SPY- Will the Bulls attack $236.70
Today’s Swing Trade Ideas – Double click trade plan to enlarge
In today’s trade ideas we have 11 swing trade ideas for the members, and we are featuring one free trade idea –
From a bull’s eye SPY:
Take a look at the weekly chart of the SPY, and you can see a Bullish Piercing Pattern formed last week. Looking back 5 to 6 candles you can clearly understand why $236.70 is acting as resistance.
Back to the daily chart – the last five bars have been bullish and has formed a bullish chart pattern; the Bulls simply need the energy for follow-through. Without it, the Bears can easily take over.
Spot Light Chart
JAZZ was an HRC members swing idea on January 3; it is currently up 33.11% at Friday’s close.
The trade idea started because of our signature Rounded Bottom Breakout chart pattern that led all the way to the 200-period moving average. Pulled back for another opportunity with a Doji Bullish Engulf and then followed through with a T-Line run. Consolidated for a couple of weeks and then back above the T-Line. It’s above support again with a little flag pullback.
Bullish Piercing Pattern
Trying to identify the Bullish Piercing pattern? Look for this essential criteria:
First, there must be a clear and definable downtrend in progress for the pattern to qualify as a Bullish Piercing pattern. Second, the first candlestick (which appears at the end of the downtrend) must be a black (or red), bearish candlestick. Third, the second candlestick must be white (or green) and bullish. Fourth and finally, the second candlestick (the white one) must open below the black candlestick and close above the black candlestick’s midpoint. So if you mark a dotted line through the vertical center of the black candlestick, does the white candle close above it? If so, it can qualify as a Bullish Piercing pattern. Read More.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks or it’s associates should be considered as financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service
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At resistance or not at resistance, that is the question?
The four top indexes closed right at resistance or just below. Now comes the decision point. Will it be the Bulls or the Bears answering in the majority? If you have been or watching or reading any of the market new headlines, the predictions have started the fly. There are the rose colored glasses crowd with the deep conviction that the changes made by the Trump administration will carry us much higher. Then we have the gloom and doomer’s, convinced we have been teetering on the edge of the world and our next stop is a bottomless pit. As I continue to say predicting is fools that will rob your hard earned money if you allow it to influence your decision making. Personally, I have always felt it is much easier to simply follow the market if or when it picks a direction. You and I are the CEO’s of our trading businesses. Therefore the ultimate decision always rests upon our shoulders. There will never be anyone that cares about our money more than us. So let’s make our own decisions! Let’s turn off all the outside noise and focus on price rather than waste our time being influenced by the predictors.
Items to watch
This is a big week on the Economic Calendar. We kick it off with PMI Manufacturing at 9:45 Eastern followed by the ISM and Construction Spending reports at 10. The ISM index number is the most likely to move the market. Other than that we have two Fed speakers out there stumping on interest rates today. It seems to me they have said plenty and have nothing noteworthy left to say. Some quiet would be nice! On the Earnings Calendar, there are 38 companies reporting today to be aware of. Keep in mind that the FOMC minutes will be out on Wednesday and the Big Employment Situation report happen Friday. Both of these important reports tend to give the market pause because of the uncertainty that comes with them.
Action Plan
As you know, I trimmed a lot of risk from my portfolio last week. If the Bears use resistance to begin moving the market lower, I should be affected very little as a result. On the other hand, if the Bulls step up to the plate I’m prepared with the cash in hand to start buying are low-risk entry points as they develop! First things first, I will manage existing open positions. After that, I will do the job of the trader and begin going through my watch list preparing for the next trade. I won’t predict, I will follow when direction as has been determined.
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Trade Wisely,
Doug
The Final Battle Between Resistance and End of Quarter Window Dressing
Once again the end of quarter window dressing won the day and pushed the resistance battle line forward. The Nasdaq front line gave way altogether and as a result reached record highs. The futures are hinting that the Bears have gathered some reinforcements overnight for the final 1st quarter showdown. The first quarter of 2017 will go down in the books as tremendously profitable for most traders. Big firms will finally have a chance to post hefty returns, therefore, they will do all they can to prevent a selloff.
Events to Consider
On the Economic Calendar, we have Personal Income and Outlays, the Chicago PMI and Consumer Sentiment reporting numbers. The Personal Income is the big number of the day and the most likely to move the market. Although important the PMI and Sentiment number are unlikely to have much effect unless they post a big surprise. Also closing out this quarter we have Fed speakers that feel they still have something noteworthy to say about interest rates. Personally, I’m hoping this is the end of Fed’s new tour because every time they speak they risk having a market effect. Last but not least we have over 100 companies reporting earnings today. It’s odd to have so many reports at the end of the quarter so consequently, we must be vigilant in managing our accounts.
Plan of Action
Today is Friday and as a result, I want to collect my paycheck. Therefore I will be looking to trim risk positions ahead of the weekend and bank some tasty profits. Because the market is pressed against resistance I will also be looking for good short trade setups. Today could prove to be a very busy day.
I wish you all a profitable day and a fantastic weekend. Keep in mind this Saturday at 10 AM Eastern time I will be doing the RWO E-Learning session. The topic will be shorting setup and strategies.
