Rick’s Featured Trade Ideas
ICON/Long (Apparel) ICON above $7.50, this RBB setup has a high probability to pay off; however, it will need the help of the market.
The Hit & Run Candlesticks trading room offers education and great trade ideas.
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ICON Plan your trade & trade your plan February 9, 2016
Possible entry plan idea: Buy Box $Members Only
Possible stop plan idea: Stop Below $Members Only
Risk Reward 5:1 depending on entry/exit/stop
SPY Attitude: (The bear is in Charge! – Timing is everything.)
The Bulls were able to defend $184.75 printing a dragonfly/hammer candle, and it is possible that this candle and the bull action yesterday could cause a very small relief rally, maybe to $189.05, but I doubt seriously the bear is ready to give in. With nothing
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Rick’s Featured Trade Ideas
INTU/Short (Software) Price action has demonstrated a clear blue ice failure on the daily chart. Price is also close back below the 34–EMA and the T-Line™
The Hit & Run Candlesticks trading room offers education and great trade ideas.
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INTU/ Plan your trade & trade your plan February 8, 2016
Possible entry plan idea: Short Box $Get you 2 week trial
Possible stop plan idea: Cover area $Get you 2 week trial
Risk Reward 5:1 depending on entry/exit/stop
SPY Attitude: (The bear is running free)
$184.75 is a number the bulls need to defend and it looks like that area may be a battleground today. Friday the sellers were able to wake the bear up with a negative close in the morning, and futures are suggesting the bear may be hungry for the $184.75 support area. Taking price out of the picture all of our decision-making lines are in agreement with the bear.
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Rick’s Featured Trade Ideas
No trade Ideas today.
The Hit & Run Candlesticks trading room offers education and great trade ideas.
SPY Attitude: (Daily Bull & Bear Fight) (2-hr chart struggling)
$184.75 is a number the bulls need to defend A success from the bears and a bear flag could potentially deliver more selling to the $175.50 area.
The linear regression (100 days) is down, and price hasn’t been able to get through the $195.50 resistance area. The jobs numbers may help or hurt.
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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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