13/12/14 – Although this AK Steel Holdings Stock hd another Bearish Session yesterday, I decided to close the trade just before the closing bell taking 1.4% profit on my trading account balance for the main trade. This trade had been on for 27 trading days and a Time Stop was made easier with the fact that this big swings each day and volatility was sure to catch up with this trade next week. I didn’t want to carry the trade over the weekend for the uncertainty and potential gap up against a very tight Trailing Stop on Monday and made the same decision for my other great Short trade on CB-NYSE . I am extremely happy with the outcome of this trade as with the combined effort on my scalping activities documented earlier in this trade diary, my NET profit for this AKS-NYSE Short trading period of 27 days was 10.8% in my trading account balance. I am fully aware that this strategy is potentially much stronger in a Bearish direction as once the momentum takes hold then more Scalping opportunities will arise compared to Long trades in the opposite direction. I will however continue this combines strategy in both direction moving into 2015 and managing the Fund. Chart as Below for the close of the main trade on this AK Steel Holdings Stock.
12/12/14 – Another bearish session for this AK Steel Holdings Stock yesterday with the high remaining below the 6/4 MA Low line. The volume was lower which is a concern and an indication of potential exhaustion in this current bearish Wave 5 move. I have adjusted my railing Stop slightly to 5.54, which is above the high of yesterday and above the 6/$ MA Low line for today’s bar position. This aggressive approach is to ensure the maximum profit should the Bearish momentum slow and yesterday’s high is taken out, but still allows the trade room to work should the momentum continue in today’s session. Just like the CBI-NYSE Short trade, I have to make a decision to manually close this trade out in today’s session or carry it over to a potential gap up in Monday’s session in these very volatile times. This Trailing Stop position now locks in 1.1% profit on my trading account balance for this main trade on the AK Steel Holdings Stock. Chart as Below.
11/12/14 – A negative session, yesterday, for this AK Steel Holdings Stock with the price remaining below the 6/4 MA Low line. With the volume decreasing and no new Low formed in yesterday’s session there could be another pull back against the main Bearish Trend. I have adjusted my Trailing Stop to 5.66 which is above the highs of the last two bars (days) and above the 6/4 MA Low line for today’s bar position. This aggressive trade management is because I am not interested in riding another pull back above the 6/4 MA line as I am in Time Stop Strategy mode now. If I am taken out of this main trade there would still be strong Scalping opportunities if an when a Bullish pull back is exhuasted in the near future. Chart as Below for this adjustment.
10/12/14 – This AK Steel Holdings Stock price did make a new low in yesterday’s session but then pulled back up near the high of Monday’s session and closed near the day’s high. As I am in Time Stop Strategy mode with this trade, I have decided on aggressive Trailing Time Stop just above the 6/4 MA Low line for today’s bar position and above the highs of the last two days. Trailing Time Stop @ 5.78 which locks in 0.9% profit on my trading account balance and allows the trade a little room to work, but as in my Short on CBI-NYSE I am not interested in riding any pull backs or corrections at this stage of the trade or indeed my 3rd trading quarter which is coming to a close this month. Chart as Below
04/12/14 – My second attempt of the session on a Short Scalp trade on this AK Steel Holdings Stock. After the previous scalp took out its trailing stop and small profit the price went back to test the previous resistance level and broke though to form a new high for the day. At 12:05 pm a bearish Engulfing pattern was formed following a 3 candlestick Tweezers Top. The MACD was also close to crossing the zero line from +ve to -ve. All of these indicators suggested the market did not like the day’s high price and would sell off so I placed my Entry order below the previous Resistance and now Support level @ 5.90 with the Stop Loss @ 5.99 above the day’s high. Again, no limit order as trying to gain higher profits. At 12: pm my trade triggered and then become range bound for quite a while before making its way down. The price hovered around the 1.6% profit line @ 5.77 until I manually closed the trade just before the end of the session taking 1.6% profit on my trading account balance. I have now taken a NET 9.2% profit on my trading account balance from trades on this AK Steel Holdings Stock, with a further 0.7% locked in on my main trade. I will not be looking at ny more scalps this side of Christmas. Chart as Below.
