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
