What’s that on your neck? No, not your actual neck! The neck on your candlestick chart. The oddly named On Neck candlestick pattern, sometimes known as the On Neckline, is a two-candle pattern that appears after a downtrend. A bearish (black) candle is followed by a bullish (white) candle, and the close price of the second candle is very near to the close of the first. I suppose in this metaphor, the neckline is the close of the first candle, which the second candle almost hits with its close, but I’m open to interpretation. What do you think? Is the entire candle the neck? In any case, to learn more about this bearish continuation signal, today we’re exploring the formation and meaning of the On Neck candlestick pattern.
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Rick’s Featured Trade Ideas
SBUX/Short (Restaurants) SBUX – I shorted SBUX @ $60.30 yesterday because of the bearish “M” pattern, the close below the T-Line and the blue ice failure. On the weekly chart, we have a failed high, bearish evening star that has rolled over the T-Line. Below $57.15 we could see another 8% drop.
SBUX/ Profits through education Dec 4
Possible entry plan idea: Sell box $Members Only
Possible stop plan idea: Cover above $
Risk Reward 11:1 depending on entry/exit/stop
Shorting 100 shares of ISLE you would have $398.00 so far
Member’s trade idea September 28, (ISLE) Short working 21%
Member’s trade idea September 23, (DYAX) Long working 40%
Member’s trade idea September 30, (MXL) long working 37%
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Rick’s Featured Trade Ideas
ASPS/Short (Business services) ASPS – The weekly chart it’s putting together an impressive bearish h pattern, working off of two lower highs and a Bearish engulf yesterday having trouble at the big three. The daily chart is looking like a head and shoulders Bearish chart pattern with a bearish big three squeeze.
ASPS/ Profits through education Dec 3
Possible entry plan idea: Sell box $Members Only
Possible stop plan idea: Cover above $
Risk Reward 8:1 depending on entry/exit/stop
100 shares of NVDA you would have $863.00 so far
Member’s trade idea September 30, (NVDA) Long working 36%
Member’s trade idea July 29, (MEI) Long working 35%
Member’s trade idea October 29, (LSCC) long working 34%
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Rick’s Featured Trade Ideas
PAG/Long (Basic materials) PAG Is drawing a bullish bag after a four-day bullish run, finding support at a trio of moving averages. I believe PAH may test the October highs.
PAG/ Profits through education Dec 2
Possible entry plan idea: Buy box Members Only
Possible stop plan idea: Close below $
Risk Reward 4:1 depending on entry/exit/stop
If you bought 100 shares of ANGI you would have $456.00 so far
Member’s trade idea October 20, (ANGI) Long working 73%
Member’s trade idea October 5, (RYAM) Long working 71%
Member’s trade idea October 5, (LOCK) long working 70%
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Rick’s Featured Trade Ideas
TDC/Long (Technology data storage) TDC has consolidated along the bottom for the past four months, dropping to an extreme oversold low and then picked up with a big bullish engulf with a bullish T-Line run the past eight days, and yesterday it closed the gap between price and the T-Line™ with a two-day low and a bullish close to start forming a flag.
TDC/ Profits through education Dec 1
Possible entry plan idea: Buy box $Members Only
Possible stop plan idea: Close below $
Risk Reward 10:1 depending on entry/exit/stop
If you bought 100 shares of AXON you would have $355.00 so far
Member’s trade idea November 4, (AXON) Long working 23%
Member’s trade idea November 25, (FLDM) Long working 10%
Member’s trade idea October 6, (WABI) long working 13%
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