Our Daily Trader portfolio scan generated following trade ideas for July 30th, 2014. These are short-term trading ideas that are normally closed either the same day or in next few days.
- Honda Motor Co. Ltd. (HMC)
- Direction: Long
- Entry: 36.12
- Stop: 35.46
- Target: 36.98
- Pattern: Potential Resistance Break / Expanding Candle
- Pharmacyclics, Inc. (PCYC)
- Direction: Long
- Entry: ORB (Opening Range Bar – first 30 minute candle) break
- Stop: 123.76 or below OEB
- Target: 130.79
- Pattern: Gap Up / Expansion Bar / Resistance Break
- Wynn Resorts Ltd. (WYNN)
- Direction: Long
- Entry: 13.45
- Stop: 13.97
- Target: 13.32
- Pattern: Expansion Bar
- CNO Financial Group Inc. (CNO)
- Direction: Short
- Entry: 16.62 or ORB (Opening Range Bar – first 30 minute candle) breakdown
- Stop: 17.13
- Target: 16.22
- Pattern: Support Break
- Canadian Solar Inc. (CSIQ)
- Direction: Short
- Entry: 25.89 or ORB (Opening Range Bar – first 30 minute candle) breakdown
- Stop: 27.17
- Target: 23.35
- Pattern: Expansion Bar
- Entegris, Inc. (ENTG)
- Direction: Short
- Entry: 11.60
- Stop: 12.14
- Target: 11.48
- Pattern: Expansion Bar / Outside Candle
- Manitowoc Co, Inc. (MTW)
- Direction: Short
- Entry: 30.14
- Stop: 31.19
- Target: 29.15
- Pattern: Expansion Bar / Previous Gap Fill
Previous Trades Update:
Only one of our trades triggered on July 29th. If you have not already closed them then modify the stops and target levels.
- HDS (short) – modify stop to 26.65 and target to 25.67
Trades triggered on July 28th:
- SWK (long) closed with 0.9% loss
- THC (long) closed with 1.0% gain
- MNK (short) returned 1.7% gain
- PEGI (short) closed up 0.8% gain
- TPX (short) returned 2.4% gain
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
