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September 19 Market Direction

 

The indecisive nature of the market trend remains in process. The NASDAQ continues to trade just above the T-line while the Dow and S&P 500 cannot get up above the T-line. This combination reveals there is no dramatic bullish pressure or bearish pressure in this market trend. Fortunately, these market conditions still make for a very profitable trading when utilizing the candlestick charts. The graphics of candlestick's reveal which sectors are moving the most bullish or the most bearish and candlestick price patterns also produce very profitable trading. Currently, there are numerous frypan bottom breakout's, such as PTCT, ARIA, and LMCA. There are numerous bobble pattern breakout's producing high probability/high profit trades.

A bobble breakout is a more defined J-hook pattern. The bobble pattern has more definable sell points and buy points. The pattern usually can be identified when a strong uptrend first hits a major resistance level, such as a moving average or a trend line. Both AGIO and INVN are producing bobble breakout's that use a result in not only profitable trades, but the third wave of the pattern usually is equivalent to wave one. Identifying these pattern breakout's allows for greater profits than normal uptrending stocks during an uptrend, but even produce strong profits when the general market direction is sideways.

 

We will conduct a "Members Only" chat session tonight at 8:00 p.m EST.

Good Investing,

The Candlestick Forum Team

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