Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
BPT/Long | RBB| C&H | 4-hr chart morning star
SPY: T-Line™ Chart: teetering between Bullish and Bearish
Good Morning, Profit Traders,
With a very flat narrow range in the overall market yesterday, it’s extremely clear that everyone is waiting for Thursday’s Brexit vote, and, yes, it’s my opinion we should do the same. Trying to fight and trade a directionally challenged market is just unproductive.
For the last four months, the SPY has traveled sideways in a channel from about $203.85 up to about $212.52. We have a lateral support line drawn at $207.12 which the Bulls currently have the pleasure of owning. As long as the Bulls can maintain ownership above $207.12, they should stay the favorite. Weakness below $207.12, and the sellers will become the favorite.
Be careful out there. The game for the next couple of days will simply be bumper cars. Remember the ticker symbol I shared with you last week that could be the most important ticker symbol of all time?
C…ash
I…is
A…a
P…osition
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
SGY/Long | RBB| Ascending Triangle
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Last week I talked about the 34-EMA and the T-Line™ and how I use them together. The T-Line is still above the 34-EMA on the SPY, but the candlesticks are looking very weak as if they are about to let the T-Line™ drop below the 34-EMA.
Two intraday charts that I follow are the 2-hour and 4-hour charts, and on both, the T-Line™ has cut through the 34-EMA and now hangs below.
On the hourly chart, the T-Line™ is only above the 34-EMA because of yesterday’s gap, and it looks as if any weakness today will drop it back below the 34-EMA.
Price action on the 2-hour chart is suggesting that the Bulls are very vulnerable if they continue to hang out below $209.15. Below $207.15 and I’m afraid the Bulls will be in a headlock getting nooggies from the bears.
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
INAP/Long | RBB| Bullish J-Hook | PBO Support
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Let’s take a look at Friday’s close, Friday’s low was within pennies of a tweezer bottom but more importantly the low was higher than the low Thursday. Friday’s candle closed within Thursday’s candle making it an inside day. Friday’s candle close the gap of May 24.
Based on the morning futures that the Bulls seem to have had a team meeting this weekend and decided they were going to take on the bears $210.95 which may lead to challenging the June 8 high.
At the close Friday the T-Line™/34 EMA trend was still intact. If the Bulls are successful with follow-through $214.00 and $217.00 are possible bullish direction
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
LCI/Long | RBB| Bullish J-Hook | Cup & Handle
SPY: T-Line™ Chart: Needs confirmation
Good Morning, Profit Traders,
Yesterday the market went from an oversold low to a high with an impressive price action candlestick. The SPY in particular went from a low to a high with nearly a three point move in the candle pattern painting a bullish piercing candle and a candle in the belt-hold family. Here at Hit-And-Run Candlesticks and Right Way Options, we realize that price action/candlesticks require confirmation.
Despite the good price action yesterday, one would have thought that we could see a trend reversal in our intraday charts, but we did not. This should cause the savvy trader to have some concern or at least patience until we see the intraday charts with a bullish trend.
There are two major numbers that the Bulls need to capture: $209.36 and $210.15. This may not happen unless the intraday charts see a meaningful constructed bottom. Many times yesterday I pointed to a 30-minute chart and the fact that the T-Line™ was still below the 34 EMA. It would be a win for the Bulls if they could produce enough energy to drag the T-Line™ back above the 34-EMA; unless this happens, the bears stay in charge.
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
ABX/Long| T-Line ™ Bullish Trend | Recent break out | Bullish Engulf
SPY: T-Line™ Chart: Price breaking down on daily chart
Good Morning, Profit Traders,
The Shooting Star on the weekly chart of the SPY continues to suggest the sellers have control, and that if the bears take control today of the close, it looks like the $205.00 is on their minds.
On my three line T-Line™ chart price closed yesterday below the 34 EMA with the T-Line™ following close behind. The T-Line™ trend looks as if it’s ready to roll over and hang with the bears for a while.
Just something to think about, like 200-period moving average groupings are in the $202.00 area.
The top leading indexes for yesterday was Silver, Copper, Oil and Gas Drilling, and Gold.
As I’m looking through charts to trade for the next several days, silver, copper and gold stocks are really standing out. I’m seeing a lot of flags and flag breakouts, Morning Star signals and Bullish Engulfs all in bullish formation on my T-Line™ chart.
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
No Featured trade idea today
SPY: T-Line™ 2-hr Chart sellers in control at the close yesterday
Good Morning, Profit Traders,
Alaska Trading Cruise….Check it out
Yesterday’s low in the SPY, $206.92, came within eight cents of our $207.00 number that we have talked about. Yesterday’s gap down Doji close found support on our $207.00 support line with a Doji close back above the 50-day simple moving average. Other than the T-Line™ crossing below the 14-SMA, the T-Line™ trend chart is still in favor of the Bulls while the recent price action has been in favor of the bears. With the recent bear pullback on the daily chart, the weekly chart has been painting a bearish Shooting Star pattern. In the Hit-and-Run Candlesticks trading room, we have been very conservative and warning of caution. Right now we are in dangerous waters with uncertain wind changes, and let’s not forget about the sharks. The wind and the surf should quiet after Janet and the Brexit vote. Keep in mind that most of today’s price action will most likely be positioning and guessing on what Janet has to say and the Brexit vote. The technical trader doesn’t guess; the technical trader follows the charts for direction and insight.
