. Stay disciplined and always remember that cash is a position.
[button_2 color=”green” align=”center” href=”https://youtu.be/nKvnnizpF74″]Morning Market Prep Video[/button_2]
Trade Wisely,
Doug
Friday’ relief rally requires follow-through.
It was nice to have a relief rally Friday taking some of the pressure off the market. However, that is all that it turned out to be because the Bulls lacked the energy to break resistance levels. I think it is entirely possible that was we saw and Friday was nothing more than a short covering rally short traders captured gains before the weekend. So today I need to see some follow-through by the Bulls and some proof they are truly there to support price.
Discipline to follow your rules and stick with your plan is very important in this market. Years ago I would allow times like this to chop my account to pieces trying to trade without a plan and a good set of rule to protect me. Not only would I see my hard earned capital disappear, but my confidence as a trader would evaporate as well. I call it Yo-Yo trading and it nearly destroyed me. Today as a confident and consistently profitable trader I can tell you it’s the plan and the discipline to follow rules that make the difference. Having a plan and profit or fail to plan and suffer the consequences. It’s all up to you!
On the Calendar
A light day on the Economic Calendar for this first full week of trading in July. We have a couple of insignificant economic reports a few bond auctions and a Fed speaker after 11 PM Eastern. The Earnings Calendar only has 11 companies that are reporting today. I would not expect any of the earnings reports today to be market moving.
Action Plan
As always my priority will be to manage the positions that I currently hold. After that, I will be looking for new trades and refining my watchlists. I will also look for possible short trades particularly if the failure patterns begin to emerge on the index charts near price resistance. With earnings just around the corner, we could see light volume and choppy price action all week. Plan accordingly.
[button_2 color=”green” align=”center” href=”https://youtu.be/mIjsvyl0K_Q”]Morning Market Prep Video[/button_2]
Trade Wisely,
Doug
$WTW Bullish Pop Out of The Box
WTW (Weight Watchers Intl Inc) WTW Bullish Pop Out of The Box. About June 23 the chart started to form a tight range, what we call a box. Friday price popped out of the box signaling the Buyers are motivated to push WTW higher. The weekly chart is trying to put together a Doji Continuation pattern. Learn more about Hit and Run Candlesticks, and today’s trade idea plus the 10 or more members trade ideas, starting at 9:10 EST AM every morning. 30-Day Trial
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KTOS was first presented to HRC members on June 14,
Now up 11.12%. Price is drawing a J-Hook continuation pattern supported by the T-Line. Last Wednesday price formed a piercing candle with legs setting up the J-Hook pattern up.
Eyes On The Market
The overall market remains vulnerable as the Bear works for more control. As of the close Friday, I feel the Bull still has control, and the Bear has been a pain in you know what. On the SPY, DIA, and IWM charts the T-Line is still in bullish territory, The T-Line on the QQQs have slipped below itself.
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 watchlist, we wait until price action meets our conditions for a trade.
MEMBERS ONLY
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.
