Today's Lazy Trades (gotta love today's picture too!) comes with me jumping into NTE at $11.38, which really hasn't been that great of any entry so far as it dipped below that level since getting in. Nonetheless, the stock is seeing insane amounts of volume while trading sideways the past few months.
As it breaks out today, I plan on keeping my stop-loss below the 10-day moving average and ridiing the stop-loss with the move higher (should it be so kind).
For the short setup, Dresser-Rand (DRC) looks devilishly bearish with its double top and bear-flag rise into resistance. Now that it is trying to break down today, it makes for a great risk-reward opportunity.
Here's today's Lazy Trades.
LONG: Nam Tai Electronics (NTE)
SHORT: Dresser-Rand (DRC)
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!