Swing Traders Love Rest and Rallies OPB Bullish over $3.38 • Stop near 3.25
Swing Traders Love Rest and Rallies
In the past 20-days, Swing Traders have drawn two rest and rally patterns on the ODP canvas. We are currently in a rest period with a Doji and Bullish Engulf using the T-Line and multiple touches of $3.25 for support. The weekly chart is in a Rounded Bottom Breakout pattern/Strategy coming out of a little Cup and Handle pattern. It looks like the price action has its eye on a Swing Trade to about the 4.00 level with a couple of profit stops along the way. A Stop about 3.25 would keep the risk in check for us. More details see TV20/20 Blog
Past performance is not indicative of future returns
Good Trading, Rick, and Trading Team
This link takes you to a project account that Rick started so members and students could see how it works Monthly Trading Results updated the first week of each month.
What’s on Rick’s watchlist today? A 246% plus increase in 7 months can’t be all wrong.
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SPY •
Friday the SPY closed resting on the T-Line looking ready to do its job and climb higher. This morning the features are not totally in agreement with that plan. Today the Bull would like to see price action hold over the T-Line, build sup[port and prepare to challenge the August high. The bear would like to see a close below the T-Line so price action can challenge the $285.80 area. Right now we are in a state of “rest and test.” Price action rest while the bulls and bears fight an internal battle.
T-Line • Traders Best Friend
Last Friday was a 12-day T-Line run, will today be 13? Sorry, we’re all having to wait for the 4: PM bell for the final decision. We should have a few clues as the day moves on. As a rule of thumb the price action that controls the T-Line controls the direction.
****VXX – Thursday last wee price closd=ed over the T-Line and Friday closed back below the T-Line. Pre-market today has it back above…so far.
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Past performance is not indicative of future returns
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