Daily Trader: Trade Ideas For July 22nd, 2014

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.

  1. EMC Corp. (EMC)
    • Direction: Long
    • Entry: 28.47
    • Stop: 28.16
    • Target: 29.61
    • Pattern: Gap Up / Expansion Candle / Potential Resistance Break
  2. Och-Ziff Capital Management Group LLC (OZM)
    • Direction: Long
    • Entry: 14.30
    • Stop: 13.92
    • Target: 14.87
    • Pattern: Resistance Break Out / Expansion Candle
  3. 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
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