23/06/14 – My stop loss has been taken out on this trade closing me out of the trade for a 1% loss only trading account balance. This just goes to show the importance of always putting a stop loss on when placing a trade order. No matter how much technical analysis you do and how many indicators are in the green, sometimes a trade fails. High probability trading is never a certainty and in this case the wave 5 failed then the rules for Wave 4 were broken and now the stock price for Boeing is in a bearish trend. Sometimes reports and news can override any technical trend on these larger stocks. As Below
20/06/14 -Another of my watch list to trigger this week. This stock has been range bound all week, so this new high for the week to trigger the trade should break that sideways movement. Next week will be key as the stop loss is tight for this trade. As Below
19/06/14 – Even though a new w4 extreme was formed in yesterday’s session, the market did not like that low price and it closed pretty much at the open price. The TJ’s Ellipse is still playing its part by acting as support at this current level and this could indicate the Bulls may get the upper hand in today’s session . With the Stochastic crossing over in the Over Sold Zone during yesterday’s session there are now 8/9 indicators in the Green, leading me to an aggressive entry out of the Trend Channel for Today’s bar position @ 133.25 which is also above the highs of the last 4 bars (days) that have been range bound. The stop loss @ 130.80 with the initial Take Profit Limit Order @ 140.00 giving a Risk to Reward Ratio of nearly 1:3, As Below.