04/12/14 – After a Bullish run from the beginning of today’s session the price for this AK Steel Holdings Stock found resistance at the predicted level for the 5th Wave on this current movement on the 5 minute chart. The Wave 5 extreme candle formed a Bearish Harami Star indicating a reversal was imminent so I placed a Stop Sell order @ 5.85 below the low previous green bar forming the first half of the double candlestick pattern. Stop Loss @ 5.92, just above the Wave 5 high and again no Limit order as want to try and make more than 1.6% profit. At 10:10 am the trade triggered and made a strong move down. At 10:45 am a Doji was formed indicating exhaustion in this current bearish move so I placed my Trailing Stop @ 5.78, locking in profit but giving the trade room to work if the Doji was in fact a continuation pattern. At 10;55 am my Trailing Stop was taken out, giving a 1% profit on my trading account balance. Chart as Below
03/12/14 – The price for the AK Steel Holdings Stock tried to pull back up yesterday but failed and closed near the open to form a gravestone Doji which is in most cases a continuation pattern for the overall trend. As the high of yesterday did not test the high of Monday I have adjusted the Trailing Time Stop to just above Monday’s high @ 6.02. It is also worth noting that the Stochastic is just about to cross in the oversold zone which is a good indication this bearish trend is set to continue in the short term. This now locks in 0.7% profit on my trading account balance for the main Short trade on this Stock. Chart as Below.
02/12/14 – Another Scalping opportunity on this AK Steel Holdings Stock and one of many during today on my other main trades. At the same times as my first Scalp on CBI-NYSE was setting up and needed more of my attention, I just setup this potential Short Scalp after the the Bearish Harami was formed along with the Wave 4 pull back extreme. Stop Sell order @ 5.63 which was just below the low of the long Green Bullish bar, the first half of the Bearish Harami. The Stop loss was just above the Wave 4 high @ 5.69 with the Take Profit Limit Order @ 5.49 to try and get a 2% profit on this scalp. During the trade at 13:40 and below the 1% profit line a second Bearish Harami formed so I placed a Trailing Stop @ 5.56 to lock in 1% profit on this trade. At 13:55 my Take profit Limit Order was taken out giving a 2% profit on my trading account balance and closing off the last of my Short Scalps for today’s very busy session for Scalps. Chart as Below
02/12/14 – After yesterday’s High volume continuation of the current bearish movement on this AK Steel Holdings Stock, I have decided to adjust my Trailing Time Stop to 6.56, which is above the close of last Thursday and the high of last Friday. This now locks in 0.25% profit on my trading account balance for the main trade on the Daily time frame. I will become more aggressive with the adjustment after today’s session if yesterday’s high isn’t broken and follow the high of each previous day for my trailing time stop placements. Chart as below.
29/11/14 – After three successful Scalps on this AK Steel Holdings Stock and the fact that the main trade has been on for 17 bars (trading days), I have to consider a time Stop strategy for the main trade. I have to consider that the trade has made a new low on this current Wave 5 Bearish movement during yesterday’s half day session so I don’e want to be too aggressive with a trailing Time Stop initially. Twice during this trade the price has tested the entry level and it has held as resistance and so I have decided to place my Trailing time stop just above this level @ 7.04 which reduces the potential loss on the main trade to 0.15% of my trading account balance whilst still giving the trade space to work towards my target level. I will be looking to adjust further next week if the Bearish momentum continues. Chart as below showing the position of my Trailing Time Stop.
29/11/14 – Third Scalp on this AK Steel Holdings Stock in Friday’s half day session. With my first scalp of the day already going well on CMG-NYSE , I was feeling confident with my Short trades after pull backs and this was no exception. The price fell dramatically from the open bell and then had a classic pull back on a 5 minute time frame that started around 10:30 am EST. At 10:40 am the first of 5 Doji’s was formed with the last at 11.00 am testing the high at 6.03 and failing as did 3 more of the previous Doji’s at exactly the same price. This was a strong signal of exhaustion and a reversal back to the Bearish direction was a strong possibility. I decided on an entry point below the body of the first Doji candle so that my minimum Risk to reward of 1:1.6 fell within the range of the day’s low, before the small pull back. Trade entered @ 6.00 with the stop loss @ 6.04, just above the highs of those four Doji’s and the Take profit set at my standard 1:1.6 Risk to reward @ 5.94. The trade triggered at 11.10 am and round 11:40 am the Take profit Limit order was taken out giving another 1.6% profit on my trading account balance. Chart as Below for this 3rd Scalp on the AK Steel Holdings Stock.
