Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
CLDX | Rising trend |RBB | Morning Star signal
SPY: T-Line™ 34ema bullish trend | Market is getting very overbought
Good Morning, Profit Traders,
Did you know that on June 26, SGY was a members trade idea or how about GORO, CDE, EXK on June 16, could you have made money on these stocks?
Not to take anything away from the bulls; they have dominated the run from June 28th. Friday’s closing candle was a clear Bearish Engulf which is a major warning sign and suggests caution. In the next day or so, if we see selling follow-through below Friday’s low ($215.31), we might want to look at $212.50-ish to $209-ish as possible support areas; both numbers are Fibonacci lines.
The $212.50-ish (23.6% Fib retracement) pull back would be a positive bullish pull back for the SPY chart. The $209-ish area would be something we would have to watch as it would getting close to failing major support.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
PAGP | Trending | 200-sma breakout | Doji Continuation
SPY: T-Line™ 34ema bullish trend | Market is getting very overbought
Good Morning, Profit Traders,
Yesterday the SPY closed higher with a gap and a clear Doji and the trading range of the last 14 days has become extremely tight and narrow. The current chart pattern and yesterday’s Doji could lead to nothing more than minor consolidation and more bullishness.
If the Bulls lose 215.40 the bears should be able to pick up 212.40 Which would only be to the 23.6 fib line, a very healthy bullish pullback.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
DSX | RBB | Bullish J-Hook Breakout
SPY: T-Line™ 34ema bullish trend | Market is getting very overbought
Good Morning, Profit Traders,
Based on the open it would appear that the near dark cloud cover on IWM might not see weakness as follow through, of course the day is not completely over.
The morning futures seem to be suggesting that the Bulls are not willing to give up the race to the top. If the Bulls were to allow profits to be taken and it looks as if $212.00 down to $211.00 would be all the Bulls might give up.
You might want to draw from the June 24 high to yesterday’s high and then from the June 26 low to yesterday’s low you will see that there is a definite narrowing and tightening of range, this could be a warning sign of minor profit taking/consolidation.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
TDOC | Bull Flag | Bullish Harami
SPY: T-Line™ T-Line is in a Bullish position with the 34-ema (profit taking setting up)
Good Morning, Profit Traders,
Another day, another dollar, and the SPY closed higher. There is no question that the SPY has entered overbought territory, and as of yesterday, no sell signal. We all know that price can continue to move higher in overbought conditions as well as move lower in oversold conditions. Being oversold or overbought is not a reason to buy a stock; on the other hand, price confirmation would be. And this is why the Hit-And-Run Candlesticks team is watching price action so closely for hints of: Not if a pullback signal is presented, but when a pullback signal is presented. If the signal happens this week, I would suspect possible support to be around $210.70.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
PRO| Bullish T-Line J-Hook
SPY: T-Line™ T-Line is in a Bullish position with the 34-ema (profit taking setting up)
Good Morning, Profit Traders,
Once again the Bulls demonstrated their strength in the SPY by closing at $213.40, higher than the previous close after a four-day run bouncing off the 50-day simple moving average with a Doji continuation pattern. Yesterday, the SPY ended up with a candlestick Shooting Star signal. The Shooting Star signal I have found to be, at the very minimum, a warning sign. Combine that with yesterday’s narrow range in light volume, and it might be prudent not to blow off the warning. Price is also extremely overbought compared to the T-Line™, another warning sign that profit taking may be near, not to mention the four-week new high-low ratio is pegged in the overbought area.
Okay, enough of that talk. Candlestick signals require confirmation, and as of yesterday’s close, there is no confirmation that the bears are taking any kind of control on the daily chart; although the 2-hour chart is showing a confirmed Shooting Star signal. The trend is currently bullish with a strong possibility of a profit-taking pullback soon.
This week’s events – For more information Click Here
HRC Public webinar Tuesday July 12, 8pm EST
Trader Vision users group webinar Thursday July 14, 8pm CST
RWO Members Webinar Saturday July 16, 11am EST
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
LPSN | Bullish trend break | Doji continuation pattern
SPY: T-Line™ T-Line is in a Bullish position with the 34-ema
Good Morning, Profit Traders,
Last week the Bulls put together a beautiful bullish J-Hook Doji continuation pattern that closed Friday at $212.65 about a $1.15 from the all-time high. The T-Line™ is now back above the 34 EMA for those that follow the T-Line™/34 EMA trend.
