Today’s Swing Trade Idea

EXK Long (Basic Material Silver Sector) EXK has been forming a bullish flag from mid- July and broke out yesterday above the T-Line and the 20-day SMA. You can also see from the bullish flag the triple bottom lows. FYI, a bullish cup and handle pattern is also visible on the daily. Also check out the base breakout on the weekly chart and a possible 25% profit near-term.

My entry plan idea: Buy on an inside day below yesterday’s high of $6.24 and above the stop price of $5.94.
My stop plan: 5.94

Good Morning,
SPY: Patients! I don’t know of any successful trader that would not agree that patience is needed in trading. In any chart, whether it’s indices or just a simple stock, we will see head fakes and little knee jerks that pull us in and we start buying before it’s time. More times than not, this is a good idea on minor pullbacks such as PBO’s, but when there’s a correction, patience is needed to allow the bottom construction. PBO’s or minor pullbacks from a trend can turn on one or two candles, but corrections take a little more construction.

Yesterday the SPY put in another low enclosed with the green candle, but it also put in a lower high which means the bottom has not been constructed. Yesterday was a good day in the trading room because the market had movement. We saw profits from longs and profits from shorts and inverse ETF’s and having a mix or a balance in your portfolio is good business.

IWM: Take a look at the IWM chart and you can see that we have higher lows and higher highs over the past four trading days. This is construction. Unfortunately, the construction hasn’t gone anywhere.

A couple of things I look for in any chart under these circumstances will be a series of higher lows, higher highs, a close or even two consecutive closes above the T-Line as well as a close above the recent swing high.

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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, Yesterday’s candle implies possible consolidation

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

GDX Gold Miners ETF: Aclose above the T-Line ™ implies the bullish short-term swing traders are in control. Yesterday’s gap over the T-Line and the 20 SMA implies buyers are expecting a higher price target

TLT: Aclose above the T-Line ™ implies the bull short-term swing traders are in control. Yesterday’s candle implies caution while bullish

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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