Thursday, May 08, 2014

TRADE IDEAS FOR WEDNESDAY, MAY 7, 2014

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LONG QCOR



LONG CSH



SHORT FLR



SHORT GT




TRADE IDEAS FOR MONDAY, MAY 5, 2014
LONG WCN


Main idea is bounce possibility from daily 10sma support area. Previous weekly/monthly high is 1st resistance area ($46-46.50 area), but with possible good pace from 10sma daily I think that we could see new high. Of course market action will be important too. For trading plan I won’t use new daily high, on the 60 min chart we can see that we can use lower entry because of pattern.


LONG ANN


It is same idea as WCN but this time from weekly time frame. We can see on the weekly chart odds for bounce from 10sma support area. For that ANN need to break above daily 20sma, at this moment resistance area. For trading plan we can use also 60 min flag pattern, but this time I won’t do that because of daily 20sma. I want to see some confirmation and this time for entry I will use price above Friday high. First target idea is previous high.


SHORT LNCO


LNCO weekly idea is same as ANN, but this time opposite direction. I will look for pull back from weekly 10sma resistance area. For entry I will use price under Friday low and for stop I will follow 60 min 20sma resistance. All those trades depends at this moment from market action and I hope that my words above are enough clear.



STOCK TRADING IS EXTREMELY DANGEROUS TO YOUR FINANCIAL HEALTH AND IF YOU TAKE ANY OF THESE TRADE IDEAS, OR EVEN WORSE HAVE NO STOPS IN PLACE, YOU WILL UNDOUBTEDLY LOSE ALL YOUR MONEY. I MAY ALSO HAVE A POSITION IN THE SECURITIES MENTIONED AND I MAY BE PUMPING THEM HOPING TO FIND A SUCKER TO TAKE IT OFF MY HANDS AT HIGHER (OR LOWER) PRICES.
CAUTION IS ADVISED.



By Elliott Wave International
Elliott Wave International's technical analysis expert, Jeffrey Kennedy, shows you the first step in identifying a high-confidence trade setup in this 4-minute video clip. It's taken from a live lesson he taught on April 9, 2014. Read more.

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