One of Today’s Featured Trade Ideas
TZA was the July 6 featured trade idea, and it has been a profitable day-trading chart and still poised for the swing trader to reach our targets. In light of the overall market condition, which I think is sad, the best thing we can do is to keep trading as simply and easily as possible. At this point, I believe a TZA trade fits the bill. One of the most important things you can do is to make a plan for your trade, a stop, entry and a couple of scenarios for profit taking.
Hit&Run Candlesticks Tip: Did you know that the most successful traders take profits into strength on a bullish trade and into weakness on a bearish trade?
SPY: It looks like there were sellers in the China stock exchange last night, and I wouldn’t be surprised if that bleeds over to the US stock exchange today, and let’s not forget at 2 PM today, we have the FOMC minutes. There was an impressive comeback yesterday by the buyers after posting a new low for May, June and July — within one penny of the April low. After dipping below the 200 SMA, the buyers were able to close back over the 200 SMA and the T-Line, but not quite capturing the recent high of July 2, which is important for the current chart pattern. In light of China’s stock market feeling the pressure of weakness last night, the goal for the SPY today would be simply to hang on to the 200 SMA.
IWM: IWM showed bullish strength by the end of the day, closing at $123.88, still below the big three and the T-Line. From yesterday’s close, the Bulls still need about 1.88% before it reaches the June 1st high of $126.16 before it completes a bullish chart pattern. This is based on the information we have on the chart at the present time. IWM is still trending down, currently no reversal signal.
SMH: Even with yesterday’s bullish comeback, SMH is still trading below the 200 SMA, big three and the T-Line. Keep in mind, there is just not a bullish reversal pattern as of yet. I heard somebody say yesterday that SMH was starting to look bullish. Please come back to me and tell me why you thought yesterday looked bullish. Be very picky about your trades and pick your battles. Something we forget as traders is we have the ability to not trade some days.
IYT: So the transports closed over the T-Line yesterday. Let’s see if the Bulls can put together some follow-through. A close over $148.50 would get my attention.
This Week’s Economic Calendar—> Click Here
Each day 10 -15 stocks are posted in the members area that I believe are poised to move 10-20% (maybe more) within the next few days based on the charts. As you know some work and some don’t…Welcome to trading. Please follow your trading rules for entry stops and profits. Remember to check for earnings!
Investing and Trading involves significant financial risk and is not suitable for everyone. No communication or chat sessions should be considered as financial or trading advice. All information is intended for Educational Purposes Only.
| Members only | Date | Long/Short | Try our Membership, Check out the Trading Room | |
| 6.30.15 | Short | Short on weakness | ||
| 6.29.15 | Short | Short on weakness | ||
| 6.25.15 | Long | BOPT above T-line | ||
| 6.23.15 | Long | BOPT | ||
| 6.22.15 | Long | Wait for buy signal | ||
| 6.17.15 | Long | BOPT above T-line | ||
| 6.12.15 | Long | BOPT above T-line | ||
| 6.11/7.1 | Long | BOPT above T-line | ||
| 6.9.15 | Long | BOPT above T-line | ||
| 5.30.15 | Long | Wait for PBO | ||
| 5.21.15 | Long | Caution | ||
| 4.28.15 | Long | BOPT above T-line | ||
| 4.13.15 | Long | BOPT above T-line | ||
| 7-8-14 | Long | Looking short |
VXX S&P 500 VIX Short Term Futures: A close above the T-Line ™ implies the bullish short-term swing traders are in control.
Energy Sector: XLE, SX90, ERX, USO A close below the T-Line ™ implies the bearish short-term swing traders are in control.
SMH: A close below the T-Line ™ implies the bearish short-term swing traders are in control.
IYT: A close below the T-Line ™ implies the above short-term bearish swing traders are in control.
US Dollar Index: UUP, DXYO A close above the T-Line ™ implies the bullish short-term swing traders are in control.
The information in this email and Blog Post are notes to myself and should NOT be construed as financial or trading advice.
Investing and Trading involves significant financial risk. No communication should be construed as financial or trading advice. All information provided is for Educational Purposes Only.
Investing and Trading involves significant financial risk and is not suitable for everyone. No communication or chat sessions should be considered as financial or trading advice. All information is intended for Educational Purposes Only.
http://hitandruncandlesticks.com Trading for Profit is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not tell or suggest which securities or currencies customers or subscriber should buy or sell. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here.
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