Last Updated: May 1, 2017
Last week we discussed what happens when windows fall, so this week we’re watching them rise up again. Like its brother, the Rising Window candlestick pattern is a simple signal with an imaginative name. You might picture fallen windows taking flight, climbing with the help of a pulley, or simply floating up the sides of buildings. Despite its evocative title, the Rising Window candlestick pattern conveys a very basic message. To learn what that message is and how you can spot the signal, please scroll down.
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Friday’s Bearish Engulf Suggest a Lower Low Today
Last week the price gods created a Bearish Shooting Star and a bearish Engulf at resistance in the SPY chart. Price on the 60-min chart has dropped below our volatility lines. The T-
Line has broken down through the 34-EMA in the 30-min chart.
I believe we are likely to see a bit more downside before a meaningful rally. I see an 85% chance price reaches $237.10 and a 75% chance we see a test of the 50-SMA.
We have opened the trading room to the public for both Hit and Run Candlesticks and Right Way Options From Ma1 through May 7, 2017. We kick off the mornings with Coach Steve Risner at 8:30 followed by Charts with Rick 2 9:10. Open session 9:30 -11:00 followed by Right Way Options from 11:00 to 1:00.
FREE Trading Room From May 1 through May 7, 2017 – NO Password Required Login Link: Trading Room Login Here
FREE Trade Idea – TZA
TZA – TZA has formed a Bullish Morning Stra on the daily chart and a Bullish Engulf on a 2-day chart. I am looking for a short term swing trade.
Charts to Learn From – MKSI
MKSI – Ran 14.07% after we posted it to our members that we thought it was a strong buy after it formed a Bullish Scoop pattern and price closed above our upper T-Line Band.
Members Swing Trade Ideas
We post to HRC members 10-15 swing trade ideas each day and post them in the member’s area of the website.
Subscribed members
10-15 trade ideas below – for members only
What is a Trade Idea Watch List?
A trade idea watch list 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 30 days for example.
From that watchlist, we wait until price action meets our conditions for a trade.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is not financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service
Campbell or this website is not financial or trading advice. All information is intended for Educational Purposes Only.
[button_2 color=”red” align=”center” href=”Link:%20http://hitandruncandlesticks.omnovia.com/room2″ new_window=”Y”]FREE Trading Room May 1 through May 7, 2017[/button_2]
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Select Spider XLY Leads the past Ten Days
Select Spider XLY Leads the past Ten Days followed by XLB then XLI. Consumer Discretionary ETF (XLY) was the big leader this past ten days. Price reversed from below the lower T-Line Band on April 17, then broke out of the upper T-Line Band on April 20. A beautiful T-Line Run. The top 5 stocks were, (BCR 22.82%) – (LRCX 17.44%) – (EW 16.30%) – (XLNX 15.66%) – (MAS 12.57%)
My Friday To-Do List
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- Take Profits
- Close losers
- Study this week’s trades
- What worked this week
- What didn’t work this week
- How to improve stock picks
- How to improve entries
- How to improve profits
- Study one of my eBooks
- Clean up desk and office
- Hug someone and play with my dog
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FREE Trade Idea
No trade idea today
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Charts to Learn From
HRC past stock picks – Take some time and study this week’s trade idea,
Members Swing Trade Ideas
We post to HRC members 10-15 swing trade ideas each day and post them in the member’s area of the website.
Subscribed members
10-15 trade ideas below – for members only
From HRC members trade idea watchlist that meet the T-Line Band bullish rules.
What is a Trade Idea Watch List?
Earnings could push us to new market highs But, will the weekend effect get in the way?
There is no question that the earnings from AMZN and GOOG will inspire the Bulls. It is possible we could see all time now highs in the markets today. However, with tensions rising in North Korea and Congress still dragging their feet on a budget extension could derail that plan. I think we have to approach today with the idea that anything is possible.
If the Congress would get out of the way and do their job, I think the market would be free to rally. Congressional tradition suggests they will play games all day letting the markets close in limbo. Then to prove to us just how hard they work they will work late into the night. That tosses huge questions on how Monday morning will be affected forcing the Bulls to keep their hand in their pockets today.
If by some miracle Congress does get something done before the market close we could see some wild price action after the news. Trying to predict what will happen is a fool’s errand, so the best we can do is focus on the price action and make wise business decisions with the information at hand.
