J-Hook PBO Continuation Pattern
The past eleven days HZNP has been constructing a J-Hook PBO Continuation Pattern. The breakout of $18.00 sent HZNP on a 14.5% run followed by a rest and profit taking. Once again the T-Line and Price Action have teamed up to work together. The past four days price action and with the help of the T-Line has printed four higher lows within a J-Hook continuation pattern. A breakout of $21.05 would set the J-Hook pattern in motion, bullish follow through would suggest the buyers are looking for the next higher levels for profit taking.
Trading Tip – Sell or trim some profits off as price reaches important levels.
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. 2
What will Rick and Members be looking at today? A 246% plus increase in 7 months can’t be all wrong. Start your trading education with one of our services.
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SPY • 3-Day Morning Star Signal
The SPY closed higher yesterday with three higher lows and highs in line with August 7, 8, 9. The premarket this morning has come less the 1% of smacking the January 2018 high. Our Red, White and Blue chart, (3,8, and 34 MA’s) suggest the bullishness is alive and well as of yesterdays close. Price action with the higher highs and lows also suggest the same. Using candlesticks price action on the 3-day Morning Star signal, about $283.50 is our support line. Of course, a close above $286.60 would put the SPY at an all-time new high. This week we have FOMC meeting and the Jackson Hole meeting.
The T-Line
With Price, the action was closing higher yesterday, and the T-Line following the T-Line also made a new high the T-Line has made an ALL TIME NEW HIGH closing at $284.05 yesterday.
****VXX – Price action fell back and closed below the T-Line last week, as long as the price is below the T-Line and 34-EMA fear will stay cold.
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Past performance is not indicative of future returns
Investing and Trading involve significant financial risk and is not suitable for everyone. No communication from Hit and Run Candlesticks Inc, Right Way Option, Trader Vision 2020 or Rick Saddler, Doug Campbell, Ed Carter, Steve Risner is to be considered financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service.
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