Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
ABX/Long |J-Hook PBO| Higher Highs and Higher Lows
SPY: T-Line™ Chart: Below 202.85 will hurt
Good Morning, Profit Traders,
The volatility should be with us for a while, but once the market has had time to absorb the recent Brexit information, it should be easier to trade. I believe there is more downside to come with relief rallies along the way. Timing the market and your charts are more important now than we have seen in a long time. It’s a good thing that we have been talking about support and resistance so much lately. The SPY looks like $199.00 could see a little support while $206.00 may offer a little resistance. At the close on Friday, Gold, Silver, Utilities and Real Estate seem to be in the best shape. Utilities are overbought.
Overall, this is a very heavy market right now with a great deal of fear because of the unknown.
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
No Trade Ideas Today
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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