Today’s Swing Trade Idea

PEIX Long; (Basic Materials Sector – Specialty Chemicals) PEIX has been trending well from mid-June, with a pullback back to the 20 day simple moving average forming a J-Hook pattern and a type of bullish morning star. If you take a look at your weekly chart you can see there is a very profitable upside.

My entry plan idea: (Currently own it @ $18.55) One might consider a buy below 19.35 or a slight breakout and down to 17.60

My stop plan: For the time being I will use a T-Line stop and adjusted as we move forward

Good Morning,

SPY: Accumulation, Bull Trend, Distribution, Bearish Trend, Accumulation and the cycle starts over. In each of these cycles you will see counter trends, profit taking, choppiness, buyers and sellers fighting to take control.

Now that price is move down below the 50 day simple moving average, the T-Line has now broken below the 20 day simple moving average and the 34 exponential moving average the sellers have taken control with the bearish trend. For a while were going to see countertrend rallies, profit taking and choppiness and many times we get caught in the middle.

Stay patient and cautious watch for accumulation and don’t let simple relief rally’s take advantage of you, you take control of the relief rally’s until true accumulation and bottoming signals along with patterns are formed.

IWM: Keep your eye on price and the T-Line, watch how it will help you with the short-term trend change before we can have a longer-term trend change.

Although we may see a relief rally the sellers are currently in charge.

Over the weekend you should’ve received an email with sellers targets and a list of inverse ETF’s that are possible trading vehicles.

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VXX S&P 500 VIX Short Term Futures: Aclose above theT-Line ™ implies the bullish short-term swing traders are in control, Watch for RBB chart set up

USO United States Oil Fund: Aclose below the T-Line ™ implies the bearish short-term swing traders are in control. Friday’s Doji on the 200 SMA implies a possible relief rally

GDX Gold Miners ETF: Aclose Below the T-Line ™ implies the Bearish short-term swing traders are in control. Friday’s candle indicates more indecision

TLT: Aclose Below the T-Line ™ implies the Bearish short-term swing traders are in control. Friday’s bullish engulf indicates buyers may be trying to take control watch the T-Line today.

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

Members Trade Ideas – Members Only
No trade ideas today, I think it’s best to manage what you have, close and protect green positions and close red positions that you can afford to. Next week will be a new start, think cash for a few days or at least smaller and fewer positions.
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