Rick’s Featured Trade Ideas
RAS/LONG |RBB| Bottom support / Bullish Engulf | Consol. Breakout
RAS| Plan your trade & trade your plan | May 25, 2016
Possible entry plan idea: Buy box $3.11- $3.35
Possible stop plan idea: Protective below $3.11
Swing trade playground: $3.11- $3.75=20%
Playground risk reward: 5:1 + depending on | entry | exit | stop
SPY: 208.50 new important level
7:00 am: Simply put, yesterday was a great day in the market
At the end of the day, the SPY closed up 1.3% after gapping from an inside day creating a bull kicker-type candle pattern. With a close over $207.00, the Bulls are in a good position to challenge the May 11th highs. Yesterday’s volume was greater than the previous day, and yesterday’s volume closed over my 25-day simple moving average. IWM also closed over a very important bear level.
Remember that price action is king, and it’s always best to follow what it’s doing. Following candlesticks is a great way to always have a feel of the market attitude.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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Rick’s Featured Trade Ideas
PTLA/LONG |RBB| H’er H / H’er L | T-Line™ Run | 3-D Piercing Candle
PTLA| Plan your trade & trade your plan | May 24, 2016
Possible entry plan idea: Buy box $25.23- $26.88
Possible stop plan idea: Protective below $25.23
Swing trade playground: $25.23- $33.30=31%
Playground risk reward: 9:1 + depending on | entry | exit | stop
SPY: Can the Bulls keep their pre-market move going?
7:00 am: Morning futures taking on the upper trend line.
The SPY traded in such a tight trading range yesterday that one has to ask, “Is everybody on vacation?” No, everyone’s not on vacation. The market has just not made its mind up whether the Bulls or the Bears are going to take charge and lead. Most chart technicians can make a Bullish or a Bearish argument on the SPY chart, such as most technicians can see the bearish head and shoulders formation, but there is yet to be a breakdown below the neck line. Most bullish technicians know this recent pullback has found support near the 23.6 Fibonacci retracement line and that the Bulls are simply building an army. What all chart technicians agree upon is that price needs to break above the upper downtrend line and clear the $207.00 area that Hit and Run Candlesticks has been talking about for about the past two weeks.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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Rick’s Featured Trade Ideas
ALKS/LONG |RBB| Morning Star | Flag PBO |
ALKS| Plan your trade & trade your plan | May 20, 2016
Possible entry plan idea: Buy box $40.16- $43.79
Possible stop plan idea: Protective below $40.16
Swing trade playground: $40.40- $55.75=38%
Playground risk reward: 9:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: Price is still in the sellers’ channel
just as we expected and just as we posted right here on Friday morning before the market opened. “Bounce and relief rally likely,” and the SPY closed up on Friday .63% at $205.49, still closing below the 50-day simple moving average and still in the sellers’ channel.
The sellers remain in control and will remain in control unless the buyers can control the $207 area, which would put them above the downward channel. From a bullish angle, price has found support above the 23.6 fib line, and if you go back to April 1, the buyers have refused to give that line up. This is the main reason I have been watching and creating a watch list for long trades. Typically speaking, if a pullback can hold above the 23.6 retracement line, that pull back is minor and not chart destructive. On the other hand, if the sellers take control of the 23.6, this will put the 38.2 under scrutiny and that may be playing too close to the edge.
We highly recommend caution and to even consider that cash is a position. Most of all, we believe having a plan is the key to success. Taking the one or two minutes to create a trading plan is worth every penny.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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