A Smooth Breakout for GCO

GCO recently tested the 200-SMA after a smooth breakout on the daily chart. In the current GCO daily chart, a few clues popping out to me. One, the Bullish engulf off the 50 and 200-SMA, the Bullish Flag pulls back and then there the not so perfect Bullish Morning Star reversal clue. Drill up to the 2-3-4-and 5-day charts, and you will find the RBB chart pattern set up for the RBB trading strategy. FYI. The weekly Morning Star is a beauty.

Have you ever asked yourself why someone will make a darn good profit on a trade and someone else may struggle for a dime or even lose money on the same trade?

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►SPY Up Date

The SPY has now closed for the last 3 bars above the Lower T-Line Band, today price just might push through the Upper Band and close above it as well. Price closed yesterday about 2 points away from the 50-SMA, a challenge today is likely. 3-4 points on either side of the 50-SMA are important for both the Buys and Sellers, the both will fight for the place, and this is the battleground.

►Learn Our Tools and Trading Techniques

On February 8, Rick shared SRNE as a trade for members to consider and how to use the trading tools listed below. Currently, the profits could have been about 68.5% or $335.00 with 100 shares. Using our Simple, Proven Swing Trade Tools and techniques to achieve swing trade profits.

Candlesticks • Price Action • T-Line • T-Line Bands • Support • Resistance • Trend • Trendlines • Chart Patterns • Buy Box • Volatility Stops • Profit Zones • Entry Zones • Protective Stops • RBB Rounded Bottom Breakout Strategy • Pop Out of The Box Strategy • Pinball Strategy • Trade Planning

►The VXX short-term futures

The VXX has been resting it’s bullish pasture and will likely dip below the 200-SMA today. On a side, note price is approaching the Fib 50% retracement.

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Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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