Japanese candlesticks come in a variety of shapes and sizes, and when you group these varying candlesticks together, you create useful patterns. Once you’re able to recognize, understand, and utilize these patterns, you can find success through candlestick charts. Although numerous candlestick patterns exist and all traders have their personal favorites, today we’re going to run through some of the most beloved and effective candlestick patterns. You can’t go wrong with these five patterns, especially if you’re able to combine them with other indicators. They are, quite simply, some of the best candlestick patterns around.
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Today’s Swing Trade Ideas
TZA/Long (Small Bear ETF) TZA was a featured trade idea on September 5 of this year. A cool 26% could have been yours before the bearish harami on October 2. TZA has now pulled back to the T-Line forming a doji followed by a bullish engulf. This is what we at Hit & Run Candlesticks call a PBO (pullback opportunity).
My entry plan idea: Buy above 17.14
My stop plan idea: A close below the T-Line
Member E-Learning
Tonight’s member e-learning will be held live at 5:30 PM Eastern and we will recast the members E-Learning at 8 PM Eastern. Both will be in the live trading room. Good Profit Trading – See you in the Room
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Today’s Swing Trade Ideas
BLOX/Long (Technology/Communication Equipment) BLOX was a featured trade idea on September 25 and remained on our members’ featured list. Wednesday, Thursday and Friday of last week, BLOX entered the PBO (pullback opportunity) area. BLOX is poised to breakout of the bullish J-Hook pattern headed for the 200-day moving average.
My entry plan idea: (All ready long) I will be adding more to my BLOX above 15.28
My stop plan idea: A close below the T-Line
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Today’s Swing Trade Ideas
RALY/Long (Technology Sector Software) RALY Has been in a RBB pattern (rounded bottom breakout) from the gap of August 29, for about a month now it’s been walking along the T-Line and looks like it’s ready to finish its run to the 200 period moving average which is approximately 12% away. With a successful bullish breakout of the 200 period moving average I see another 20% possible. Remember to consider the direction of the overall market as it can benefit and harm you.
My entry plan idea: Positive trading above the T-Line
My stop plan idea: A close below the T-Line
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