As we discussed in our previous blog post about Long Lower Shadow candlesticks, a Japanese candlestick’s lower wick (also called its shadow or tail) plays an important role in conveying the price movement of the interval. It shows the interval’s lowest price, while the bottom of the candle shows the opening price (in a bullish candle) or closing price (in a bearish candle). So what happens if the lower wick is shaved off? This means that the interval’s opening/closing price (depending on the candle’s bullish/bearish sentiment) is the same as the lowest price. In other words, you have a Shaved Bottom candlestick on your hands.
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Rick’s Featured Trade Ideas
SPXC/Long (Industrials) SPXC | Has formed a fry pan bottom | RBB Rounded Bottom Breakout | Bullish Kicker | By following our profiting swing trade rules. We all have the opportunity to make 15-40% at least over the next few weeks.
Hit & Run Members and Trading room:
jerry g: DDD up 37%, bot weekly puts to protect with earnings on Monday instead of stop.
J-rod .: Hey, thanks for the heads up on Macy’s a couple days ago. Calls doing well.
Ed E.: up $600 on MBLY, on 300 shares.
The place serious traders hang out.
SPXC | Plan your trade & trade your plan | February 29, 2016
Possible entry plan idea: Buy box $10.00- $11.16
Possible stop plan idea: Stop below $10.00
Risk Reward 6:1 depending on entry/exit/stop
SPY Attitude: (T-Line™ > 34-ema Bullish Trend)
Friday’s almost dark cloud cover candle suggested that we would see a lower low today below $194.90 with a possible test of the T-Line™. Today I will be using the T-Line™ as my lower trend line, and a close below the T-Line™ would suggest that the sellers are starting to take control, which would mean $191.00 could be targeted. If the Bulls fail to
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Rick’s Featured Trade Ideas
STRP/Long (Software) STRP Originally on the members trade idealist January 20, with about 70% in our members pockets | I think it’s ready for the next leg | Bullish T-Line™ run | flag consolidation | Dragonfly Doji followed by a Bullish Engulf yesterday | 45% profit target.
Hit & Run Members and Trading room:
Doug Campbell: out of DNKN
David H: out SPLK +1200
Doug Campbell: Taking my profits on DECK as well
Olivia h: out NFLX +$1.20
Stockerchick .: out UTX swing +4.11
gene w: TROX out half 16%
The place serious traders hang out.
STRP | Plan your trade & trade your plan | February 26, 2016
Possible entry plan idea: Buy box $Members Only
Possible stop plan idea: Stop below $Members Only
Risk Reward 7:1 depending on entry/exit/stop
SPY Attitude: (T-Line™ > 34-ema Bullish Trend)
Not only did the Bulls break us out of the bullish “W” Center Point, price action was also strong enough to pull the T-Line™ up over the 34-EMA and based on our trading rules we have now gone from a relief rally to a Bullish chart. At least up to the next resistance area which starts at the $200 mark.
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