Daily Trader: Trade Ideas For August 4th 2014

Our Daily Trader portfolio scan generated following trade ideas for August 4th, 2014. Market had a pretty big down day so all of our opportunities are on the short side. These are short-term trading ideas that are normally closed either the same day or in next few days.

  1. LinkedIn Corp. (LNKD)
    • Direction: Long
    • Entry: 201.88
    • Stop: 197.55
    • Target: 209.96
    • Pattern: Gap Up / Expanding Candle
  2. Canadian Natural Resources (CNQ)
    • Direction: Short
    • Entry: 41.89
    • Stop: 42.69
    • Target: 41.52
    • Pattern: Expansion Bar / Support Break / Gap Down
  3. Splunk Inc. (SPLK)
    • Direction: Short
    • Entry: 43.46
    • Stop: 45.13
    • Target: 43.40
    • Pattern: Expansion Bar
  4. Western Union Co. (WU)
    • Direction: Short
    • Entry: 16.70
    • Stop: 17.16
    • Target: 16.57
    • Pattern: Expansion Bar

Previous Trades Update:

Many of our trades triggered on August 1st. If you have not already closed it then modify the stops and target levels.

  • AEM (short) – modify stop to 37.92 and target to 36.85
  • CFN (short) – update stop to 43.96 and target 43.36
  • HST (short) – modify stop to 21.91 and target to 21.55
  • IJR (short) – modify stop to 106.42 and target to 104.67
  • KBE (short) – modify stop to 32.01 and target to 31.25
  • PWR (short) – modify stop to 34.23 and target to 33.33
  • SIAL (short) – modify stop to 100.91 and target to 99.83
  • Trades that hit the target
    • SPXS ((long) returned 1.2% gain
    • ADSK (short) gave 1.0% gain
    • BKS (short) returned 1.0% gain
    • CRZO (short) closed with 1.0% gain
    • FAS (short) returned 1.0%
    • GES (short) returned 1.0%
    • IJH (short) returned 0.6%
    • IWM (short) returned 1.0%
    • MDY (short) returned 0.6%
    • NAV (short) returned 1.0%
    • NBR (short) returned 1.0%
    • OKE (short) returned 0.4%
    • PAY (short) returned 1.0%
    • SE (short) returned 1.0%
    • SSO (short) returned 1.0%
    • SSYS (short) returned 1.0%
    • SVXY (short) returned 1.0%
    • UBNT (short) lost 2.7%
    • UPRO (short) returned 1.0%
    • XIV (short) returned 1.0%

Trades triggered on July 31st:

  • HIG (short) closed with 1.6% gain
  • WMB (short) returned 2.9% gain
  • XOP  (short) returned 4.9% 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
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