Rick’s Featured Trade Ideas
SDLP/Long |20-sma trending | RBB |multi doji bottom |PBO
SDLP| Plan your trade & trade your plan | May 12, 2016
Possible entry plan idea: Buy box $5.21- $5.59
Possible stop plan idea: Protective stop below $5.59
Swing trade playground: $5.21 – $7.90 = 49%
Playground risk reward: 11:1 + depending on | entry | exit | stop
Yesterday’s featured trade idea was bought.
Still holding SONS and LNKD; doing well for us.
SPY: T-Line ™ chart suggest the buyers are in control.
7:00 am: The SPY showed a little weakness yesterday closing below the T-Line and the $207 area losing .94%. As we have stated many times over the last couple of weeks, the $207 area is very important to both the Bulls and the bears. Now that we closed back down below the $207 area and the T-Line, that sets up the May 6 candle to be tested. The importance of the May 6 candle is that it tested the 23.6% Fibonacci line. And one thing for sure in the chart is that the price consolidation is causing both the 20- and 50-day simple moving averages to tighten up. The tighter they get the more likely a trend direction is to happen.
IYT, the Dow Jones Transportation Index, played hard yesterday and ended up in the nurse’s office closing with a classic blue ice failure and an accompanying bearish engulf on volume. IYT may put a drag on the overall market. Here at Hit-and-Run Candlesticks, we’ll be keeping a very close eye on it.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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Rick’s Featured Trade Ideas
I/Long |Breakout | RBB | Morning Star Signal |PBO J-Hook
I| Plan your trade & trade your plan | May 11, 2016
Possible entry plan idea: Buy box $3.64- $4.18
Possible stop plan idea: Protective stop below $3.64
Swing trade playground: $3.64 – $5.47 = 49%
Playground risk reward: 6:1 + depending on | entry | exit | stop
Yesterday’s featured trade idea SONS was bought at $8.52 while in the buy box. The chart remains bullish with a doji candlestick yesterday closing over the T-Line.
Last night we had a great members’ e-learning class talking about the rising 20-day simple moving average and utilizing On Balance Volume (OBV), using both of them to narrow down your watch list for your trade ideas.
SPY: T-Line ™ chart suggest the buyers are in control
7:00 am: Another terrific swing trading day yesterday with the SPY closing at $208.45 or 1.24%. The Bullish Engulf, Doji, followed by a positive, bullish close is what we call a Doji continuation pattern. This pattern suggests the Bulls are in control, and it looks like they may be headed for the April 20 high. Of course, this is contingent on the bulls controlling the $207.00 line. As seasoned traders, we know that price may consolidate for a day or two before moving up, and as seasoned traders, we know to have patience and allow the chart to work. We also know as seasoned traders to be respectful of price action if it runs into trouble and to pay attention to support and resistance.
The SPY and the DIA closed over the 20-day simple moving average yesterday, and today, tomorrow or Friday, all eyes will be on IWM, IYT and the QQQs to see if they can follow and capture the 20-day simple moving average.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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Rick’s Featured Trade Ideas
SONS/Long |Breakout | PBO to support | Flag |Rising T-Line™
SONS| Plan your trade & trade your plan | May 10, 2016
Possible entry plan idea: Buy box $8.05- $8.70
Possible stop plan idea: Protective stop below $8.05
Swing trade playground: $8.05 – $13.10 = 62%
Playground risk reward: 5:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart sellers in control, and candlesticks suggest bulls are trying.
7:00 am: Friday’s Bullish Engulf came within pennies of tagging one of our horizontal support lines followed by Monday’s bullish Doji (closing high on Friday’s Bullish Engulf) is suggesting that price may try to win over the $207.00 area once again. A close over $207.00, as we’ve stated several times in the past couple weeks, is what the Bulls need to take on the April 20 highs which could help push price into the all-time highs. The 20-day simple moving average is resting at $207.52, and if the Bulls can close over the 20-day simple moving average, this will show strong bullish intention. Follow-through is very important here because of that left shoulder hanging out in early April.
My T-Line™ chart still suggests the sellers are in control, but the Candlestick signals are suggesting a price turn may be underway. If price falls short of controlling the $207.00 area, the T-Line™ chart will win out and the sellers may win the overall game by cracking the $203.73 support line that the Bulls have recently found support on. Once again, I want to strongly suggest that we pay attention to the $207.00 area and what the paint on the canvas is trying to tell us.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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