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Stock Chat – Thursday 04/29/21
What creates the ultimate entry strategies for a trade? Knowing what the results should be after a candlestick signal or pattern. The J-hook patterns are currently producing very big profits in these market conditions. Candlestick pattern results provide two huge advantages! First, it is easy to identify the high probability direction. Second, the magnitude of the price move is usually excessive. Because human nature reacts the same way time after time, candlestick patterns show when investor sentiment is going to produce a high profit trade. Join us in our chat rooms. Fortunately, there are numerous candlestick traders that help identify the setups for a big trade potential. Every time a candlestick signal/pattern confirms, the probabilities of being in a profitable trade is extremely high.
The markets are in a sideways/slow upward mode. The uptrend remains in progress as long as the indexes continue to trade above the T line. However, this does not necessarily mean the market uptrend is going to be strong enough to rise all boats. Simple candlestick scanning techniques allow investors to have a constant supply of strong trade potentials.
Chat session tonight at 8 PM ET. Click here to register.
Good investing,
The Candlestick Forum team
The failure to hold any positive trading after the open reveals the lack of bullish sentiment, indicating a toppy action in the markets. Be ready to close out long positions that are not exhibiting strength going into the close today. Expect some profit-taking and also watch where the indexes close today in regards to the T line.
The Dow is the only index selling off today, the NASDAQ, S&P 500, and the transportation index continue to trade slightly positive. Probably waiting for the Fed meeting, for whatever reason. The prognosis remains the same, stay with positions that are continuing to trade above the T line.
The Dow is the only index selling off today, the NASDAQ, S&P 500, and the transportation index continue to trade slightly positive. Probably waiting for the Fed meeting, for whatever reason. The prognosis remains the same, stay with positions that are continuing to trade above the T line.
With the NASDAQ forming a J-hook pattern and the other major indexes not selling off, this market condition provides for the opportunity of candlestick pattern breakouts to produce big profits. Currently, the scoop pattern is producing big profit potential. This is been seen in our recommendation on OCGN last week and HZO this week. Frypan bottom patterns are working excessively well and the McMuffin pattern is producing high probability profit trades. The benefit of candlestick patterns is not only being able to identify the direction of a price move but also participating in a price move that is usually going to be much more excessive than merely an uptrending stock price during a slow up-trending market.
Chat session tonight at 8 PM ET.
Good investing,
The Candlestick Forum team
One of the most high probability candlestick patterns is the Doji sandwich. A strong candlestick signal followed by a Doji, will usually produce another strong candlestick signal on a positive open after the Doji. The Doji rule. The market indexes continue to trade above the T-line but are still in an indecisive stage. Fortunately, this allows for identifying strong bullish candlestick signals/patterns when the overall market trend is not illustrating any strong selling. The NASDAQ appears as if it wants to form a J-hook pattern. This would imply investor sentiment would remain bullish for the next few weeks. Anticipating wave 3 of the NASDAQ trend to be equal to wave 1. The electric vehicle sector picked up some strength with Biden announcing more money going into the electric vehicle sector.
The J-hook pattern is becoming more evident in the NASDAQ, implying more upside. The Dow and S&P 500, although not trading up strong, continue to trade above the T line. These market conditions continue to allow candlestick patterns to perform effectively. The knee-jerk reaction in OCGN is showing a bullish Doji sandwich/scoop pattern confirmation in today’s positive trading. Let the markets tell you what the markets are doing.
Indecisive trading trend in the market indexes, provided the indexes trade near the high end of their range Today. Yesterday’s close below the T-line showed signs of bearish sentiment starting to come into the markets. The indexes need to close near the high end of their range Today. Fortunately, these market conditions allow candlestick patterns to work. QS is forming a McMuffin pattern up through the T-line. OCGN continues the scoop pattern confirmation. STON still working positive after the bullish kicker signal. Continue to use the T-line as your final indicator.
April 30th Daily Market Comments
The indecisive nature of the market remains in place. These market conditions make the analysis of each individual stock/sector the top criteria. The J-hook patterns have been working well. OCGN, DRNA. Use this as a process to close out long positions that are showing weakness. Have a few short positions in the portfolio.