28/05/15 – COT NYSE – Another complex trade that I closed out during yesterday’s session taking 0.5% profit on my trading account balance. Looking back and learning from this and the HRL-NYSE trade I am going to be more aggressive at taking profit during these volatile times and not wait for pull backs during the trade to find support and go for new highs. Chart as Below.
05/05/15 – COT NYSE – My Buy Order for this trade was triggered towards the beginning of yesterday’s session with a strong move out of the trend channel and crossed the 6/4 MA High. The price closed near the days high and importantly above the entry and 6/4 MA High line. There maybe consolidation today but a continution of the momentum away from the Wave 4 extreme and crossing the 50 Day MA (Yellow) would be the target for the next 2 days. Chart as Below.
02/05/15 – COT NYSE – The Wave 4 Pull Back has found support at the Fibonacci 0.382 Retracement level taken between the extremes of Wave 2 and Wave 3. This level was also a major resistance level at this time last year and thus is an important price level for this stock. Friday’s price action was strong and positive moving away from the Wave 4 extreme and closing near the high of the day and the 55 Day Moving Average (grey hatched MA). Another strong positive move at the beginning of next week will see the price break out of this current complex wave 4 bearish move. I have decided on a conservative entry above the 6/4 MA High for Monday’s bar position and 1 point above the 0.25 Fib line, which will give 8/9 of my trade setup indicators in the green prior to entry. Stop Buy Order @ 9.12 with the Stop Loss @ 8.55 and the initial Take Profit Limit Order @10.10 which gives a Risk to Reward Profile of 1:1.6. This first target zone is taken from the B pivot of the complex wave 4 with a secondary target of 10.50 taken from the Wave 4 high which gives a better Risk to reward over 1:2. Charts as Below for the setup of this potential Long Position on COT NYSE.