Bearish Separating Lines Pattern
Known in Japanese as iki chigai sen, which means “lines that move in opposite directions,” the Bearish Separating Lines pattern is a tale of two candlesticks. Although they share the same starting point, they veer off in opposing directions. The first, which is white or green, soars upward from the starting point. The second, which is black or red, plummets. To learn more about this simple but scarce continuation pattern, review the information and advice we’ve compiled below.
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Swing Trade Ideas May 20, 2016 TGIF!
Rick’s Featured Trade Ideas
WMB/LONG |RBB| Bullish Engulf | T-Line™ Bounce | H’er Highs and H’er Lows
WMB| Plan your trade & trade your plan | May 20, 2016
Possible entry plan idea: Buy box $21.54- $22.14
Possible stop plan idea: Protective below $21.54
Swing trade playground: $21.62- $29.85=38%
Playground risk reward: 17:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: Bounce | Relief rally likely today
The SPY has been trending down since the Bearish Evening Star April 20. With a series of lower lows and lower highs, yesterday’s trading closed down .35% and closed with a lower low Doji. As I mentioned yesterday in the trading room and at last night’s webinar a bounce/relief rally is very likely today. The $207 level is still very important for the Bulls to gain back and important for the bears to defend. Because of the recent lower lows there is another strategic level that the Bulls need to take back ($207.75) Which would also challenge the upper trend-line if the attack was within the next few trading days.
As of the close yesterday the only S&P spider select ETF over the T-Line™ was energy ETF (XLE) and it was not overly impressive.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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Swing Trade Ideas May 19, 2016 Check out the ALASKA Trading Cruise
Rick’s Featured Trade Ideas
WYNN/Short |H&S| BIF | T-Line™ Chart trending down
WYNN| Plan your trade & trade your plan | May 19, 2016
Possible entry plan idea: Short box $91.40- $87.85
Possible stop plan idea: Short stop below $91.40
Swing trade playground: $91.80- $76.20 =16%
Playground risk reward: 7:1 + depending on | entry | exit | stop
SPY: T-Line ™ chart suggest the sellers are in control.
7:00 am: FEDS Hawkish, market down, dollar up, XLF up, OIH down
It doesn’t appear that the market likes the Fed decision of raising rates in June, or for that matter, any time. As of April 20, the SPY has produced lower highs and lower lows. Yesterday confirmed another low swing. The SPY found support near the $203.90 support line, but I am finding it a little hard to believe that $203.90 will actually support price in the current market while in the current downtrend without a major bullish reversal signal.
Based on a couple Fibonacci lines and a little support and resistance work, I see a suggestion that $201.30 may be the next supporting line followed by $199.50-ish.
XLF, the S&P financial ETF, fared quite well yesterday closing with a Bullish Engulf; we still need to see confirmation above $23.27 and a close above the downtrend line overhead.
OIH, the oil services ETF, is forming a bearish pattern that we will be talking more about in the trading room today. USO United States Oil Fund has found the 200–SMA, and we may see a little profit taking from here.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick
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