SPY- Bullish Engulf with Positive Follow Through – at Resistance (Caution)
From a bull’s eye SPY:
The 2-day chart on the SPY has produced a Doji Bullish Engulf with positive follow-through bouncing off the 34 EMA and closed over the T-Line at $236.29. I have the resistance line about $236.70 right at the open of the March 10 candle.
On the one hour chart, the 200 SMA has proved to be resistance for the last bars, and the T-Line is still below the 34 EMA on the 4-hour chart. For traders that follow the cloud, leading span A has crossed below leading span B with price currently trapped in the middle.
Fridays no trade idea – A good day to reset yourself
Reflect on your trades “winners and losers” clean up your watch list, Start a new watch list for next week and relax.
EXTR up 50% after our Comments
(EXTR) Extreme Networks Inc. was a Hit-And-Run Candlesticks members trade idea on January 9 – EXTR gapped yesterday giving the trade a 50% run with plenty of swings for the swing trader to capture profits. In the chart I see support, a trend, bullish price action the T-Line and the T-Line pairs all working in the traders favor.
Traders tip – Take a peek at the two and three-day chart
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Candlestick Patterns
To amateurs and unaware young traders, the fact that candlesticks play an important role in the world of swing trading may seem absurd. How could candlesticks and the stock market possibly be related? However, the key lies within the shape of a candlestick, which resembles a very old and reliable Japanese method of graphing stocks. Known as Japanese candlestick charts, these graphs are reliable and easy to read. They allow traders to visually detect selling pressure and buying pressure by studying informative candlestick patterns. Read More.
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Bulls still struggle with the bears
From a bull’s eye SPY:
Bulls still struggle with the bears – price action has acted well the past three days and has now closed over the T-Line two of the three. Note the T-Line remains above the 34-EMA. Unfortunately, price action is struggling with resistance which is keeping the battle on. Note the lower highs and lower lows continue. At this point, I think it very important to wait for a decisive direction in the market.
On the 1-hour chart price struggles with our dotted deuce and 200-SMA and the resistance, it has created.
Featured trade idea – DPLO
Set Up – (RBB) Rounded Bottom Breakout, 50-sma support, 3-day Bullish Morning Star. Potential Swing trade 13 – 40%
Spotlight chart – RH
(RH) Restoration Hardware Holdings Inc. Was members trade idea on March 3, 2017, after a Bullish Kicker candle pattern with a pull back. Note the T-Line run and the higher highs and higher lows. Yesterday are RH gapped giving members 39.96%
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Morning Star candlesticks pattern
If you’ve ever wished upon a star, I hope that that star was a Morning Star candlestick pattern. Unlike the Evening Star, an omen that hints at bad things to come (i.e., low stock prices), the Morning Star is a sign of good fortune. If you spot this bullish reversal signal, which is composed of three candles, you can expect stock prices to increase. Although the bears have been in control, the bulls are ready and able to take over. To learn how to spot the Morning Star signal, how to decipher its characteristics, and how to interpret its meaning, Read More.
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Spotlight Chart – CC
CC was up another 5.50% yesterday
Current up – 55%
Members Trade Idea – January 11
125 Shares Invested – $1600. in your pocket
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Featured trade idea – ACHC
Set Up – (RBB) Rounded Bottom Breakout
Set Up – Doji Continuation
Potential Swing profit 15 – 40%
From a bull’s eye SPY:
Consumer confidence rallies the Bulls – the spy rallied off the 50 day simple moving average closing back over the T-Line and the 34 EMA. While closing over the 34 EMA and the T-Line is impressive we still have to consider the resistance, that price is just now starting to test at $235.80.
Looking at the 2-hour chart – Price has faced the blue ice failure pattern and failed, it is once again testing the blue ice with the T-Line underneath the 34 EMA with a string of lower highs. As of this morning, Hit-And-Run Candlesticks remains extremely cautious and questions the bull recovery the past couple days.
For centuries, Japanese candlestick charts have been used to develop forecasts for financial investment. In reading and interpreting the information conveyed by those blocky little candles and their wicks, we can understand a stock’s movements and predict its future. Risk is unavoidable, but you can increase your confidence and your success rate by studying patterns, developing forecasts, waiting for confirmation, and remaining calm and vigilant. Learning how to trade Japanese candlesticks requires practice and patience, but it’s well worth the effort.
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Spotlight Chart – OVAS
Targets Hit- 19%
Members Trade Idea – March 14
2000 Shares Invested – $620. in your pocket
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Featured trade idea – NCR
Set Up – Weak top, Bearish h pattern
Potential Swing profit – 7 – 20% Plus
From a bull’s eye SPY:
Nice recovery of the SPY yesterday after the gap down and testing its 50-sma. There is a chance of minor follow through but I don’t think we see anything major. As a chart follower, the charts are suggesting the SPY and the market will see more correction.
Star light, star bright, first star I see tonight . . . . Unfortunately, this hopeful nursery rhyme doesn’t apply in the world of swing trading, where an Evening Star candlestick pattern indicates that very bad things are on the horizon. When traders spot this pattern, which is a top reversal signal, they know that lower stock prices may soon be on the way. However, the Evening Star candlestick pattern is a tricky pattern to identify, so investors must proceed with caution when they think they’ve sighted it. Scroll down to learn a little more about this hard-to-spot signal.
