Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
OSUR/LONG | C&H | Flag | Bullish Flag
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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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Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
SGYP/LONG |RBB| Bullish “W” pattern | Morning star | Continuation pattern
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SPY: High resistance $212.34 | High support near $208.85ish
T-Line™ Chart: Buyers Trend | Candle price action Weak, Toppy
Yesterday, June 6, was another great day in the market for Hit-And-Run Candlestick members. There were many of us who closed positions protecting profits. Yesterday the SPY closed with a Shooting Star candle. The Shooting Star candle is a clue that the market may be starting to tire and in need of a rest.
Taking a look at the sector indexes, I see basic materials, financial services and healthcare showing signs of stress, nothing serious as of yet.
Sector leaders yesterday were energy, communication services and real estate.
The volatility index VIX close yesterday with a belthold candle signal that closed engulfing, along with a double bottom. These are the little clues that we as traders need to pay attention to.
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
IPI/LONG |RBB| Buyers support line
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SPY: High resistance $213.78 | High support near $208.85ish
T-Line™ Chart: Trending bullish | Candle price action Bullish
No rate hike, the market loves it! Yesterday the SPY closed over the April 20 high and looks as if it has the juice to take on the May 2015 highs. Of course, we will continue to watch the candlesticks and price action for signs of change. Until then, trade with the trend and the trend is bullish. The top three leading sectors yesterday were utilities followed by energy and basic materials.
This is the kind of market where everyone should be making money, and it’ll help make up for a few of those trades that no one wants to talk about. Have you ever noticed how much easier it is to make money when you trade with the trend? Let’s not get complacent or lazy, so continue to plan your trades and trade your plan, follow the chart patterns and price action.
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
OCN/LONG |RBB| Bullish Engulf| Inverted H&S | 3day chart doji continuation
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SPY: High resistance $210.93 | High support near $208.50ish
T-Line™ Chart: Trending bullish | Candle price action Doji
The SPY chart continues to suggest bullishness based on the short-term T-Line™ trend and the candlestick price action. Friday’s Doji remained above the T-Line™, and the T-Line™ is bullish when you compare it to its partner moving averages. It will be important for price to respect certain levels, such as $208.50 as support. If $208.50 falls prey to the bears, then the $207.00 area will become a line that the Bulls must defend.
Here at Hit-and-Run Candlesticks, we do not promote picking bottoms or tops, but we do promote following price action with candlesticks and waiting for a bullish or bearish signal to be made. Then we trade up based on that signal for a swing, whether its bullish or bearish. The point here is patience, and let’s make sure that the Bulls can break out.
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
GMLP/LONG |T-Line™ chart trending | Bullish Engulf|
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SPY: High resistance $211.66 | High support near $208.50ish
T-Line™ Chart: Trending bullish | Candle price action week
By the time you read this, the employment report will have already come out which may or may not impact the market. Although the market seems to have already approved of the report or it has an agenda of its own, we will soon find out. The SPY has risen 3.29% from the May 19 low to yesterday’s June 6 high on a beautifully orchestrated chart pattern, a bull kicker candlestick pattern gapping over our T-Line™ chart moving averages, a profit taking pull back that ended the day with a bullish piercing candle followed by yesterday’s strong bullish candle that closed one penny above the April 20 high. Yesterday in the trading room, it was noted by our members that this has been a very profitable 10 days.
TRADING TIP – Trade with the trend!
We will continue to follow the current bullish trend and price action realizing that minor pullbacks are opportunities.
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
SDLP/LONG |RBB | Bullish Engulf| Support
Read more about “The Alaskan Trading Cruise” – Deposit special between June 6 and June 12, 2016
SPY: High resistance $210.92 | High support near $208.50
T-Line™ Chart: Trending bullish | Candle price action week
After a rough open, the Bulls were able to put together a positive close that resulted in a bullish piercing candle closing .20%. It looks as if this will be another attempt to push through the April 20 high of $210.92. Our T-Line™ chart continues to rise suggesting that the Bulls are in control. Going forward, it will be important for the Bulls to close price above $210.92 for bullish confirmation. About $208.50 is what I see as support for any kind of pullback, which is just slightly below the 23.6 Fibonacci line.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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NEOT/LONG |RBB | Morning Star|
SPY: High resistance $210.92 | High support near $207.87
T-Line™ Chart: Trending bullish | Candle price action week
It would appear that the Bulls had a little trouble getting through our $210.92 resistant line yesterday and closed for the day down .19%. Yesterday’s candle opening above Friday’s candle and closing below the 50% mark of Friday’s candle is alerting us that a little back filling may be needed. Along with the $210.92 resistant line that we have been posting, we also have been posting a support line at $207.87 which has a high probability of being tested. Using our T-Line™ chart, the swing trend remains bullish while price is demonstrating a little weakness. Without a complete confirmed sell signal or a breakdown of the supporting swing trend, we will remain bullish looking for pullback opportunities (PBO’s) while taking on a couple of trades that will work with the sellers such as the TZA trade that we took yesterday with the intention of profiting on a short-term relief rally.
For about a month now we have talked about how important $207.00 is for the Bulls and the bears. Here at Hit-And-Run Candlesticks, we will be watching this line with an eagle eye.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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Rick’s Featured Trade Ideas
CLDX/LONG |RBB | PBO flag|
SPY: High resistance $210.92 | High support near $207.87
7:00 am: T-Line™ Chart Bullish Friday’s close ahead of the memorial day weekend closed bullish up .43% just pennies away from the April 20 high. Technology has led the way followed by healthcare and the financials hold third-place. Basic materials brings up the rear of the 11 sector indexes I follow.
The leading sector for Friday was consumer cyclical up .80% while the loser was basic materials down .63%
The T-Line™ chart continues remains bullish with the T-Line™ leading the 14-SMA and the 14-SMA leading the 34-EMA. The SPY is getting a little overbought but no price weakness showing at Friday’s close.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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Rick’s Featured Trade Ideas
No featured trade idea today….. It’s Friday!!!!! Take some profits, reevaluate your positions.
Remember why we have the freedom to trade the way we do. Take a minute this weekend, stop and say thank you, leave a flower or raise a glass to someone you know, a friend, anyone that has a connection to those that have fought for our freedom.
SPY: High resistance $210.92 | High support $207.87
7:00 am: T-Line™ Chart Bullish even with a minor pullback
Pretty quiet day yesterday. The SPY closed up .03% in a very narrow range painting a Doji at the end of the day. The T-Line chart has confirmed our short-term bullish trend and price continues to support this trend as well. Yesterday was the second day that the SPY could not push above the $209.76 resistance line, which will no doubt start to make swing traders a little concerned. A pullback to $207 would be a perfect swing trader’s trade, and we would accept $206.25 reluctantly. The candle pattern currently painted is what we call a “Doji continuation pattern.” This pattern is when you have a sharp rise in price and then the next day print a Doji at the high end of the previous day. Trading tip: candlestick signals require confirmation. A bullish push above $209.76 would no doubt cast the April 20 highs.
Top sector leaders yesterday were Utilities, Consumer Defensive, both Les the 1%. The two sector losers also both by 1% Energy printing a bearish dark cloud cover candle and Financial Services also printing a dark cloud cover candle.
Luxury Goods fell by 4.20% – ouch | technology computer Systems rose by 2.44%
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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