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
No Featured trade idea today
SPY: T-Line™ Chart: 2 and 4-hour chart breakdown | 15-min 200-FWsma has now broken below the other 2 deuces.
Good Morning, Profit Traders,
In yesterday’s morning note, I mentioned the numbers of $210.27, $209.15, $208.50 and $207.00, and that the bears have clobbered the first three lines and now they’re going after the $207.00 line. If the bears can manage to close price below $207.00, that would be below our T-Line™ grouping and will put a tremendous amount of pressure on the bulls. $205.00 is the next line for the bears to take over after $207.00.
On the bullish side, if the Bulls can circle the wagons and defend $207.00 with a follow-up bullish run, the overall bullish trend would remain intact. Once again, the $207.00 is in the spotlight.
In the trading room yesterday, I talked a lot about caution and about a brand-new ticker symbol, CIAP. You won’t find this ticker symbol on any chart; it’s a special ticker symbol that we use at Hit-And-Run Candlesticks to help members realize you don’t have to trade every day.
C-ash
I-s
A
P-osition
Because the market is so close to possibly jumping out of the window and so close to finding support and becoming a bullish monster, it is my feeling that we should wait patiently for a clue to the next leg. Therefore, there will be no featured trade idea or stock picks today; however, in the trading room, we will probably find something live that we can trade.
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
CNX/Short| “M” pattern | 5-day Evening Star
SPY: T-Line™ Chart: 2 and 4-hour chart breakdown
Good Morning, Profit Traders,
Prayers to Orlando victims and families. Our thoughts are with you; you are not alone.
In last Friday morning’s trading note, I wrote that unless the buyers participate, we would see $210.25. Premarket numbers, the SPY is at $210.27 as I write today’s trading note. I also noted in Friday’s trading note that without buyer participation, $209.15 and $208.50 were likely lines to be tested.
It’s worth noting that on the five- and six-day chart, the SPY has produced a Shooting Star candle which means the battle between the Bulls and the Bears this week could be a very important turning point. Friday’s gap down below the T-Line on the daily chart and a close below the open suggest the sellers are leading the short-term battle. Friday’s win for the sellers has put a new number on a possible target of $207.00. If the sellers can take us down to $207.00, the daily chart will begin to look like a Bearish “M” pattern.
Traders’ words of wisdom – For the next few days, lower position sizes, cut the number of trades in half, tighten up on your risk level. Before you pull the trigger, take a five-minute walk, paint your house rather than trade. Here is a ticker symbol that I will be following very closely this week, CIAP; the company name is Cash Is a Position.
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
OSUR/LONG | C&H | Flag | Bullish Flag
“The Alaskan Trading Cruise” – Only a $100 deposit June 6 and June 12, 2016
Plus bonuses from H&R and RWO.. Please be our guest for dinner July 8 for meet up and get to know each other.
SPY: T-Line™ Chart: Buyers Trend | Candle price action, weak | Toppy Overbought
Good Morning, Profit Traders,
I see the morning futures have dropped 12 points or down to $210.77 as a write this note. You may have noticed in yesterday’s note I offered a Traders Tip: “In my 27 years of studying Candlesticks, one of the Trader Tips that I would like to share is that a candlestick signal or candlestick pattern is not required to produce results immediately.” This is something I learned to recognize years ago, and it has also taught me patience because of the importance of allowing the pattern to be decisive. This is one of the key points I bring up in the trading room and during private coaching.
Unless the buyers participate, I would suspect a bit more downside. A few possible targets that I’m looking at are $210.25 then possibly $209.15 and $208.50.
This could be one of the most important times of trading to have a plan for each and every trade. The reality is most traders continue to focus and buy long trades while the market is showing weakness. By having a plan, you’re able to look at the numbers and truly evaluate whether the trade is right at this time.
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
DATA/LONG |RBB| C&H| Morning star | Bullish Flag
“The Alaskan Trading Cruise” – Only a $100 deposit June 6 and June 12, 2016
Plus bonuses from H&R and RWO.. Please be our guest for dinner July 8 for meet up and get to know each other.
SPY: T-Line™ Chart: Buyers Trend | Candle price action Toppy Overbought
Traders Tip – Candlestick signals are not required to produce the very next day
I really would’ve thought that Tuesday’s Shooting Star in the SPY would have caused a lower low on Wednesday, but not only did we not see a lower low, the SPY was able to find a higher high and close up .33%. If you trade the T-Line™ or are just simply familiar with it, then you have probably noticed in the past that price tends to not get too far from the T-Line™, and when it does, they both look to find each other. In my 27 years of studying Candlesticks, one of the Trader Tips that I would like to share is that a candlestick signal or candlestick pattern is not required to produce results immediately.
I see the morning futures are down, so we should probably take a look where we might find support. The first area of possible support I see is $210.90 followed by $210.12. The third possible support line if we fail the first two would be around $208.50. Overall, the SPY chart continues to be bullish and a minor profit taking pull back would be perfectly normal. Below the $208.50 support line would give me concern.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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