On today’s video I discuss two new potential long trades on the stocks Quintiles Transitional Holding (Q) and Biogen (BIIB). Be sure to watch the video for all the details. Have a profitable day and I hope this video helps you in your own trading.
Â Potential Long Trades (Stock) – Q & BIIB
First we look at Â Quintiles Transitional Holding, symbol Q. As you will see, the market is in an uptrend, the market’s pulled back, we’re in that grey action zone, and we’ve got an inside pattern here. It wasn’t able to take out that high. Made a lower high, lower low. Look at yesterday. Very, very tight inside pattern. So the market’s really contracting, so I believe if the market’s able to take out yesterday’s high by $.10, $50.48 to $50.58, then we could move a lot higher. Â Expansion follows contraction, so on my Interactive Broker’s account I have placed that order. Â I’m buying a 1000 shares, day order– so it’s a stop order. Â Where I want to get a long trade is above where it’s currently. If the market trades up through $50.48 to $50.58, Â $50.58 is the actual order and I’m buying a 1000 Â shares on stock Q.[Tweet “” Expansion follows contraction; these could be some good long trades.””]
One more potential long trade set up for you Â is BIIB, Biogen. It has come down nicely, right in that grey action zone. We have two consecutive inside patterns in a row. Â The Market opened up. We’ve traded lower and you will see we’ve actually taken out the three days ago low and we’re coming back up. If the market’s able to continue this rally up and the market’s able to take out yesterday’s high of $317.38 to $317.48 minimum, that would be a nice buy set up.Â