Not every day is a good trading day!
The words of my old mentor, Not everyday is a good trading day, ring in my ears this morning. If fact, she used to say that there were only about ten days a month good for entering trades. Personally, I’m not that stringent, but her point still rings true today. Often as traders, we feel rushed or under pressure to make trades each and every day. After all, we’re sitting here, and it is the only way we can make money!
You have heard me say may times that often less is more. Trading for the sake of keeping busy is a dangerous habit many traders fall into, but only find large losses at the end of that path. Quality over quantity should be our focus. Today we could easily see a lot of choppy price action as the market waits for the FOMC announcement and the highly anticipated earnings from Apple. I for one to wait for quality trades and day like today might not be the best day for entry. Be careful, and make the trades come to you. There is no need to rush!
On the Calendar
Today is a light day on the Economic Calendar with only the Motor Vehicle Sales numbers. Although an important number that confirms consumer sentiment it is unlikely to move the market. Of course, the beginning of the FOMC meeting is noteworthily, but it’s only the announcement on Wednesday that matters. On the Economic Calendar, we have 257 companies reporting today however only one company receives most of the attention. Apple earnings are always highly anticipated, and thus a potentially market moving event.
Action Plan
I’m expecting choppy range bound price action today as we wait for the FOMC announcement. However, with so many companies reporting, I want to stay on my toes and focus price action clues. Although a big market move is unlikely today, I don’t to rule out possible setups. There should be no reason to feel rushed this morning. I as always will be very picky; I don’t need to trade every day to be successful. Not every day is a good trading day! Futures are currently suggesting a slightly lower open but as earnings continue to roll out that could easily change.
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Trade wisely,
Doug
The QQQ’s rides High T-Line
The QQQ’s rides High T-Line while it’s market buddies are either resting on the high line or hiding underneath it. Despite pretty good earnings the political environment 
seems to be holding the market back. Some of what the market is facing; Earings, Unemployment numbers, FOMC meeting, France vote, Tax reform and a nut case with rocket, just to name a few.
I think I will stick to the charts, and ask myself what is price doing? What does the shape of the candle or candles suggest, where are resistance and support. 2 big no-no’s I will remind myself is no predicting and no watching the hard right edge.
FREE Trade Idea – TRVN
TRVN– Has printed a Bullish Morning Star after an 18-day base. TVRN is also a 4-hour Rounded Bottom Breakout.
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Charts to Learn From – CMRE
CMRE – Is up 25.50% from when we suggest to our subscriber that it might be a chart you look at. A Rounded Bottom Breakout that has now closed over the Daily 200 period moving average.
Do you think the trade has more to go? What chart pattern is CMRE forming on the daily chart? How about the 2,3,4,5-day charts?
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.
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.
Continue Reading
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.
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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]
The words of my old mentor, Not everyday is a good trading day, ring in my ears this morning. If fact, she used to say that there were only about ten days a month good for entering trades. Personally, I’m not that stringent, but her point still rings true today. Often as traders, we feel rushed or under pressure to make trades each and every day. After all, we’re sitting here, and it is the only way we can make money!
