Elliott Wave 5 Short Trade on CBI-NYSE

13/12/14 – A New Elliott Wave 5 Low was formed in the target zone in yesterday’s session.  Although the price for this stock will potentially go down further I closed out my trade to take 2.1% profit on my trading account balance.  The reason for this move was that managing this trade would mean tighter Trailing Stops to lock in more profit BUT the massive swings each day causing this unusual volatility could well mean the price could gap up and take me out with less profit on Monday and so, just like my other more mature Short on AKS-NYSE I have taken profits and closed down this trade. If indeed the momentum does continue next week then I will look for other strong scalping opportunities with this Stock and just open up a new Trade Diary for those instances should they occur. This 12 day period Short trading the CBI-NYSE stock has resulted in a combined NET Profit of 11.7% on my trading account balance which is by far my best result for individual stock in such a short period of time and gives me confidence in my strategy going into 2015.  Chart as Below closing this main trade off.

elliott wave 5

13/12/14 – With the Elliott Wave 5 making new lows on the main trade on the Daily time frame at the open and then pulling back up I was looking for another opportunity for a Short Scalp. At 11:40 am an Elliott Wave 5 formed on the 5 minute time frame at the same time a double candle stick Bearish engulfing pattern also formed with the Stochastic having crossed over at the Over Bought limit.  Again, as with previous Scalps on this CBI-NYSE Stock this was a good indication that the price was going to break back to the main Bearish trend.  Trade entry was @ 39.84 which was below the lows of the three candles prior to the double candlestick Bearish Engulfing patter, so reasonably conservative.  Stop Loss @ 40.07 which was above the Elliott Wave 5 high and obviously the high of the day so far.  No Take profit limit set as following on from my drive for increased profits, I will manage with a Trailing Stop.  The Trade entered at 11:50 am and quickly made its way down to the 2% profit line.  At 12:15 pm there seemed to signs of exhaustion after a Wave 3 was formed on this particular bearish movement, so I placed my Trailing Stop at 39.61 which locked in 1% profit on my trading account balance whilst allowing for potential return to the downside. At 12;40 pm my Trailing Stop was taken out giving a 1% profit on my trading account balance and not shown on the chart below is the fact that the pull back that took me out didn’t go further than the 0.5% profit line before it then returned to the down side going past the 3% profit line.  I cant get the Trailing Stop placement correct every time like the previous scalp further down this trade diary, but at least I am not making losses on these scalps.  Chart as Below.

CBI Scalp#4

12/12/14 – This Bearish Elliott Wave 5 movement on my main trade closed very near to my original target zone yesterday, which could act as support in today’s session. The momentum continues with lower highs and lower lows and I am not interested in any pull backs above the high of yesterday so have been much more aggressive with my trade management strategy.  Trailing Stop now adjusted to 42.16 which is $0.19 above yesterdays high and locks in 1.6% profit on my trading account balance.  At the time of writing this update the US futures are very negative so I will keep an eye out on Pre-Market activity for this stock price with a view to adjusting the Take profit limit order down further to around 35.00, if there is a chance of a gap down below the support level.  I also have to be aware that if this volatility continues in today’s session there could be big gaps on the open on Monday in quite possible a Bullish direction, so depending on price action today for this trade, I may decide to close out this trade and maybe the AKS-NYSE also. Chart as Below.

elliott wave 5

12/12/14 – With the high momentum of this Elliott Wave 5 for the CBI Stock I was looking for another Scalp in yesterday’s session and it didn’t disappoint.  The start of the session witnessed a quick moved up against my main trend as the US markets were very Bullish, this stock got on for a short ride until institutional traders remembered they were going Short on this Stock.  At 09:50 m the first Bearish Engulfing pattern formed but then failed as the price went back up to test the session’s high again.  At  At 10:35  am a Doji Star formed and then the next Candle confirmed a potential reversal breakout by completing a very strong Bearish Engulfing Two Candle pattern (highlighted in Blue ellipse). As I have had great success with this trade and it has unquestionable momentum to the downside I placed a narrow Trade Order which was triggered almost immediately.  Trade Entry was @ 41.62 which was below the lows of the two candles preceding the Doji Star, with the Stop Loss just above the high of the Doji Star @41.83.  There was no limit order as I wanted to manage this trade with trailing stops after I missed an even bigger payday on the previous day’s Short on GNC-NYSE where I took 2% profit on my trading account balance but it hen continued to the 7% mark! The following is the progress of Trailing Stop Adjustments as I manged the trade at certain times and percentage profit locked in, hence the many profit lines on the chart below. 11:25 am – placed Trailing Stop @ 41.52 locking in 0.5% profit, the price had been range bound for 4 candles with highs tipping the 1% profit line.  12:05 pm -After a Sharp move down and then another range bound period I adjusted my Trailing Stop to 41.21, locking in 2% profit on my trading account balance. 12:30 – After another range bound period where the 3.5% profit line seemed to be resistance level, I adjusted my Trailing Stop to 41.11, locking 2.5% profit. 13:00 pm – Another large movement down and so I adjusted my Trailing Stop to 40.80 locking in 4% profit on my  trading account balance. 13:30 pm – The price was range bound for 4 candles tipping the 5.5% profit line in their highs, also lower volumes indicating potential exhaustion in this present Bearish move, so I was more aggressive with trailing Stop Adjustment to 40.59 locking in 5% profit. 14:00 pm – my Trailing Stop was taken out giving me a 5% profit on my trading account balance and the largest single trade win for 2014!  Chart as Below for yet another successful Scalp during this Bearish Elliott Wave 5 movement.

