Quickly identify and label Rick Saddler's 5 Patterns for Profit in your analysis
Long-time trading coach and founder of Hit & Run Candlesticks, Rick Saddler has developed a system of 5 patterns based on his experience that can help you better identify winning trades. Now YOU can quickly identify and label these patterns in Rick Saddler's Patterns for Profit Add-on for MetaStock.
The 5 patterns are these:
- Round Bottom Breakout (RBB) - The (RBB) Rounded Bottom Breakout was designed to find charts with a high profit potential in the (RBB) Rounded Bottom trade area. When this traded is planned out and traded properly the rewards can be life changing.
- T-Line Squeeze - Rick Saddler has found that the probability of price moving up and down and returning to the T-Line (Trigger Line) is extremely high. What the scan looks for is price closing below the T-Line or the price low below the T-Line. Also included in the scan is the 20. When price engulfs both the T-Line and the 20 SMA we have found there is a high probability of a T-Line Run as the T-Line and the 20 SMA are squeezed together.
- T-Line Bounce - The T-Line (Trigger Line) Bounce was designed to find charts that have rallied, then pulled back on profit-taking to near the T-Line. (Price can be below or above the T-Line by a small percentage). From here the trader should wait for a buy signal and the right conditions to make a trade, Rick Saddler calls that a T-Line PBO (pull back opportunity).
- Pinball Setup - The Pinball Setup is a relief rally trade in a downtrend designed for 10% plus profits. The scan looks for charts that have crossed where the price has been in a downtrend and under the T-Line () then reversed and has closed over the T-Line with the 34 Exponential Moving Average (EMA) as the swing target. Special note: There must be at least 10% between the T-Line and the 34 EMA and the entry should also be 10% from the 34 EMA.
- NEW The 3x8 Trap - The 3X8 Trap setup is Rick’s primary and favorite among favorites. It is very important that you follow your trade plan including at minimum a stop, a buy box, and swing target areas. The 3x8 Trap looks for a bullish Trend combined with a Pull-Back Opportunity (PBO.) Finally, the 3x8 Trap looks for confirmation that the bulls are stepping back into the market.
Rick Saddler's Patterns for Profit includes:
- 1 template
- 1 Expert Advisor
- 1 Exploration
About Rick Saddler
Rick Saddler has been an employee and a business owner. He had a dream to quit his day job and learn to trade the stock market. Twenty-one years of trading and coaching experience later, he is living that dream. Rick also wanted to help others avoid some of the difficult lessons he learned along the way so he founded Hit and Run Candlesticks.
Now every day in the Hit and Run Candlesticks live trading room Rick shares with others what he learned. Most Importantly that you could enter a short-term trade with low-risk, grab your profits after a successful swing, and sleep well at night. His bottom line has become "simplicity equals success."
Hit and Run Candlesticks is an active trading room specializing in teaching the simplicity of trading with guidance provided daily by Rick and three other professional traders with a combined total of 111 years of experience in trading stocks and options. If you are ready to take your trading to the next level and gain valuable knowledge from experienced traders who have done the necessary work to be continually successful in trading for a living, visit http://www.hitandruncandlesticks.com