STOCK DAYTRADE OF THE WEEK July 5-6

Our Gap Stock Daytrade of the week was Patriot Coal Corp. Symbol PCX.
We got the alert off of our Ichimoku stock scanners on Thursday July 5th as a Gap and Volume trade. We were looking for the 30 minute pullback to the KS. On Friday we had another gap up and then a swift pullback. We had our bids sitting at the 30 min KS from 1.97 to 2.00. If you look at the chart you can see where we got filled by the horizontal green line and blue up arrow on July 6th. We let the trade play itself out back up above the TS. At that point we shifted our stop up to the 30 min TS + a buffer because it was a daytrade so we must take what we have been given. Eventually we sold out of the last of our long position at 2.28 as shown by the horizontal red line and red down arrow on July 6th.

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About the Author David Terk