Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
GMLP/LONG |T-Line™ chart trending | Bullish Engulf|
Read more about “The Alaskan Trading Cruise” – Deposit special between June 6 and June 12, 2016
SPY: High resistance $211.66 | High support near $208.50ish
T-Line™ Chart: Trending bullish | Candle price action week
By the time you read this, the employment report will have already come out which may or may not impact the market. Although the market seems to have already approved of the report or it has an agenda of its own, we will soon find out. The SPY has risen 3.29% from the May 19 low to yesterday’s June 6 high on a beautifully orchestrated chart pattern, a bull kicker candlestick pattern gapping over our T-Line™ chart moving averages, a profit taking pull back that ended the day with a bullish piercing candle followed by yesterday’s strong bullish candle that closed one penny above the April 20 high. Yesterday in the trading room, it was noted by our members that this has been a very profitable 10 days.
TRADING TIP – Trade with the trend!
We will continue to follow the current bullish trend and price action realizing that minor pullbacks are opportunities.
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
SDLP/LONG |RBB | Bullish Engulf| Support
Read more about “The Alaskan Trading Cruise” – Deposit special between June 6 and June 12, 2016
SPY: High resistance $210.92 | High support near $208.50
T-Line™ Chart: Trending bullish | Candle price action week
After a rough open, the Bulls were able to put together a positive close that resulted in a bullish piercing candle closing .20%. It looks as if this will be another attempt to push through the April 20 high of $210.92. Our T-Line™ chart continues to rise suggesting that the Bulls are in control. Going forward, it will be important for the Bulls to close price above $210.92 for bullish confirmation. About $208.50 is what I see as support for any kind of pullback, which is just slightly below the 23.6 Fibonacci line.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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NEOT/LONG |RBB | Morning Star|
SPY: High resistance $210.92 | High support near $207.87
T-Line™ Chart: Trending bullish | Candle price action week
It would appear that the Bulls had a little trouble getting through our $210.92 resistant line yesterday and closed for the day down .19%. Yesterday’s candle opening above Friday’s candle and closing below the 50% mark of Friday’s candle is alerting us that a little back filling may be needed. Along with the $210.92 resistant line that we have been posting, we also have been posting a support line at $207.87 which has a high probability of being tested. Using our T-Line™ chart, the swing trend remains bullish while price is demonstrating a little weakness. Without a complete confirmed sell signal or a breakdown of the supporting swing trend, we will remain bullish looking for pullback opportunities (PBO’s) while taking on a couple of trades that will work with the sellers such as the TZA trade that we took yesterday with the intention of profiting on a short-term relief rally.
For about a month now we have talked about how important $207.00 is for the Bulls and the bears. Here at Hit-And-Run Candlesticks, we will be watching this line with an eagle eye.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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