Both T-Line bands below the 50-sma with a Bearish Engulf

From a Bull’s Eye – SPY:

Both T-Line bands below the 50-sma with a Bearish Engulf, this is just another tell-tell sign the bears outnumber the Bulls. The SPY closed down .43 cents or .18% at $233.44, and the most recent low is $232.51

One of the factors in the SPY (market) being weak yesterday may have been because of oil dropping. USO – United States Oil Fund fell through its 200-sma on heavy volume after learning what resistance is all about at $11.26. Based on the USO chart I see price heading to about $10.25 and possibly lower.

FREE Trade Idea – ADHD

ADHD – A Rounded Bottom Breakout Strategy, that pulled back to a higher low with a Doji and a Hammer. Closed yesterday back over the RBB trigger. The past 6 days also formed a Bullish Rising pattern.

Spotlight Trade – X (short)

X has dropped 12.93% from the time we mentioned it to our members as a possible short trade idea.  After we had posted X as a short trade, it traded back up to the upper T-Line Band where failed and broke below the lower band. Where it now sits on the 200-sma. The X short trade is a perfect example of the Blue Ice Failure and the Bearish “h” pattern

Blue Ice Failure Pattern

Imagine someone falling through the ice, then trying to come back up to the hole they plunged through. On their way up, they bump up against the ice and then fall back down again. This is the analogy behind the Blue Ice Failure Pattern (a term coined by David Elliott).

In stock charting terminology, the Blue Ice is the blue colored 50-day simple moving average (50 SMA) and price is the subject taking the plunge. More specifically, price is falling, it approaches the 50 SMA and plunges down through it. Price finds support after the plunge and starts to rally toward the 50 SMA. Price reaches the 50 SMA area and tries to break up through it but bumps up against it and then falls back down again.

Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc. is not financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service

Members Trade Ideas Below

Members trade ideas below reserved for subscribed members

Scanned from Tc2000  |  10-15 trade ideas daily

What is a Trade Idea Watch List?

A trade idea watchlist is a list of stocks that we feel will move in our desired direction over a swing trader's time frame.  That time could be one to 30 days for example.

From that watchlist, we wait until price action meets our conditions for a trade.

© 2007 - 2017 Hit & Run Candlesticks INC. - Right Way Options - Strategic Swing Trade Service - Trader Vision - All Rights Reserved. Terms of Service Investing and Trading involves significant financial risk and is not suitable for everyone. No communication from Rick Saddler, Doug Campbell or this website is not financial or trading advice. All information is intended for Educational Purposes Only.