Rick’s Featured Trade Ideas
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SPY: T-Line™ Chart: Below 202.85 will hurt
Good Morning, Profit Traders,
Gold is up and the market is down. I think most members of Hit-and-Run Candlesticks have a little gold. Having a little gold going into the Brexit was a smart play and will help offset any losses.
There will be no featured or members’ stock picks today as we will likely have our hands full with positions we already own and the fallout from the vote.
The important thing here is keep your head on straight. I have mentioned a couple of times this past week that there’s going to be a lot of knee-jerk reaction and likely a lot of nervous traders out there. Let’s trade calm and smart.
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
ETE/Long | Bullish Engulf| Continuation pattern2 | J-hook pattern
SPY: T-Line™ Chart: $209.79 will prove to be resistance or support
Good Morning, Profit Traders,
The morning futures are up and the market seems happy, at 6:50 AM the SPY is at $210.10. Last night as I was looking at charts and I drew a line at $209.79 which is resistance so the market bullish trick today will be to close over $209.79.
With a successful bullish close over the $209.79 line there is a high probability that June 8 high will be tested. On the other hand if the sellers can close below $209.79 the May 19 low may be under attack.
Yesterday several members and myself agreed that there are quite a few good-looking charts setting up for profitable runs and if the market continues to act bullish during the trading day as it is now we should see terrific profits. If the market does in fact show a gap at the open be very cautious for the first hour. Members of Hit-and-Run Candlesticks have been taught not to Chase.
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
BPT/Long | RBB| C&H | 4-hr chart morning star
SPY: T-Line™ Chart: teetering between Bullish and Bearish
Good Morning, Profit Traders,
With a very flat narrow range in the overall market yesterday, it’s extremely clear that everyone is waiting for Thursday’s Brexit vote, and, yes, it’s my opinion we should do the same. Trying to fight and trade a directionally challenged market is just unproductive.
For the last four months, the SPY has traveled sideways in a channel from about $203.85 up to about $212.52. We have a lateral support line drawn at $207.12 which the Bulls currently have the pleasure of owning. As long as the Bulls can maintain ownership above $207.12, they should stay the favorite. Weakness below $207.12, and the sellers will become the favorite.
Be careful out there. The game for the next couple of days will simply be bumper cars. Remember the ticker symbol I shared with you last week that could be the most important ticker symbol of all time?
C…ash
I…is
A…a
P…osition
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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