and The Candlestick Forum
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Stock Chat – Thursday 04/23/20
At the end of the webinar, Steve announced his upcoming Spotlight Session on Options Strategies, which he’ll present on Saturday, May 2nd.
Candlestick pattern breakouts are working very effectively in this market environment. Candlestick pattern breakouts have a much better probability of working profitably when the analysis of the market trend, in general, remains bullish. This is based upon a very simple factor. As long as the market indexes continue to trade above the T-line, it has to be assumed the uptrend remains in progress with a high degree of probability. Note on the charts, the Dow used the T-line as a support level Today. This is significant because nobody has the T-line on their charts, which provides additional evidence the T-line acts as a natural support and resistance level of human nature. Knowing the uptrend is in progress but may be still in a waffling/whipsaw type nature, moving too quick trades, such as day-trading becomes prudent. Candlestick pattern breakouts makes for very high profit/high probability trades. Candlestick analysis works on any time frame. If you are a day trader, the signals/patterns work extremely well on a one-minute, five-minute, ten-minute chart combination. Join us this Saturday for a day-trading training. This will just be implementing common sense pattern breakouts for short-term trades. Click here to register.
Chat session tonight at 8 PM ET with Stephen Bigalow. Click here to register.
Good investing,
The Candlestick Forum team.
The candlestick pattern still demonstrate much higher probabilities of being incorrect trades. MRNA is coming out of a wedge formation.NFLX continuing its uptrend after the advanced method rising signal. Numerous fry pan bottom patterns are continuing to perform profitably.
What do the candlestick charts indicate? Unfortunately, the nature of the market has reverted back to the whipsaw mode. Although the indexes continue to trade above the T-line, the daily whipsaw action is becoming more apparent, the same nature of the market in the previous downtrend.
If the Dow closes at the high end of the trading range Today, note Today’s signal, a trend kicker signal. This would imply more upside, making the 50-day moving average still the likely target. The same scenario for the S&P 500. The NASDAQ gapped up and is trying to get through the 50 day and 200-day moving average. This would illustrate definite bullish control, provided the indexes closing near the high end of there trading ranges Today.
Candlestick analysis allows for a much more accurate assessment of the nature of a trend. Although the Dow was down, it was not a major decisive candlestick formation. The S&P 500 traded lower but not decisively lower. The NASDAQ traded positive on the day. The lack of consensus is a good indication that there is no major change of the current trend, investor sentiment has not changed. This provides candlestick investors the opportunity to identify which sectors are acting the strongest. As pointed out in the ” stocks to watch ” YouTube this weekend, the gold and silver mining stocks had good bullish prospects if they traded positive today, which they did. Simple confirming techniques illustrate which bullish signals and patterns that are confirming. Whether you are day-trading or swing trading, the open price, after a signal or pattern set-up provides a high probability of a trade direction. Day-trading profits are greatly enhanced knowing which direction a trading entity is likely to move during a specific time frame. This is what is going to be demonstrated in this weekends Day-trading training session. Join us, you will gain a lot of insights that will greatly improve day trading and swing trading entry strategies. Click here to register.
Additional indication, that there is a lack of selling pressure in this trend, is illustrated in the big-name stocks. AMZN was up $125 today. NFLX was up $25 today.TSLA, AAPL and NVDA all traded positive. Although the Dow was trading lower, the positive trading in these major traders reveal bullish sentiment is still in the overall market conditions. Finally, knowing how to utilize the T-line will take a great amount of anxiety out of your trading emotions. There will be numerous trading days where up trending stocks are trading lower. This usually creates fear and consternation in many investors. However, the T-line provides an extremely high probability trend indicator. As long as there is not a candlestick reversal signal AND a close below the T-line, your probabilities are greatly inclined toward continuing an uptrend. If you have problems controlling your emotions when you’re money is on the line, these simple candlestick techniques will greatly improve your self-discipline. Currently, the T-line support indicator reveals the uptrend is still in progress. You have the benefit of high probability expected results based upon candlestick signals and the T-line trend combination.
Chat session tonight at 8 PM ET.
Good investing,
The Candlestick Forum team.
The reason there was no pics Today was based upon the three day weekend. It is not unusual to see the markets do the opposite after the weekend of what they did the day prior to the weekend.
The bullish trend should continue based upon the candlestick index charts. Anticipate some strength in the gold and silver mining stocks. Also the health services area is acting strong. A third sector to watch is the regional banks. Always keep in mind that how prices open in an individual stock adds better probabilities the pattern is continuing to work. This applies to any time frame. Join us this coming weekend for a mini-training on improving your Day Trading techniques utilizing the information built into candlestick signals. This is both oriented toward knowing the general direction a trading entity will be trading during the day as well as intraday trading utilizing combinations of chart time frames, such as the one- minute, five-minute, ten-minute charts. This information will also be applied to appropriate entry points for swing trading. Click here to register.
Obviously, the news of the China virus is going to be affecting investor sentiment Monday morning. The news is also going to be concentrating on how much money is actually getting out to small businesses. How does this affect each sector? That’s the advantage of candlestick analysis allowing us to see exactly where money is flowing. You gain a huge advantage when knowing which stocks and sectors are acting the best during a current uptrend. Even if you are using other trading techniques, putting candlestick charts on your screen allows you to see more clearly whether those trading techniques are working as expected.
To Download recorded sessions;
In order to download click on the link below, once on the video page you will right-click on the video then hit “Save video as” to save to your files.
Stock Chat – Thursday 04/16/20
At the end of the webinar Steve announced his upcoming Spotlight Session on Day Trading which he’ll present on Saturday, April 18th.
Good Investing!
Stephen W. Bigalow
and The Candlestick Forum Team
April 17th Daily Market Comments
Let the market tell you what the market is doing! This is the Japanese rice traders professing. The longer the indexes remain above the T-line, the more bullish investor sentiment will develop. The NASDAQ continues to trade above the 50 day and 200 day moving average, a much more watched technical level. Notice the financial news stations are not interviewing the experts that predicted the markets heading back down to test the lows and/or going much lower. For your own mental clarification, remember the visual image of a McMuffin pattern illustrating the market bottom a few weeks ago.