Perhaps the most macabre candlestick in name, the Hanging Man candlestick pattern is said to resemble a hanging man because of its short body and long shadow (which can look like dangling legs). Occurring after an uptrend, this bearish reversal pattern is composed of only one candlestick and it signifies that the prior uptrend is ending. Momentum is decreasing and the direction of the stock may soon be changing (this is especially likely if you can confirm the Hanging Man with decreasing prices the following day). Although identical to the Hammer candlestick in shape, the Hammer occurs at the end of a downtrend, while the Hanging Man sticks to uptrends.
When you see a Hanging Man, you’ve been warned: a price change may soon be on the way. To learn more about this reversal signal, please scroll down . . .
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Today’s Swing Trade Ideas
TZA/Long (Small-cap bear 3X) TZA printed a bullish piercing candle on Thursday and a Doji Friday at the upper wick area of Thursday’s piercing candle telling us that the buyers are taking charge with the whole Harami Doji continuation candle. A close over the t-line could set us up for about a 10-15% bounce if the sellers in the market has their way.
My entry plan idea: A buy above the T-Line.
My stop plan idea: A close below the T-Line
Good Morning,
SPY: Last week I wrote about how a Doji needs attention especially after a long trend and that the subsequent following candle can be very telling. Friday ended up Continue Reading
Today’s Swing Trade Ideas
BEE/Long (Hotel & Motel) BEE is forming a Bullish J-Hook pattern after breaking out of recent resistance. BEE looks like a trade above $13.19.
My entry plan idea: A buy above $13.19 or below $13.19 and above the T-Line.
My stop plan idea: A close below the T-Line
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Today’s Swing Trade Ideas
TSLA/Long (Auto Manufacturers) TSLA appears to be recovering from the 200- period moving average and has recovered two other times in the past from the 200-period moving average. With yesterday’s close over the 50-period moving average and yesterday’s gap, it tells the story that the buyers are stepping in. An inside day buy today just might make for a nice entry.
My entry plan idea: A buy above $242.70 and below $250.95. Of course, a breakout would work as well.
My stop plan idea: Manage the trade with a stop on a close below the T-Line to start with.
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UIC +25%
MITK +25%
ONE +24%
NDLS +29%
BCOV +20%
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