BP NYSE potential trade CANCELLED
04/09/14 – This potential trade on BP NYSE almost triggered last week and started this week very positively. Today the price dropped dramatically after a Judge accused BP of gross negligence in the Deep Water Horizon Spill case. A full article on this can be read HERE . A very good looking setup for this potential Long Trade on BP NYSE has been turned south by these comments, breaking the rules for an Elliot Wave movement and therefore making this potential trade no longer viable. I have cancelled the Stop Buy Order for this potential Long trade on BP NYSE. As you can see my software has re-labelled this an ABC correction and may interest some traders to look for another entry, but I am not being drawn into this type of trade setup as it goes against my trading strategies. I only want to fill my Sausage machine strategy with High probability trades around the Elliott 5th wave must stay strong and not get emotional about the Brand BP and start looking for trades that are not there. Chart as Below
25/08/14 – The trade Setup on this Weekly Chart for the BP NYSE stock is looking good with 8/9 of my trade indicators in the green. I was looking at this potential trade at the weekend but honestly thought that it wouldn’t have such a great start to the week as last week the Stochastic had not crossed over in the over sold zone yet. A conservative entry for BP NYSE above the 0.382 Fibonacci line taken between Wave 2 & Wave 3 and way out of the Trend channel for this weeks bar position. Stop Buy order at 48.71 with the Stop Loss at 46.70 and the Take Profit Limit Order at 55.50, giving a Risk to reward Ratio over 1:3. Charts for this potential Long trade on BP NYSE as Below.