Watch Morning Video | Right Way Options
Trade Wisely,
Doug
SPY- Bullish Engulf with Positive Follow Through – at Resistance (Caution)
From a bull’s eye SPY:
The 2-day chart on the SPY has produced a Doji Bullish Engulf with positive follow-through bouncing off the 34 EMA and closed over the T-Line at $236.29. I have the resistance line about $236.70 right at the open of the March 10 candle.
On the one hour chart, the 200 SMA has proved to be resistance for the last bars, and the T-Line is still below the 34 EMA on the 4-hour chart. For traders that follow the cloud, leading span A has crossed below leading span B with price currently trapped in the middle.
Fridays no trade idea – A good day to reset yourself
Reflect on your trades “winners and losers” clean up your watch list, Start a new watch list for next week and relax.
EXTR up 50% after our Comments
(EXTR) Extreme Networks Inc. was a Hit-And-Run Candlesticks members trade idea on January 9 – EXTR gapped yesterday giving the trade a 50% run with plenty of swings for the swing trader to capture profits. In the chart I see support, a trend, bullish price action the T-Line and the T-Line pairs all working in the traders favor.
Traders tip – Take a peek at the two and three-day chart
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Candlestick Patterns
To amateurs and unaware young traders, the fact that candlesticks play an important role in the world of swing trading may seem absurd. How could candlesticks and the stock market possibly be related? However, the key lies within the shape of a candlestick, which resembles a very old and reliable Japanese method of graphing stocks. Known as Japanese candlestick charts, these graphs are reliable and easy to read. They allow traders to visually detect selling pressure and buying pressure by studying informative candlestick patterns. Read More.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks or it’s associates should be considered as financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service
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In the member’s area, we post 10-15 trade ideas each day – to see a few of the results Click Here
© 2007 – 2017 Hit & Run Candlesticks – Right Way Options – Strategic Swing Trade Service – Trader Vision – All Rights Reserved. Terms of Service Investing and Trading involves significant financial risk and is not suitable for everyone. No communication from Rick Saddler, Doug Campbell or this website should be considered as financial or trading advice. All information is intended for Educational Purposes Only.
The Bulls Are Pounding On The Door Of Resistance, Will It Open?
The Bulls were able to win the battle yesterday in 3 of 4 indexes and as a result, are pounding on the door of resistance. The question that still needs to be answered is, will it open? As I mentioned yesterday, this is a battleground, and it seems like the first round was won by the Bulls. Most noteworthy is the NASDAQ which is very close to making new all time highs. For new or inexperienced traders this is a great chance to study possible topping patterns. Price action resistance is always of critical importance and therefore must be given respect as you plan the day ahead.
Events to Consider
I think the GDP number at 8:30 AM Eastern will be critical today. A good number may be all that’s needed to inspire the bulls to stampede through resistance. On the other hand, a bad number could have the opposite effect allowing the bears to feed. Also on the Economic Calendar, today is the Weekly Jobless Claims and a slew of Fed speakers. The Earnings Calendar has 92 companies reporting, and therefore we must continue to stay on our toes to protect our capital.
Plan of Action
My plan is to wait for the reaction to the GDP number because it will likely influence today’s open. Although resistance will challenge any upside move, another consideration will be the possible window dressing effect. I remain cautiously bullish but will be ruthless in the protection of my profits due to the power of price resistance. Failure patterns here are not to be trifled with so in conclusion I recommend we remain very cautious. New and inexperienced traders are highly encouraged to stand aside while this battle continues.
I wish you all a productive and profitable day.
Watch Morning Video | Right Way Options
Trade Wisely,
Doug
Bulls still struggle with the bears
From a bull’s eye SPY:
Bulls still struggle with the bears – price action has acted well the past three days and has now closed over the T-Line two of the three. Note the T-Line remains above the 34-EMA. Unfortunately, price action is struggling with resistance which is keeping the battle on. Note the lower highs and lower lows continue. At this point, I think it very important to wait for a decisive direction in the market.
On the 1-hour chart price struggles with our dotted deuce and 200-SMA and the resistance, it has created.
Featured trade idea – DPLO
Set Up – (RBB) Rounded Bottom Breakout, 50-sma support, 3-day Bullish Morning Star. Potential Swing trade 13 – 40%
Spotlight chart – RH
(RH) Restoration Hardware Holdings Inc. Was members trade idea on March 3, 2017, after a Bullish Kicker candle pattern with a pull back. Note the T-Line run and the higher highs and higher lows. Yesterday are RH gapped giving members 39.96%
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Morning Star candlesticks pattern
If you’ve ever wished upon a star, I hope that that star was a Morning Star candlestick pattern. Unlike the Evening Star, an omen that hints at bad things to come (i.e., low stock prices), the Morning Star is a sign of good fortune. If you spot this bullish reversal signal, which is composed of three candles, you can expect stock prices to increase. Although the bears have been in control, the bulls are ready and able to take over. To learn how to spot the Morning Star signal, how to decipher its characteristics, and how to interpret its meaning, Read More.
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks or it’s associates should be considered as financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service
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Members trade ideas below are reserved for subscribed members
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