Following are our trade ideas for our Daily Trader portfolio for Tuesday August 19th, 2014.Though the market had a great day, our scans did not produce many setups. These are short term trading ideas that are normally closed either the same day or in next few days. Trade nimbly.
- W.R. Grace & Co. (GRA)
- Direction: Long
- Entry: 98.81
- Stop: 97.45
- Target: 102.40
- Pattern: Expansion Candle / Horizontal Channel Break Out
Previous Trades Update:
Two of our trades triggered on August 18th. If you have not already closed them then modify the stops and target levels.
- FSLR (long) – modify stop to 69.34 and target to 71.00
- IBN (long) – modify stop to 52.71 and target to 54.00
Trades triggered on August 15th:
- AMGN (long) hit the target for 0.5% gain
- NTAP (long) closed out for 1.3% 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
