Good afternoon everyone, it’s time to do a little trade management. The MGM position was stopped out this morning. If you did not have a stop loss set on the trade and have not closed the position as of now I suggest doing so as soon as possible.
The JD trade has pulled back but is still holding in its trend, however, I want to tighten up the stop loss just slightly to $35.72
The CSX trade has produced some really nice gains triggering above target 1 on the gap up yesterday and target 2 did the same thing today. I am adjusting the stop loss to $35.72. I plan to hold for the 3rd target but there would be nothing wrong with taking the current gains finishing the trade today.
Below is the link to the video. All the trade sheet updates will be posted to the website.
Have a wonderful afternoon everyone.
Doug
Click Here to View the MGM Trade Sheet
Click Here to View the JD Trade Sheet
Click Here to View the CSX Trade Sheet
Click Here to Watch the Trade Update Video
Good Morning Friends.
The big move in oil yesterday inspired the bulls yesterday to reach out for new record highs in Dow but that early enthusiasm seemed to fade as the day progressed. The SPY, IWM, and QQQ all turned in bearish signals and a concern that the bull run could be running out of energy. Clearly, we are short-term overbought but the question is will the indexes actually pull back strongly or could it be just a choppy resting consolidation? I don’t have an answer to that because my crystal ball is on the fritz but do think that the bulls have been very hungry for a long, long time and don’t think they will give up easily.
Once again we have Fed members out today in what has become a nonstop conversation about interest rates. Will they, won’t they blah, blah, blah. Here’s a thought, shut up and make a decision! Of course, we have the normal jobless claims this morning as well as ADP, ISM, PMI and pending home sales numbers out this morning that could move the market this morning. However, my guess is we will see a choppy low volume market most of the day as we wait for the big Employment Situation number on Friday morning.
The long and short of all this is to be a little cautious this morning and avoid chasing into positions. Good things come to those who maintain their discipline and resist emotional decisions. Have a fantastic day!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
SGY Long | RBB | Double Bottom | Morning Star | Bullish Engulf 3-day chart
Double click the trade plan to enlarge.
This not a recommendation to buy. I am simply sharing a trade I am considering.
Good Morning, Profit Traders,
From a bear’s eye: Yesterday the IWM chart confirmed a bearish Doji Continuation pattern, price closed below the upper T-Line band and the T-Line, this action suggest the short term sellers are taking control. If the Lower T-Line band is cracked the possibility will increase to a $130.30 test.
The SPY’s Bearish Engulf has closed below the upper T-Line band putting the $219.75 line and the lower T-Line band in jeopardy.
Members Daily Trade Ideas. Be aware of sudden market changes!
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Continue Reading
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
SGY Long | RBB | Double Bottom | Morning Star | Bullish Engulf 3-day chart
Double click the trade plan to enlarge.
This not a recommendation to buy. I am simply sharing a trade I am considering.
Good Morning, Profit Traders,
From a bear’s eye: Yesterday the IWM chart confirmed a bearish Doji Continuation pattern, price closed below the upper T-Line band and the T-Line, this action suggest the short term sellers are taking control. If the Lower T-Line band is cracked the possibility will increase to a $130.30 test.
The SPY’s Bearish Engulf has closed below the upper T-Line band putting the $219.75 line and the lower T-Line band in jeopardy.
Members Daily Trade Ideas. Be aware of sudden market changes!
This list is reserved for subscribed members
Continue Reading
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
HSC Long | Bullish “W” Pattern | Bull Mat Hold | Continuation pattern
Double click the trade plan to enlarge.
This not a recommendation to buy. I am simply sharing a trade I am considering.
Good Morning, Profit Traders,
From a bull’s eye: Yesterday the SPY printed a Doji supported by our $220.50 line, keeping the T-Line™ Run intact.
IWM not as productive as the SPY was. IWM printed a weak Doji with sellers pushing the buyers to the bottom of the candle, T-Line™ Run still working. 60-min IWM chart closed below the T-Line™ lower band suggesting short-term weakness.
Members Daily Trade Ideas. Be aware of sudden market changes!
This list is reserved for subscribed members
Continue Reading
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
HSC Long | Bullish “W” Pattern | Bull Mat Hold | Continuation pattern
Double click the trade plan to enlarge.
This not a recommendation to buy. I am simply sharing a trade I am considering.
Good Morning, Profit Traders,
From a bull’s eye: Yesterday the SPY printed a Doji supported by our $220.50 line, keeping the T-Line™ Run intact.
IWM not as productive as the SPY was. IWM printed a weak Doji with sellers pushing the buyers to the bottom of the candle, T-Line™ Run still working. 60-min IWM chart closed below the T-Line™ lower band suggesting short-term weakness.
Members Daily Trade Ideas. Be aware of sudden market changes!
This list is reserved for subscribed members
Continue Reading
Good Morning Traders.
At the close yesterday, it sure looked like the market would be selling this morning but the bulls refuse to give up this bull rally at least at the moment. As I write this the Dow and the S&P futures at pointing to new record high opens. One reason for the sentiment change is that OPEC is planning a production cut and the other seems to be appointments made by Trump getting a market approval of his selections.
We have a bunch of economic numbers today as well as several Fed speakers so there are plenty of ways the early bullishness could be toppled so keep an eye on the headlines for clues of a possible shift.
Currently, the RWO holdings seem to be well positioned to benefit from the market bullishness so make sure you have your profit orders in place just in case the morning pop reached out and grabs them. Have an awesome trading day!
Trade Wisely,
Doug
Click Here to Watch the Morning Video
