Price Below the Upper T-Line Band is a Warning
(SPY) – Price below the Upper T-Line Band is a warning, price below the Lower T-Line Band is a clue the Bears out number the Bulls. On May 11 I wrote, “ Last Weeks-Channel Looking to Get Tested I put the top channel line about $238.80 and the bottom about $237.70.”
Yesterday the sellers were a mission to drive the price lower. However, the Bulls rallied back on a Tweezer Bottom closing the day with a Hammer at $239.38. Candlestick tip: Hammers require confirmation. Bases on the early morning numbers it looks like we are going to open inside the T-Line Bands and inside the Hammer handle.
Yesterday WAC gave an early morning entry then rallied 19%, WAC took out 2 of our targets.
FREE Trade Idea – SPWH
SPWH Has been constructing a reversal bottom for the past two months. This week SPWH broke out of a Bullish “W” pattern and Wednesday it became a Bullish Rounded Bottom Breakout. Traded and managed correctly I see a possible 20% plus trade.
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What is a Trade Idea Watch List?
A trade idea watch list is a list of stocks that we feel will move in our desired direction over a swing trader’s time frame. That time could be one to 15 days for example. From that watch-list, we wait until price action meets our conditions for a trade.
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