Swing Trading Stocks – CVX-NYSE Chevron Corporation

06/06/14 – Yet another energy sector player with a good setup. The trend Channel is taken for the Pivot B as this is a complex W4 pull back and is below 0.9, so I will use the 6/4 MA High Line as a secondary trigger point.  The price just broke over the 6/4 MA High line in yesterday’s session so I will look to enter above that line today when the session opens at a price of 123.75 with the Stop Loss @ 121.58 and the initial Take Profit Limit order @129. Trading stocks in this sector can be frought with danger as they can be very volatile, so a watchful eye on this potential trade.  As Below

CVX#3 CVX#1 CVX#2osc

06/06/14 – I opened the trade manually at the open of the session as the price opened above the 6/4 MA High Line, so with EXC-NYSE and XOM-NYSE that makes three trades open in this sector. Trading Stocks at the same time in this sector seems to be the norm. As Below


14/06/14 – Since opening this trade the price has gathered good momentum and has closed on friday 2/3 of the way to my initial price target.  I have moved the Trailing Stop above the entry point to 124.02 , making this a risk free trade.  With the crisis in Iraq continuing and Oil prices remaining high, the price for this stock could go high than my original price target and trading stocks in general within this sector is bullish at the moment.  I have therefore removed the Take Profit Limit Order and will manage the trade with a Trailing Stop for now on.  As Below


16/06/14 – The price has hit the original target zone today and formed a new Wave 5 high.  I have moved the trailing stop to 125.33 which protects 0.75% profit on my trading account balance but allows the trade space to work as there is a strong possibility that the price could push through the resistance of the initial target zone.  Trading Stocks is not always this straight forward but I always like to see these types of movement. As Below


21/06/14 – Last week has seen this stock at new price highs and so obviously new Wave 5 Highs for this strong bullish move.  This is unchartered territory for this stock at this price, so I have opted for an aggressive trade management strategy by adjusting the Trailing Stop 130.23.  This protects 3% profit on my trading account balance for this trade.  This point is way below the low of Friday’s bar which should allow the trade to work is there is any more appetite for further price rises in the market, whilst also protecting a profit that is above my original target zone and is a bonus.  If the trailing stop is not taken out in Mondays session I would look to move it below the low of Mondays bar after the session and continue to manage the trade that way until I am taken out of the trade.  Trading Stocks is not always this straight forward. As Below


24/06/14 A new Wave 5 High was formed yesterday and the pattern of Higher highs and Higher lows continues.  I have moved the Trailing Stop below the low of yesterday to 131.98 which protects 3.8% profit on my trading account.  The closing price for yesterday’s session was down from the highs of the day but still above the open.  The momentum seems to be slowing and my Trailing Stop may be taken out in today’s session.  Trading stocks this way allows me to maximise profits and move onto the next trade without getting bogged down in a trade for too long.  As Below

Trading Stocks

25/06/14 – My Trailing Stop was taken out towards the end of yesterday’s session and closed out my trade.  This gave me a profit of 3.8% on my trading account balance which was above my initial target. I have elaborated on this trade management strategy using this trade as an example in the my trading buddy blog. Trading Stocks isn’t an exact science and some would say my Trailing Stop may have been too close in this case. I must also keep in mind margin that is available to trade in my account and in this case I was happy to take great profits and free up that margin for new trades. When making these decisions I have the attitude that “I’m not always right, but I’m never wrong!” As Below

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