Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
CNX/Short| “M” pattern | 5-day Evening Star
SPY: T-Line™ Chart: 2 and 4-hour chart breakdown
Good Morning, Profit Traders,
Prayers to Orlando victims and families. Our thoughts are with you; you are not alone.
In last Friday morning’s trading note, I wrote that unless the buyers participate, we would see $210.25. Premarket numbers, the SPY is at $210.27 as I write today’s trading note. I also noted in Friday’s trading note that without buyer participation, $209.15 and $208.50 were likely lines to be tested.
It’s worth noting that on the five- and six-day chart, the SPY has produced a Shooting Star candle which means the battle between the Bulls and the Bears this week could be a very important turning point. Friday’s gap down below the T-Line on the daily chart and a close below the open suggest the sellers are leading the short-term battle. Friday’s win for the sellers has put a new number on a possible target of $207.00. If the sellers can take us down to $207.00, the daily chart will begin to look like a Bearish “M” pattern.
Traders’ words of wisdom – For the next few days, lower position sizes, cut the number of trades in half, tighten up on your risk level. Before you pull the trigger, take a five-minute walk, paint your house rather than trade. Here is a ticker symbol that I will be following very closely this week, CIAP; the company name is Cash Is a Position.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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They’re two of a kind, a perfect pair, practically twins: the two white candlesticks in the Bearish Side by Side White Lines pattern are the same color and roughly the same size. But despite their aesthetic similarities, they’re actually trying to tell investors about a moment of discord. For two days in a row, the exact same thing has happened. No progress has been made. What’s going on? To better understand what the Bearish Side by Side White Lines pattern is trying to say, scroll down.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
OSUR/LONG | C&H | Flag | Bullish Flag
“The Alaskan Trading Cruise” – Only a $100 deposit June 6 and June 12, 2016
Plus bonuses from H&R and RWO.. Please be our guest for dinner July 8 for meet up and get to know each other.
SPY: T-Line™ Chart: Buyers Trend | Candle price action, weak | Toppy Overbought
Good Morning, Profit Traders,
I see the morning futures have dropped 12 points or down to $210.77 as a write this note. You may have noticed in yesterday’s note I offered a Traders Tip: “In my 27 years of studying Candlesticks, one of the Trader Tips that I would like to share is that a candlestick signal or candlestick pattern is not required to produce results immediately.” This is something I learned to recognize years ago, and it has also taught me patience because of the importance of allowing the pattern to be decisive. This is one of the key points I bring up in the trading room and during private coaching.
Unless the buyers participate, I would suspect a bit more downside. A few possible targets that I’m looking at are $210.25 then possibly $209.15 and $208.50.
This could be one of the most important times of trading to have a plan for each and every trade. The reality is most traders continue to focus and buy long trades while the market is showing weakness. By having a plan, you’re able to look at the numbers and truly evaluate whether the trade is right at this time.
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
DATA/LONG |RBB| C&H| Morning star | Bullish Flag
“The Alaskan Trading Cruise” – Only a $100 deposit June 6 and June 12, 2016
Plus bonuses from H&R and RWO.. Please be our guest for dinner July 8 for meet up and get to know each other.
SPY: T-Line™ Chart: Buyers Trend | Candle price action Toppy Overbought
Traders Tip – Candlestick signals are not required to produce the very next day
I really would’ve thought that Tuesday’s Shooting Star in the SPY would have caused a lower low on Wednesday, but not only did we not see a lower low, the SPY was able to find a higher high and close up .33%. If you trade the T-Line™ or are just simply familiar with it, then you have probably noticed in the past that price tends to not get too far from the T-Line™, and when it does, they both look to find each other. In my 27 years of studying Candlesticks, one of the Trader Tips that I would like to share is that a candlestick signal or candlestick pattern is not required to produce results immediately.
I see the morning futures are down, so we should probably take a look where we might find support. The first area of possible support I see is $210.90 followed by $210.12. The third possible support line if we fail the first two would be around $208.50. Overall, the SPY chart continues to be bullish and a minor profit taking pull back would be perfectly normal. Below the $208.50 support line would give me concern.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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