The definition of a bull market is an uptrending market in spite of massive negative news. The indexes continue their uptrend in the trend channel with both the Dow and the NASDAQ continuing to trade above the T-line. Today’s positive trading occurring even though the news broadcasts filmed dozens of cities being burnt. Candlestick charts reveal what is actually occurring in investor sentiment versus what each of us may think should be occurring in the market trend. The slow uptrend of the markets indicates the lack of any great exuberance, merely steady buying. These types of market conditions allow for the candlestick patterns to work excessively well, not having investor sentiment concerned about any selling pressures. The J Hook pattern has produced a very good profits. Patterns have two major advantages. They produce extremely high probabilities of a direction of a price move and they also provide price moves much stronger than merely up trending stocks during an uptrend. Knowing the results of candlestick signals and patterns give you a competitive edge.
ZM and CRWD produced very strong profits, a scoop pattern and a J-hook pattern. BYND is setting up for a scoop pattern breakout if it opens positive tomorrow. There have been numerous J-hook patterns setting up and producing profits ,FVRR, FSLY, DOCU, OKTA , and many more. Knowing which patterns will produce the biggest profits during an uptrend allows investors to maximize profitability when the markets are trading positive, essentially optimizing the term making hay while the sun shines. Candlestick signals and patterns dramatically improve the probabilities of making profitable trades and participating in trades that will produce large profits.
Chat session tonight at 8 PM ET.
Good investing,
The Candlestick Forum team.