Last week the Bulls put together a beautiful bullish J-Hook Doji continuation pattern that closed Friday at $212.65, about a $1.15 from the all-time high. The T-Line™ is now back above the 34 EMA for those that follow the T-Line™/34 EMA trend.
A successful Bull close over $213.80 would give us a bullish direction toward $214.90 followed by $217.65, with the typical chart dance up-PBO, up-PBO. Judging by the emails I received from members, huge profits were made last week and the majority feel this week will be the same. Success comes from planning, following your swing trade rules and selling into strength.
This week’s events – For more information Click Here
-Trader Vision 20/20 Workshop Monday July 11, 4pm EST
-HRC Public webinar Tuesday July 12, 8pm EST
-RWO Members Webinar Saturday July 16, 11am EST
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
DPM/Short | RBB Top | H&S Top
SPY: T-Line™ T-Line is in a Bearish position with the 34-ema
Good Morning, Profit Traders,
The market has been perfect for the short-term swing trader (5 to 7 days) but not so much for the trader that is greedy or pushes the envelope or the longer-term trader. Yesterday, the buyers were able to establish a low with a comeback Bullish Engulf. The chart pattern for the last seven days has been a Bull Flag. The question now, is there enough buyers to push us above the $209.88 resistance line? After all, trends are all about follow-through and continuation. In the trading world, we call this higher lows and higher highs if you’re looking for a bullish trend. $207.50 is a number that I believe the buyers should defend. If the sellers were to find themselves below $207.50, the bear may eat well.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
GLBL/Long |RBB| Doji Continuation | T-Line™ Run
SPY: T-Line™ T-Line is in a Bearish position with the 34-ema
Good Morning, Profit Traders,
Yesterday, July 5, the SPY lost a buck and a half dropping to its 23.6% Fibonacci retracement of its recent relief rally. Yesterday morning, it looked as if price would find support around $207.85, as it did. Today, $206.40 is looking like the magic number, but of course there’s no guarantee this acts as support. On any given day we can find both long and short trades in a (big picture bullish or bearish market). If we take a step back and take an honest look at the SPY and the way it has been forming (head and shoulder pattern), as well as other subtle failures, it would be easy to make the conclusion that the sellers are outnumbering the buyers. With the weakness in the futures this morning, I’ll be watching to see if the SPY drifts to about $206.40. Just like yesterday, until we see a reversal buy signal or pattern, trade cautiously. Currently the market is not screaming bearish nor is it screaming bullish.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
CLDX/Long |RBB| Doji Continuation
SPY: T-Line™ T-Line is in a Bearish position with the 34-ema
Good Morning, Profit Traders,
Most everyone was headed out for vacation on Friday, so the overall commitment to trade was lackluster. The bulls were stopped at the sellers’ upper downtrend line drawn from June 8 to June 23 and extended downward to the July 1 high. There are now three touches on this downtrend line when you include July 1. (T-Line™ is also below the 34-ema. Last week was still a relief rally.) The futures are suggesting a bit of profit taking this morning after the Bulls’ impressive relief rally last week, so a little pullback would be healthy. $207.85 looks to be in a good pullback area followed by $206 40. If the bears can manage to push the Bulls back down to $206 40 and the Bulls lose confidence at that level, the 200-period moving average may be the fallback. Remember that price is king. Let’s always follow price. The relief rally last week was magnificent, and a pullback is likely but allow price to prove it — a bare minimum, a positive.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
BOOT/Long |RBB| Doji Continuation
SPY: T-Line™ Chart Down | Price deep into resistance
Good Morning, Profit Traders,
I was wrong! I never would’ve thought that the SPY would have gone from $198.55 to closing yesterday at $209 54 without at least a pausing pullback. All this week I have expected this relief rally to stop turn and head back down to at least find a higher low or a double bottom at the $198.55 level. It just goes to show you, keep your emotions and your forecasting out of the charts. Yes we have been approaching resistance and yes we are in resistance, but this week I did not follow my own advice….. FOLLOW PRICE ACTION, support and resistance is nothing unless price says it is. For some I think I may have to eat my hat today.
Yesterday’s close was on a bullish candle just underneath a two touch downtrend line, we are very overbought and we are very much in a resistance area. Let’s keep her eyes on the price watching the candlesticks for clues of more bullishness or selling.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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