CBI Scalp#3

11/12/14 – After another High Volume Bearish move on this Elliot Wave 5 move in yesterday’s session I have adjusted my Trailing Stop to 44.53, which now locks in 1.25% profit on my trading account balance for the main trade. This Trailing Stop position is just above the highs of the last two bars (days) and allows the price space to pull back if the market takes a breather in today’s session for this stock.  I have also adjusted the Take profit Limit Order down to the support level of 2012 @ 36.47 and will now look to manage this trade solely on my Trailing Stop unless there is a big spike down that takes out my Limit Order.  Chart as Below for these adjustments.

elliott wave 5

10/12/14 – With the Elliott Wave 5 finding new lows at the beginning of today’s session I was looking for a pull back from this large initial Bearish move to get in on my second Scalp trade with this stock.  At 10:50 the Bearish movement was showing signs of exhaustion and  pull back was beginning.  At 11:50 the Bullish pull back had was exhausted and formed a Bearish Doji Star pattern that was backed by the Stochastic crossing over in the Over Bought zone having pulled away from a False Bar Stochastic.  I wanted to be quick into this Short Scalp trade so entered the trade @ 42.12 which was just below the lows of the two candles before the Doji Star. The Stop Loss placed @ 42.45, just above the Wick of the Doji Star Candle. In line with my drive to achieve higher profits on my scalps I set the Take Profit Limit Order @ 41.46, the 2% profit line. At 12.:20 the price was becoming range bound so I placed my Trailing Stop @ 41.96, locking 0.5% profit on my trading account balance.  At 13:00 the price had been below the 1% profit line for 3 candles so I adjusted my Trailing Stop to 41.79 to lock in more profit. At 13:25 my Take profit Limit order was taken out giving a great 2% profit on my trading account balance.  This was a classic Scalp trade after a pull back from a strong initial movement at the start of the session.  Chart as Below on the second scalp trade during the Elliott Wave 5 movement of this CBI-NYSE Stock.

CBI Scalp#2

10/12/14 – In yesterday’s session the price dipped below the previous wave 3 low to form an Elliott Wave 5 and then closed up from the open, but importantly the Bearish momentum continued with a lower high and a lower low.  I line with my trade management strategy I need to be much more aggressive with my Trailing Stop placement now an Elliott Wave 5 has been formed.  I have adjusted my Trailing Stop to 46.15 which is above the high of the last two bars (days) and locks in 1% profit on my trading account balance.  This allows the trade room  to work but if it does pull back up to break the highs of the last two bars then I m not interested in riding a correction from the New Wave 5 low. Chart as Below

elliott wave 5

09/12/14 – An Elliott Wave 5 was almost formed yesterday s the price came very close to the previous Wave 3 low.  I have adjusted the Trailing Stop Stop to 49.37 which is above the highs of the last 6 bars (trading days) and locks in 0.5% profit on my trading account balance. The move in yesterday’s session was a high volume move which has fueled the momentum towards my target price zone. I will be a little more aggressive with my trailing stop adjustments if this momentum continues.  Chart s Below.

CBI#8

06/12/14 – The price action for this Elliott Wave 5 on the CBI-NYSE has broken and then closed at 50% to the target zone on Friday’s session.  Although the price movement wasn’t s large as previous days this week, the volume remained above average which is a good sign momentum should continue next week to the downside.  In line with my trade management strategy I have placed a Trailing Stop to make this now a Risk free Trade.  The Trailing Stop is placed @50.98 which is just above the 6/4 MA Low Line for Monday’s Bar position (blue vertical line)  and locks in 0.25% profit on my trading account balance for this main trade.  This is a conservative approach leaving plenty of room for the price to pull back before continuing it’s Bearish Elliott Wave 5 movement.  However if there is no pull back next week I will become more aggressive in protecting profits s the trade progresses towards the target zone.  Chart as Below.

