It's great to be back today after being away for two-days (a rarity for me).
Two new positions today and they make up today's daily lazy trades to the long and short side. In both trades I'm placing a heavy emphasis on support and resistance, and looking for where key levels that have held of late in conjunction with current market action.
The first one is a long position in Groupon (GRPN) which seems to be basing nicely above the 20-day moving average with a developing trend-line off of the stock's all-time lows. I'm long at $4.88.
The other is Invensense (INVN) which created a nice double top, confirmed the pattern and is now basing just a shade below the neckline of that pattern. I'm short at $12.14.
Here's today's long and short lazy trades.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!