Today’s Swing Trade Idea

SPEX (Industrial Sector Business Services) There is 160% of profits to be had to the 200-day moving average and forming a rounded-bottom breakout, which, FYI, is my favorite chart pattern of all! SPEX closed over the big three yesterday after forming a higher low double bottom chart pattern. It pays to be in the Hit-And-Run Candlesticks trading room during the day. One of our members pointed SPEX out when it confirmed the rounded-bottom breakout. We went long at $1.73.

My entry plan idea: (Bought yesterday at $1.73) Will add more on positive trading above 1.67

My stop plan: A close below $1.67

Good Morning,
SPY: In yesterday’s e-mail I wrote: “Friday’s bullish action was likely the start of the relief rally we’re headed into. I’m expecting a close over the T-Line today that could launch us into the 50-day simple moving average area.”

Using candlesticks, very few indicators and good common sense, you can get tomorrow’s chart action today. With yesterday’s close over the T-Line, it implies that the short-term swing trade is in the hands of the bulls from Friday’s candle or price action follow-through. It’s not too surprising we didn’t close higher yesterday with the resistance the buyers ran into. Please note we have yet to close over the most recent swing failed high of August 4. It still looks to me like the relief rally is still intact, and the bulls will try to challenge the 50-day simple moving average.

IWM: In yesterday’s email, I pointed out that the big test will be if price can close over $114.30 and then successfully close over the 50-day simple moving average. Yesterday’s price action challenged $114.22 then lost ground and pulled back closing below the 200-day simple moving average. Once again, it looks like the relief rally is still in play, but $114.30 has yet to be beat.

How do you know when today will be a good day?

When you sit down to evaluate the positions you are currently in only to find the 100 shares of ICPT that were bought at $246.25 are up 53% premarket! Kind of makes a guy want to take the rest of the day off. Today’s a good day!

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VXX S&P 500 VIX Short Term Futures: Aclose below theT-Line ™ implies the bearish short-term swing traders are in control, Yesterday’s candle implies we could be nearing a PBO

USO United States Oil Fund: Aclose below the T-Line ™ implies the bearish short-term swing traders are in control. Yesterday’s candle implies consolidation possibly accumulation.

GDX Gold Miners ETF: Aclose above the T-Line ™ implies the bullish short-term swing traders are in control. Yesterday’s candle Implies the buyers want to challenge the recent high

TLT: Aclose above the T-Line ™ implies the bull short-term swing traders are in control. Yesterday’s Candle implies consolidation.

The above are just my thoughts to myself just thought I would share with everyone.

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.

— Rick

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Keep the inverse ETF’s close by and watch them closely they produce good money, fast
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