On the Calendar
We kick off Friday with a reading of the GDP number at 8:30 AM Eastern. The GDP is a market moving number. Also at 8:30 we get the Employment Cost Index followed by the Chicago PMI at 9:45 and the Consumer Sentiment at 10:00. Clearly, these are all important numbers, but unless there issue a big surprise, it’s unlikely they will have much of an effect. On the Earnings Calendar, we have 97 companies reporting today.
Action Plan
Friday is normally a profit taking day for me but today may be a little different. All the earnings after the close yesterday have the potential of creating some pretty good buy signals today. I want to be careful not to overload ahead of the weekend and may consider smaller than normal positions. We have to keep in mind that tensions are growing concerning North Korea. Anything is possible so keep that in mind as you prepare for the weekend.
Trade Wisely,
Doug
[button_2 color=”red” align=”center” href=”https://hitandruncandlesticks.sharefile.com/d-s6ee561169a342649″]Morning Market Prep Video[/button_2]
A Bearish Shooting Star Close – Below 238.40 Watch the Bear
In my morning traders notes April 26, “I wrote Below $238.40 today could be the profit taking trigger”. A Bearish Shooting Star Close – Below 238.40 Watch the Bear. Yesterday’s close painted a Bearish Shooting Star, which closed at $238.40. I am looking at an active 2-hour chart and see Tweezer Top; a Tweezer Top is suggesting the Buyers are weakening. Let’s keep our eye on price and how it reacts with the T-Line and the $236.95 area.
Good Trading – Rick
FREE Trade Idea – FIT
FIT – The Bullish Engulf on April 17th confirmed a double bottom; the J-Hook pattern has now pushed FIT into our Rounded Bottom Breakout Strategy – We love this strategy.
Charts to Learn From – SPPI
SPPI – Following our post to the HRC subscribers on January 1, SPPI has rallied 67.30%. January 1st – to – January 1oth SPPI “Rounded Bottom Breakout Strategy Pattern.” January 11th to yesterday’s close was a continuation with multiple entry points.
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Members Swing Trade Ideas
We post to HRC members 10-15 swing trade ideas each day and post them in the member’s area of the website.
Subscribed members
10-15 trade ideas below – for members only
What is a Trade Idea Watch List?
A trade idea watch list 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 30 days for example.
From that watchlist, we wait until price action meets our conditions for a trade.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is not financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service
Campbell or this website is not financial or trading advice. All information is intended for Educational Purposes Only.
Mixed price action signals and emotion cloud the view forward.
Mixed price action signals coupled with the drama of a huge earnings day could make for a bumpy day. Over the last few days, the Bulls have made a strong statement smashing through downtrends and resistance levels. As a result, most traders have an upside bias. However, the shooting star candle pattern that appeared yesterday on the DIA and SPY raises the flag up uncertainty.
Today we have a huge number of companies reporting earnings. The question will there be enough positive reports to support current price levels. There are currently more companies with prices above $100 a share than ever before. As long as companies continue to perform that is not a problem but if too many show signs of stress at this altitude there could be trouble ahead.
The last thing I want to do is predict which side will prevail, Bulls or Bears. I want to avoid all the noise stay focused on the price action making the trades come to me. Flexibility and the willingness move with the market no matter the direction is critical. The price action of the market is always talking to us and leaving behind clues. The question is are you listening to and willing to see the clues or has your bias plugged your ears and fogged your vision.
On the Calendar
Today on the Economic Calendar we have three potential market moving reports at 8:30 AM eastern. The Durable Goods and International Trade numbers being most important with Weekly Jobless Claims to follow. Overshadowing the economic numbers today will be our first big day of earnings reports this season. With 477 companies reporting, plan for an extra dose of volatility today. Also, we must remember that Congress is moving forward on the new health care bill. Any news surrounding this controversial subject has potential market moving effects, plan accordingly.
Action Plan
My plan today calls for flexibility and a keen focus on price action. With the barrage of earnings announcements and news spun from DC anything is possible. With the DIA, SPY, and IWM tucked tightly against important resistance levels fast and extreme price moves are not out of the question. As a result, I don’t approach the market today with a bullish or bearish bias. I want to be prepared to react to price action clues without the fog of bias clouding my focus.
[button_2 color=”teal” align=”center” href=”https://hitandruncandlesticks.sharefile.com/d-s2b5874e4bbf43f78″]Morning Market Prep Video[/button_2]
Trade wisely,
Doug
