Trade Ideas October 24, 2014

Today's Swing Trade Ideas

XON/Long  (Healthcare Sector Biotechnology)  XON has formed a bullish J-Hook breakout within a RBB strategy along with a bullish "W" pattern.  Keep in mind, with yesterday's 11.5% day, we could see a little profit taking which would offer a good entry for about 17% to target.

My entry plan idea:  Inside day buy
My stop plan idea:   A close below the T-Line

Good Morning,

SPY:  Admittedly, I was not expecting the bullish open yesterday on the SPY, but then again, it did close with a possible...

Shooting Star within pennies of the 50-day simple moving average, and with Wednesday's dark cloud cover, I can't help but be slightly skeptical and very cautious.  I keep looking at the 200-period simple moving average area as a good area for a profit taking pull back and a possible PBO (Pullback Opportunity), which is also around the 38.2% Fibonacci retracement line.  Of course, a bullish breakout of the 50-day simple moving average would be a huge accomplishment for the bulls.

IWM:   The recent rally on IWM as well as the SPY has been nothing more than a relief rally in broken charts.  The 20-day period moving average has broken down below the 50-day simple moving average.  This is a surefire sign that the sellers are in and have control.  Therefore, the recent relief rally has been a counter trend trade.

There are simply two scenarios:  one being bearish with price cracking the October low; the other being bullish where we have a light profit taking pull back creating a Pullback Opportunity (PBO) and then another bullish rally closing higher than $111.06.  Of course, then we have to deal with the 50-period  moving average as well as the 200-period moving average.

What is a PBO?  Click Here

This Week's Economic Calendar---> Click Here

Members Trade Ideas -  Members Only

In the members area you will find 10-15 trade ideas every day

 

Current  Swing Trade Featured Trade Ideas- Gold & Silver Members Only:

Symbols formembers only Date  Long/Short Try our Membership, Check out the Trading Room
10-23-14 Long Buy on positive trading
10-21-14 Long Buy on positive trading
10-20-14 Long Profit taking
10-17-14 Long Buy on positive trading
10-14-14 Long Buy on positive trading/protect your profits
10-9-14 Long Buy on positive trading
10-2-14 Long Buy on positive trading
9-30-14 Long Buy on positive trading/watch for profit taking
9-25-14 Long Buy on positive trading
9-18-14 Long Buy on positive trading above the 50
9-5-14 Long Buy on positive trading
8-28-14 Long Caution
8-14-14 Long Buy on positive trading
8-13-14 Long Target Hit +29%
7-8-14 Long Buy on positive trading/think profits

VXX S&P 500 VIX Short Term Futures:  A close below the T-Line ™ implies the bearish short-term swing traders are in control, Bullish engulf and a doji implies the buyers are very interested, needs follow through.

USO United States Oil Fund:  A close below the  T-Line ™  implies the bearish short-term swing traders are in control.  The current candle pattern implies buyers are trying to build a short term bottom.

TLT: A close below the  T-Line ™ implies the bearish short-term swing traders are in control.  Recent candles implies consolidation and sellers are in control.

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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