24/11/14 – Second Scalp on this AK Steel Holdings Stock in today’s session. Similar to the first scalp the price was Bullish after the start of the session then at 11:35 am a Doji formed on the 5 minute chart signalling exhaustion in the Bullish move and a potential return to the Bearish direction of my main trade. The following Candle was a confirmation Bearish engulfing pattern and so I set the entry below the low of this candle and the low of the green candle that preceded the Doji. Sell Order @ 6.50 with the Stop Loss @ 6.55 and the Standard take profit Limit order for scalping @ 6.41, giving a Risk to Reward Ratio of 1:1.6. At 11:50 m the trade triggered and made steady progress to the target zone, displaying continuation patterns all the way down. The price did stay short of the Take profit Limit order for 4 candles until at 12.55 it was taken out, giving me a 1.6% profit on my trading account balance. I will look for further scalps to increase profits, if possible. At this moment in the main trade on this AK Steel Holdings Stock is moving towards the Break Even point so I may decide to close it and take the profits from my two scalps and move onto the next trade Chart as Below
13/11/14 – First Scalp Trade on this AK Steel Holdings Stock in today’s session. For the first hour of today’s session the price climbed to form a Wave 3 in an Elliott wave movement and was looking to trade the wave 4 as it was in the main direction of my overall Short trade. There were signs of exhaustion in this move upwards at 10.25am EST when a Doiji was formed at the wave 3 extreme and then the next candle was a Bearish Engulfing candle which confirmed a change of direction would be highly likely. Further confirmation was the MACD Histogram was just about to pass down through the zero line. With my intimate knowledge of Elliott wave movements, I took a Fib retracement between Wave 2 and Wave 3 to find the bounds of the potential wave 4 move at the Fib 0.618 retracement line to help with risk to reward and entry position. Stop Sell order was quickly placed @ 6.51 below the low of the last large red candle in the Bullish movement near the wave 3 high. Stop Loss @ 6.61 which was just above the Doji forming the Wave 3 high. The standard Take profit limit order for my Scalping Stock trades with a Risk to Reward profile of 1:1.6 was set @ 6.35 which was just above the 0.618 Fib retracement level taken between W2 and W3. All of this took less time than it just took me to type this post! At 10.35am EST the Short trade was triggered and the price moved down pretty quickly and then became range bound between 11.00 am and 11.20 am so I placed a Trailing Stop @ 6.41 to lock in 1% profit if the trade went against me. Just after placing the Trailing Stop the price did break down from the range bound level and took out my Take profit Limit Order to give me a 1.6% profit on my trading account balance. This first Scalp ensures I have hedged against a possible loss on the main trade. Chart as below for this Short Scalp trade on the AK Steel Holdings Stock. I have written an article in the My Trading Buddy Blog explaining in more detail about my Scalping Stocks Strategy which can be read HERE
04/11/14 – AK Steel Holdings Stock NYSE – My Stop Sell Order was triggered early in today’s session and then has continued its Bearish momentum with high volume towards the close of the session. This is the 1 of 3 Short trades on Daily Charts that have triggered this week with others in strong positions on my watch list. I will look to be quite aggressive with the trade management strategy if this bearish momentum is continues for the rest of the week. Chart as Below showing the strong entry into this Short trade on the AK Steel Holdings Stock.
04/11/14 – AK Steel Holdings Stock NYSE – Another great Short Setup with 8/9 of my trade setup indicators in the green with the 6/4 MA Low line being crossed on entry to give a full house of 9/9 indicators in the green. As with the recently entered Short trade on POT-NYSE and the potential Short trades on GRFS-NASDAQ and CBS-NYSE , the Fibonacci 0.5 retracement level is acting as resistance with help from the TJ’s Ellipse. I am going to keep to my conservative entry strategy and have placed a Stop Sell order below the 6/4 MA Low line for today’s bar position (blue vertical line). Stop Sell order @6.86 with the Stop Loss @ 8.05 and the initial Take profit Limit Order @4.40, giving a risk to reward profile of 1:2. Charts as below for this potential Short trade on the AK Steel Holdings Stock NYSE.