Who says three is crowd? With the right candlesticks in the right formation, three candles can signify a reversal in the market. Today we’re exploring the Three Inside Down candlestick pattern, which could also be described as a Bearish Harami with a third candle to confirm the signal’s intimation. Want to learn more about this simple but effective pattern? Scroll down to discover its formation and meaning.
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TDOC | Bull Flag | Bullish Harami
SPY: T-Line™ T-Line is in a Bullish position with the 34-ema (profit taking setting up)
Good Morning, Profit Traders,
Another day, another dollar, and the SPY closed higher. There is no question that the SPY has entered overbought territory, and as of yesterday, no sell signal. We all know that price can continue to move higher in overbought conditions as well as move lower in oversold conditions. Being oversold or overbought is not a reason to buy a stock; on the other hand, price confirmation would be. And this is why the Hit-And-Run Candlesticks team is watching price action so closely for hints of: Not if a pullback signal is presented, but when a pullback signal is presented. If the signal happens this week, I would suspect possible support to be around $210.70.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
PRO| Bullish T-Line J-Hook
SPY: T-Line™ T-Line is in a Bullish position with the 34-ema (profit taking setting up)
Good Morning, Profit Traders,
Once again the Bulls demonstrated their strength in the SPY by closing at $213.40, higher than the previous close after a four-day run bouncing off the 50-day simple moving average with a Doji continuation pattern. Yesterday, the SPY ended up with a candlestick Shooting Star signal. The Shooting Star signal I have found to be, at the very minimum, a warning sign. Combine that with yesterday’s narrow range in light volume, and it might be prudent not to blow off the warning. Price is also extremely overbought compared to the T-Line™, another warning sign that profit taking may be near, not to mention the four-week new high-low ratio is pegged in the overbought area.
Okay, enough of that talk. Candlestick signals require confirmation, and as of yesterday’s close, there is no confirmation that the bears are taking any kind of control on the daily chart; although the 2-hour chart is showing a confirmed Shooting Star signal. The trend is currently bullish with a strong possibility of a profit-taking pullback soon.
This week’s events – For more information Click Here
HRC Public webinar Tuesday July 12, 8pm EST
Trader Vision users group webinar Thursday July 14, 8pm CST
RWO Members Webinar Saturday July 16, 11am EST
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
LPSN | Bullish trend break | Doji continuation pattern
SPY: T-Line™ T-Line is in a Bullish position with the 34-ema
Good Morning, Profit Traders,
Last week the Bulls put together a beautiful bullish J-Hook Doji continuation pattern that closed Friday at $212.65 about a $1.15 from the all-time high. The T-Line™ is now back above the 34 EMA for those that follow the T-Line™/34 EMA trend.
Last week the Bulls put together a beautiful bullish J-Hook Doji continuation pattern that closed Friday at $212.65, about a $1.15 from the all-time high. The T-Line™ is now back above the 34 EMA for those that follow the T-Line™/34 EMA trend.
A successful Bull close over $213.80 would give us a bullish direction toward $214.90 followed by $217.65, with the typical chart dance up-PBO, up-PBO. Judging by the emails I received from members, huge profits were made last week and the majority feel this week will be the same. Success comes from planning, following your swing trade rules and selling into strength.
This week’s events – For more information Click Here
-Trader Vision 20/20 Workshop Monday July 11, 4pm EST
-HRC Public webinar Tuesday July 12, 8pm EST
-RWO Members Webinar Saturday July 16, 11am EST
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
DPM/Short | RBB Top | H&S Top
SPY: T-Line™ T-Line is in a Bearish position with the 34-ema
Good Morning, Profit Traders,
The market has been perfect for the short-term swing trader (5 to 7 days) but not so much for the trader that is greedy or pushes the envelope or the longer-term trader. Yesterday, the buyers were able to establish a low with a comeback Bullish Engulf. The chart pattern for the last seven days has been a Bull Flag. The question now, is there enough buyers to push us above the $209.88 resistance line? After all, trends are all about follow-through and continuation. In the trading world, we call this higher lows and higher highs if you’re looking for a bullish trend. $207.50 is a number that I believe the buyers should defend. If the sellers were to find themselves below $207.50, the bear may eat well.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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