Following are our trade ideas for our Daily Trader portfolio for Wednesday July 23rd, 2014. These are short-term trading ideas that are normally closed either the same day or in next few days. Trade nimbly.
- Gannett Co, Inc. (GCI)
- Direction: Long
- Entry: 33.38
- Stop: 32.81
- Target: 34.72
- Pattern: Bull Flag / Expansion Candle / Resistance Break Out
- Herbalife Ltd. (HLF)
- Direction: Long
- Entry: 68.33
- Stop: 65.16
- Target: 71.06
- Pattern: Outside Reversal Day / Expansion Candle
- State Street Corp. (STT)
- Direction: Long
- Entry: 70.33
- Stop: 69.47
- Target: 73.14
- Pattern: Reversal / Expansion Candle
- Advance Auto Parts Inc. (AAP)
- Direction: Short
- Entry: 123.83
- Stop: 125.15
- Target: 122.59
- Pattern: Break Below 50D SMA / Expansion Candle
- Crown Holdings Inc. (CCK)
- Direction: Short
- Entry: 48.29
- Stop: 49.11
- Target: 47.72
- Pattern: Break Below 50D SMA / Expansion Candle
- Rockwell Collins (COL)
- Direction: Short
- Entry: 77.35
- Stop: 78.30
- Target: 76.58
- Pattern: Expansion Candle
- 3D Systems Corp. (DDD)
- Direction: Short
- Entry: 52.87
- Stop: 55.74
- Target: 53.14
- Pattern: Support Break Down / Expansion Candle
- International Paper Co. (IP)
- Direction: Short
- Entry: 47.00
- Stop: 47.86
- Target: 46.53
- Pattern: Expansion Candle
- Kimberly Clark Corp. (KMB)
- Direction: Short
- Entry: 108.73
- Stop: 110.06
- Target: 107.64
- Pattern: Gap Down / Expansion Candle
- MeadWestvaco Corp. (MWV)
- Direction: Short
- Entry: 42.97
- Stop: 43.67
- Target: 42.54
- Pattern: Support Break / Expansion Candle
- O’Reilly Automotive, Inc. (ORLY)
- Direction: Short
- Entry: 145.72
- Stop: 145.72
- Target: 147.13
- Pattern: Support Break / Expansion Candle
- Fresh Market Inc. (TFM)
- Direction: Short
- Entry: 29.78
- Stop: 30.78
- Target: 29.48
- Pattern: Potential Support Break / Expansion Candle
Previous Trades Update:
Three of our trades triggered on July 22nd. If you have not already closed them then modify the stops and target levels.
- EMC (long) – modify stop to 28.26 and target to 28.86
- OZM (long) – update stop to 14.01 and target to 14.38
- STLD (long) closed for a 3.9% gain
Trades triggered on July 21st:
- CE (short) closed for 0.4% loss
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
