Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
EXK | J-Hook |T-Line™ POP |
Good Morning, Profit Traders,
The T-Line™ is a powerful timing indicator
Janet Yellin had nothing to say that moved the market one way or the other, to speak of. Facebook earnings were positive, and the overall market basically floats along sideways. IWM showed healthy signs of bullishness closing the last two days above the breakout line while the DIA continues to nurse a bum leg.
Six days ago, DIA presented us with a evening star and that evening star has kept the Bulls working overtime keeping price held above water. The 1-hour chart of the Dow Jones industrial average ETF is showing signs of weakening and a small crack in the chart. Of course, it’s just the 1-hour chart and it simply offers a clue.
For now, the overall stock market remains bullish, and the Bulls continue to dominate.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Some candlestick patterns bear poetic or engaging titles – Evening Star, Dark Cloud Cover, Spinning Top, Falling Window, Morning Star – while others are decidedly less appealing. For example, consider the title of the Three Outside Up candlestick pattern. Though not ugly, the title feels disjointed and awkward, and it doesn’t convey a lovely image or idea. Yet despite its middling name, this bullish reversal pattern can help you forecast a change on the horizon. To learn more about the Three Outside Up candlestick pattern, please scroll down.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
CHK | PBO Flag |Breakout | Piercing candle
Good Morning, Profit Traders,
The T-Line™ is a powerful timing indicator
For nine days now, the SPY (market) has been In a consolidations box just waiting to break one way or the other. The $64,000 question is what direction is it going to break? Maybe the SPY (market) is waiting on FOMC meeting results. If so, we should know something today. Maybe the SPY (market) is waiting for earning reports before making a directional move.
Over the years I have learned to not fight the trend and price action despite what other indicators may be suggesting. As of the close yesterday, the trend remains 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
FRAN | RBB |T-Line™ Consolidation | Hammer
Good Morning, Profit Traders,
Watch the T-Line™ The T-Line™ is a powerful timing indicator
This week is loaded with news and information that could give the market a boost to the upside or shove it off the ledge, so trade wisely and remember why we’re trading. Although the major indices are still closing above the T-Line™, I am starting to see a possible crack appear. The crack may be nothing more than good old-fashioned profit taking followed by the resumption of the bullish trend.
The DIA has painted a chart that looks extremely suspicious, an evening star last week that appears to be holding water. A week ago, the SPY printed a bearish engulf that continues to have a say in what price is doing for the past few days. There are few indicators that I peek at some evenings and every weekend, and last night I took a peek at the following indicators for the overall market: T2122, MACD, TSV, OBV, price action and what’s oil up to. My conclusion is simple. Unless there is positive news that comes from the FOMC meeting and/or really good earnings reports, I believe that we are positioned for a profit-taking pull back.
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
FRGI | RBB |PBO – Flag | T-Line™ Run Trend
SPY: T-Line™ Chart | Bullish
Good Morning, Profit Traders,
For the past 16 trading days, the SPY and the T-Line™ have worked together to create a beautiful T-Line™ run, and consolidation started to occur on July 14 with a bearish engulf. The bulls were able to stop any bearish follow-through and hold their place until the T-Line™ caught up. The Bulls ended the week on a positive note, closing above $217.00 clearing the way for the next bullish leg getting ready to break out.
If the bulls are able to win the $218.50 flag, $221.60 would be next.
FOMC, Bank of Japan, BOJ and earnings. This is a busy week, could be good, could be bad. Follow the charts, stick with the basics and trade what you’re comfortable with.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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