and The Candlestick Forum
Today’s positive trading obviously reveals the T line was not going to act as resistance, especially informative for the Dow and the S&P 500. The gap up and positive trading in the NASDAQ demonstrates strong bullish sentiment has returned in that index. This should have instigated covering any short positions that were not continuing to show weakness. The portfolio should now be biased toward bullish trades.
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At the end of the webinar, Steve announced his upcoming “Accurate Daytrading” event, which he’ll present on Saturday, June 25th with Stephen Bigalow
This 4-hour training workshop will provide you with visual perspectives that will improve your investing for the rest of your life.
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Strong candlestick patterns can be enhanced when utilizing confirming indicators. The strong candlestick patterns that are occurring in this market consolidation are the J-hook patterns and the scoop patterns. The expected results of these patterns not only produce high probabilities of moving in the correct direction but also producing strong profit moves. The NASDAQ, after demonstrating candlestick reversal signals over the past few trading days has also produced bullish confirmation by closing above the T line today. Although the Dow and the S&P 500 are trading positive, they need more bullish sentiment to close them above the T line. The visual aspects of candlestick analysis make analyzing the market trend as well as confirming stock patterns much more clear as far as expected results. The confirmation of specific candlestick pattern set ups allow for much more accurate daytrading/swing trading entry strategies. Join us this Saturday, June 25 for a full day training on recognizing high probability daytrade set ups as well as utilizing the intraday charts to maximize the profits of a daytrade. Join us, you will gain insights that will dramatically improve your analysis of consistent patterns human nature produces.
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Good Investing,
Stephen Bigalow
The market trend remains indecisive. The indexes today are trading indecisively positive but still below the T line. Below the T line still makes for high probabilities there is not yet a bullish uptrend. Be aware that as long as something is trading below the T line, the bearish sentiment will be more persuasive.
The market indexes continue to trade in a basing mode, not yet indicating if a bullish reversal has confirmed. The T line continues to be a relevant indicator. The J-hook patterns are producing good profit trades. The scoop pattern is also working. Until the markets show a definite trend, be prepared to close out positions quickly if they are not working.
High probability trades are easily identified using candlestick signal results. A common question is when you have so many good bullish reversal signals on any given day, how do you pick the best trades. High probability trades are based upon candlestick signal and pattern expectations. The inverted hammer signal provides a 95% or greater probability an uptrend is in progress if it opens positive and trades positive after the inverted hammer signal. Pattern breakouts also provides two major benefits. First, a high probability of the direction of the next move and secondly, a strong move is expected. This allows the candlestick investor to constantly cultivate their portfolio positions to be in the best possible/most profitable trade set ups. This process allows the candlestick investor to constantly improve the probabilities of profitable trades. Join us Saturday, June 25 for a full day training on daytrading set ups that produce good expected results. This is not only good for daytrading but also for fine-tuning swing trading entries. Join us, you will get a lot more information than you expect
The market indexes are in the oversold area showing some bullish strength. It will be important to see where the indexes close today, indicating merely a bounce in a downtrend or a potential reversal. The NASDAQ is currently nudging the T-line, the other indexes have more upside to get to the T-line. The 3T-line becomes an important factor. Adding any long positions in this area requires bullish follow-through. Short positions should start to be covered if they don’t show weakness going into the end of the day.
A reminder, a downtrend will usually see early-morning buying but then continued selling later in the day. Do not jump after long positions in those conditions unless there is a very viable bullish signal or pattern. Continue to stay predominately short until there is a definite reversal signal in the market indexes.
To Download recorded sessions;
In order to download click on the link below, once on the video page you will click on the three-dotted vertical line located at the bottom right-hand side of the video player and click on “download” to save to your files.
June 27th Daily Market Comments
Today’s consolidation is not unexpected after the big price move in the markets on Friday. However, the assumption is that the uptrend is in progress as long as the indexes are now trading above the T line. Trading bias should be to the long side. There are still a few, very few, short positions still working.