Following are our trade ideas for our Daily Trader portfolio for Tuesday July 22nd, 2014. These are short-term trading ideas that are normally closed either the same day or in next few days. Trade nimbly.
- EMC Corp. (EMC)
- Direction: Long
- Entry: 28.47
- Stop: 28.16
- Target: 29.61
- Pattern: Gap Up / Expansion Candle / Potential Resistance Break
- Och-Ziff Capital Management Group LLC (OZM)
- Direction: Long
- Entry: 14.30
- Stop: 13.92
- Target: 14.87
- Pattern: Resistance Break Out / Expansion Candle
- Steel Dynamics, Inc. (STLD)
- Direction: Long
- Entry: 20.92
- Stop: 20.05
- Target: 21.76
- Pattern: Gap Up / Resistance Break Out / Expansion Candle
Previous Trades Update:
One of our trades triggered on July 21st. If you have not already closed it then modify the stops and target levels.
- CE (short) – update stop to 63.32 and target to 61.54
Trades triggered on July 18th:
- SHW (long) closed for a gain of 0.4%
- BBG (short) lost 2.0%
Please Note: These are short-term trade ideas that we normally close in a day or two. Some of the trades are held longer based upon the price action. If there is abnormal price action then act accordingly to either lock-in the profit or limit the loss. We do send out alerts if there is any abnormal price action. Remember to check this site for alerts and further updates.
- We usually avoid taking a position if there is big gap-up or gap-down.
- If there is a gap-up or gap-down then if in the first half hour there is a snap-back or pull-back to our original entry then we take that unless the price ran away too much and then snapped-back or pulled-back
- If there is no snap-back or pull-back in the first thirty minute then we wait for the ORB (Opening Range Break - a break above or below the first thirty minute candle - in the original trade direction
- If the entry is based upon the ORB then the stop is usually beyond the other end of the bar.
- Remember to position size based upon your risk-tolerance