Elliott Wave 5

02/11/14 – With the main trade on the Elliot Wave 5 in full force and then this Scalp setting up to trade an Elliot Wave 5 bearish move on the 5 minute time frame, I wanted to get a first Short scalp trade under my belt for this CBI-NYSE stock. At the same time as my CMG-NYSE was taking profit the Wave 4 pull back on this stock was showing signs of exhaustion after a Bullish start to the session. The MACD Histogram was crossing the zero line from +ve to -ve and a large Bearish Engulfing pattern was forming.  I decided o entering the Short trade manually @ 47.58 during the engulfing candle (large red Candle after green Doji) as the 5 minutes were nearly up and this was surely not going to correct the Bearish engulfing pattern.  I waited for the price to drop below the wick of the first Red candle to show signs of exhaustion (Doji) to trigger.  After the trigger I placed the stop loss @ 47.94, just above the highs of the three indecision Candles and also placed the Take Profit Limit order @ 47.01 to take my minimum 1.6% profit on Scalps as this was my first on this stock during this main Short Trade. I didn’t really have time to set things up as I usually do as many Scalps were setting up or on so I just had to react. After an initial drop the price made a small come back but found resistance at 47.41 for about half an hour before then pushing back down.  Once a Candle had opened below the 1% profit line I placed a trailing stop to protect profits, but 10 minutes later, at 12:50 pm, my Take profit Limit Order was taken out giving a 1.6% profit on my trading account balance and making this main trade now Risk free.  Chart as Below

CBI Scalp#1

29/11/14 – Friday’s half day session saw the price gap down for this stock at open to just before my Stop Sell Order and then proceeded to trigger my entry order and close near the day’s low with larger than average volume.  This was a strong trigger that surely marks the beginning of the Bearish Elliott Wave 5 movement for this stock with continuation of this Bearish momentum needed in the first half of next week to solidify the movement. I will also be on the loo out for potential Short Scalp trades on the 5 minute time fame for this stock.  Chart as Below.

elliott wave 5

22/11/14 – This Elliott Wave 5 potential Short trade is certainly taking its time to find a Wave 4 extreme.  The price gapped up for Friday’s session and formed a new Wave 4 high and then closed down near the open price to form a Doji, indicating indecision in the market for this stock price to move higher.  There are now 7/9 of my Elliott Wave 5 trade setup indicators in the green as the Trend Channel is now below 0.9,  but I have had to change the Trade Order as follows  Stop Sell order now @ 52.60 which is out of the Trend channel, below the 6/4 MA Low line for Monday’s bar position (blue vertical line) an below the recent Pivot M low  The Stop Loss is now above the new Wave 4 high and also above the Fibonacci 0.382 retracement level and is set @ 59.06.  The initial Take Profit Limit order is still set @ 41.00  and with the changes to the entry point and stop loss, still gives a Risk to reward profile of over 1:1.6.  Chart as below for the changes to the Orders for this potential Elliott Wave 5 potential trade.

elliott wave 5

14/11/14 – With 8/9 indicators in the green, the setup for this potential Elliott Wave 5 Short trade on the CBI-NYSE Stock is looking strong.  The price broke out of the Trend Channel and through the 6/4 MA Low line during yesterday’s session with high volume,  indicating the Wave 4 pull back is potentially over and the Start of the Elliott Wave 5 has begun. The Wave 4 Pull back extreme occurred between the Fibonacci 0.25 and 0.382 retracement levels but did not find resistance at the 0.382 level. This zone for the Wave 4 pullback is the highest probability zone for an Elliott Wave 5 to occur but I must be aware that the TJ’s Ellipse hasn’t been taken out yest and there is a possibility that the price may turn back up to take this out or test the Fib 0.382 retracement level if the Bearish momentum doesn’t continue today.  Although I cannot ignore the fact that this setup is looking very strong I am looking to enter this trade conservativel below the low of yesterday and more importantly below the low of the Pivot B during the Wave 4 movement as that was a strong attempt at breaking the Wave 4 movement.  Stop Sell Order @ 51.98 with the Stop Loss @ 57.05 and the initial take Profit Limit Order @ 41.00, giving a Risk to Reward profile over 1:2.  Charts as Below for the setup of this potential Elliott Wave 5 Short Trade on CBI-NYSE.

CBI#3 CBI#1 CBI#2osc

paul.bratby@hotmail.com'

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