Rick’s Featured Trade Ideas

Today’s featured trade idea and my personal trade plan
GLBL/Long |RBB| Doji Continuation | T-Line™ Run

SPY:  T-Line™ T-Line is in a Bearish position with the 34-ema

Good Morning, Profit Traders,

Yesterday, July 5, the SPY lost a buck and a half dropping to its 23.6% Fibonacci retracement of its recent relief rally.   Yesterday morning, it looked as if price would find support around $207.85, as it did.  Today, $206.40 is looking like the magic number, but of course there’s no guarantee this acts as support.  On any given day we can find both long and short trades in a (big picture bullish or bearish market).  If we take a step back and take an honest look at the SPY and the way it has been forming (head and shoulder pattern), as well as other subtle failures, it would be easy to make the conclusion that the sellers are outnumbering the buyers.  With the weakness in the futures this morning, I’ll be watching to see if the SPY drifts to about $206.40.  Just like yesterday, until we see a reversal buy signal or pattern, trade cautiously.  Currently the market is not screaming bearish nor is it screaming bullish.

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
CLDX/Long |RBB| Doji Continuation

SPY:  T-Line™ T-Line is in a Bearish position with the 34-ema

Good Morning, Profit Traders,

Most everyone was headed out for vacation on Friday, so the overall commitment to trade was lackluster.  The bulls were stopped at the sellers’ upper downtrend line drawn from June 8 to June 23 and extended downward to the July 1 high.  There are now three touches on this downtrend line when you include July 1.  (T-Line™ is also below the 34-ema. Last week was still a relief rally.)  The futures are suggesting a bit of profit taking this morning after the Bulls’ impressive relief rally last week, so a little pullback would be healthy.  $207.85 looks to be in a good pullback area followed by $206 40.  If the bears can manage to push the Bulls back down to $206 40 and the Bulls lose confidence at that level, the 200-period moving average may be the fallback.  Remember that price is king.  Let’s always follow price.  The relief rally last week was magnificent, and a pullback is likely but allow price to prove it —  a bare minimum, a positive.

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
BOOT/Long |RBB| Doji Continuation
SPY:  T-Line™ Chart Down | Price deep into resistance

Good Morning, Profit Traders,

I was wrong!  I never would’ve thought that the SPY would have gone from $198.55 to closing yesterday at $209 54 without at least a pausing pullback.  All this week I have  expected this relief rally to stop turn and head back down to at least find a higher low or a double bottom at the $198.55 level.  It just goes to show you, keep your emotions and your forecasting out of the charts.  Yes we have been approaching resistance and yes we are in resistance, but this week I did not follow my own advice….. FOLLOW PRICE ACTION, support and resistance is nothing unless price says it is.  For some I think I may have to eat my hat today.

Yesterday’s close was on a bullish candle just underneath a two touch downtrend line, we are very overbought and we are very much in a resistance area.  Let’s keep her eyes on the price watching the candlesticks for clues of more bullishness or selling.

All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.

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