The SPY is flashing caution yet eeked out another positive day yesterday as price tiptoes to the $280.00ish resistance line. On the weekly chart, the past 7 bars have closed over the T-Line with one PBO back to the T-Line and one Doji Continuation pattern that has pushed the price into the resistance area. The battle between the Bulls and the Bears is interesting at the $280.00ish level because the Bears have a possible Head and Shoulders on their side and the Bulls have the Inverted Head and Shoulders they have been working with and the recent Bullish run. Problem: As the battle begins to heat up we have found the weaker traders tend to be the biggest losers. Solution: Sit on the sidelines for a few days or have fewer positions and less invested in those positions. And be tougher with stops.
Trading Plan
Remain CAUTIOUS with a few puts locked and loaded, continue to follow the “Road To Wealth” trading plan. 1. Use the Live Trading Alerts Scanner to find trades, 2. Follow the base hit rules, 3. Only enter a position if the conditions are right for entry risk and profit rewards.
👉 9 stocks we are adding to our trade watch list: AA, EA, FB, FIT, MO, SLB, VLO, VXXB, WYNN – Prober conditions must be met
Live Trading Alerts News
Two new auto scans have been added to the LTA-Live Trading Alerts Scanner; the Bull -Fig Newton pattern and the Bear- Oreo Pattern. With over 100 built-in scans my favorite bullish scans are the Pop Out of The Box, The RBB, The 3×8 Trap, The Fig Newton. If you need set with the scanner set up or adding scans just let us know. Each day (Market hours) we provide Free Scanner coaching in our trading room #4. Warning the LTA- Live Trading Alert software is a game changer, alerts for candlesticks, candlesticks patterns, western patterns, price action, tends, bullish and bearish.
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