Two lines can meet in a number of ways: they might cross once, they might intersect multiple times, or they might form a single longer line. A pair of lines can also meet in a Japanese candlestick pattern. For example, if two side-by-side candles close at the same price, they form a Meeting Lines signal. We have already discussed the Bullish Meeting Lines pattern, which forms during a downtrend and predicts a reversal. However, there is also a Bearish Meeting Lines candlestick pattern, which, as you might expect, forms during an uptrend. This is an uncomplicated and straightforward pattern—as scarce as hen’s teeth (i.e., quite rare), yet not especially reliable either. To be sure that you don’t mistake this pattern for another (or vice versa), review the Bearish Meeting Lines candlestick pattern below.
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Rick’s Featured Trade Ideas
SIEN/Long (Medical instruments) SIEN has not been a stranger to either Hit-And-Run Candlesticks or Right Way Options members. For many, this one stock has paid your subscription for the next several years. Recently, the 100 SMA has proven to act as resistance. It’s ben price flagged for about a week then the Bulls pop price out on high-volume
The Hit & Run Candlesticks trading room offers education and great trade ideas.
$$$Wednesday NUGT Was one of the big winners in the Trading Room $$$
SIEN/ Plan your trade & trade your plan February 4, 2016
Possible entry plan idea: Buy Box $Members Only
Possible stop plan idea: Stop Area $Members Only
Risk Reward 7:1 depending on entry/exit/stop
SPY Attitude: (Daily Bull & Bear Fight) (2-hr chart Bullish)
Market popped today on oil rally… USO to $10.65 if $9.90 can be beat. We took trades today in USO and ERX, good profits so far, up over 10%
SPY goes to $200 if $195.50 can support.
Oil is the key, it has been and it still is for now. It’s all about the Oil!
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Rick’s Featured Trade Ideas
NFLX/Short (Pay TV) For the past few weeks, we’ve seen a little consolidation. The past four days and yesterday was a clear failure of the T-Line closing with a bearish engulf. I would think shorting Netflix on a rally to the $97.00 or on weakness could prove profitable.
The Hit & Run Candlesticks trading room offers education and great trade ideas.
$$$Tuesday Trading Room close last 1/2 PN$$$
NFLX/ Plan your trade & trade your plan February 3, 2016
Possible entry plan idea: Sell Box $Members Only
Possible stop plan idea: Cover Above $Members Only
Risk Reward 6:1 depending on entry/exit/stop
SPY Attitude: (Daily Bearish) (60-min Bearish below $190.50)
The dollar is up, the 20-year treasury bond (TLT) is up, oil (USO) continues to weaken. The bear has a very strong grip on this market right now. The SPY started to bounce about
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Rick’s Featured Trade Ideas
EROS/Long (Media) EROS has a Rounded Bottom Breakout with a Double Bottom, Bullish Engulf and Bull Flag behind it.
The Hit & Run Candlesticks trading room offers education and great trade ideas.
***Monday was a money day in the Trading Room for FB, SBUX, we closed 1/2 of the PN trade***
EROS/ Plan your trade & trade your plan February 1, 2016
Possible entry plan idea: Buy box $Members Only
Possible stop plan idea: Stop below $Members Only
Risk Reward 6:1 depending on entry/exit/stop
SPY Attitude: Oil is once again down this morning putting pressure on the market. The SPY closed yesterday with price holding above the 50-SMA 60-min chart and with price above the T-Line™ daily chart. (Current short-term relief rally). Pull backs are okay as long as the trend stays positive. Note the T-Line™ is still below the 34-EMA on the daily chart which tells us the bears still control this market. $195.15 (resistance) remains the number for the bulls to win right now.
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