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Spotlight Chart – INCY
Targets Hit- 29%%
Members Trade Idea – Jan. 19 – Mar 21
100 Shares Invested – Over $2500. in your pocket
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Featured trade idea – SQQQ
Set Up – Bullish Engulf, PBO Doji
Potential Swing profit – 12 – 20% Plus
From a bull’s eye SPY:
The Shooting Star Signal on the 3-day chart and the bear flag is proving to be too much for the bulls at this time. Until we see a solid bull reversal pattern I am seeing a $227.90 direction. Yes there will likely be relief rallies and a relief rally can turn into a reversal but a bullish pattern is usually required.
Second star to the right and straight on till morning! Well, not quite, Peter Pan. Those directions will take you to Neverland, but if you’re looking for a Shooting Star candlestick pattern, you’ll need better directions. This bearish reversal signal, which looks uncannily like the Inverted Hammer, is found at the end of an uptrend and heralds a falling price. It is formed by a single candle with a short body, little or no lower shadow, and a very long upper shadow. If you’re wondering exactly what a Shooting Star candlestick pattern looks like or what it might mean for future prices, scroll down. Everything you need to know is below . . .
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Spotlight Chart – IMMU
Targets Hit- 47%
Members Trade Idea – February 7
675 Shares Invested – $1431. in your pocket
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From a bull’s eye SPY:
It’s a tug-a-war between the bulls and the bears. Price remains under the T-Line which demands a bullish signal, then follow through that cuts through resistance. If you’re a bear your just waiting for a signal that drops the price below the pivot low of $233.05.
If you flip the Hammer candlestick on its head, the result becomes the (aptly named) Inverted Hammer candlestick pattern. Like the Hammer, the Inverted Hammer occurs after a downtrend, and it also has one long shadow and one non-existent (or very short) shadow. Plus, they’re both bullish reversal patterns formed with just one candle! The key to identifying a Hammer versus an Inverted Hammer is the location of the long shadow. A Hammer’s long shadow extends from the bottom of the body, while an Inverted Hammer’s long shadow projects from the top.
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Spotlight Chart – JAZZ
Targets Hit- 30.30%
Members Trade Idea – January 3
100 Shares Invested – $3030. in your pocket
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Today’s featured trade idea – OSUR
Set Up – 2-day Bull Kicker, 3-day Doji Continuation, T-Line breakout
Potential Swing profit – 13 – 30% Plus
From a bull’s eye SPY:
As of Wednesday’s close, the bear still owns the bull and the bear has created resistance starting about $235.80.
The last few days we have been talking about Moving Average crossover, using the T-Line and another slower moving average. The SPY has clearly broken the bull trend. The candle patterns have also confirmed the sellers are in charge.
To be bullish we will need to see a candlesticks reversal and a moving average cross-over. Set you to plan up and create a working watch list. Until then we will focus on, in this order, shorts, inverse ETF’s, longs.
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Spotlight Chart – AGO – Short
1st Hit Target- 5.53%
Members Trade Idea – March 20
100 Shares Invested – $216. in your pocket
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Featured trade idea – OVAS
Conditions – RBB, Bullish ascending triangle, Small inverted head & Shoulder, Double bottom
Potential Swing profit – 12-40%
From a bull’s eye SPY:
A decision was made and it was made by the sellers, folks the selling won’t be over till it’s over. In other words, wait for a reversal pattern and don’t chase. Short term view – The probability is that the 50sma will get tested and if the bulls can’t get find the trail I see a possible test of $229.55 and $27.60
– A decision was made and it was made by the sellers, folks the selling won’t be over till it’s over.
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Spotlight Chart- ESPR
Hit Target- 69% and more
Members Trade Idea – February 24
124 Shares Invested – $2006. in your pocket
(RBB) Rick’s Favorit chart pattern to trade – Click Here
Featured trade idea – BCOR
Set Up – Bullish Wedge, Cup & Handle 3-day Pop-Out Box
Potential Swing profit – 10-40%
From a bull’s eye SPY:
There were more sellers than buyers yesterday, and 3 lower closes. That 236 area seems to be an area that the buyers will not give up. The buyers need to take back $237.15 as well as the T-Line. They already gave up the 1-hour and 2-hour charts and that’s how winners and losers are created. Trade with rules.
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Spotlight Chart- SALT
Hit Target- 25% plus
Members Trade Idea – February 7
400 Shares Invested – &780.00 in your pocket
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Today’s featured trade idea – AGO
Set Up – BIF pattern, Bearish “h’ pattern
Potential Swing profit – 10-20%
From a bull’s eye SPY:
Basically, the SPY is just dancing in a trading range sideways. The Shooting Star on the 2-day chart is still intimidating the bulls. Friday Price did close below $237.15 line, suggest the sellers are trying to cut into dance. Pay attention to the charts!
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Double Digit Gainers – We supply our members/subscribers with a trade idea-list every day, as of today 46 double digit trade ideas and 25 of them are over 20% some of the trades were taken and some were not. The point is… isn’t it nice to have the trade list of winners so that all that we need to do is apply our own trade plan to them? And yes we do have some of our trade ideas that do not work out.
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