09/07/14 – 15:30 pm EST Time – The Take profit Limit Order has triggered just before the end of the session closing this Facebook LONG Trade. As this is shaping up as a Wave 4 pullback against the overall bearish trend, I am happy to take profits on this trade during the session. There is big potential for further SHORT opportunities in this and the other two social media stocks during Thursday and Friday’s sessions and I will be watching closely for potential entry points.
09/07/14 – 12.00 pm EST Time – Coming off the recent SHORT Trades for all three social media trades that I closed yesterday, (Full Post HERE) the Facebook Stock has presented a LONG opportunity on the same 15 minute time frame as the previous SHORT Trades. At midday (EST Time) the first blue XTL breakout bar has formed and is average or smaller than the preceding 20 bars. I have taken the entry point at 150% of the length of the first blue XTL bar and from the low of that same bar.
The entry point for this LONG Facebook trade is @ 64.43 with the Stop Loss @ 64.01. The Stop Loss is calculated in a similar way to the entry point, in that it is 150% the length of the first blue XTL bar but obviously taken from the high of the same bar and projected down. On the next bar the trade has triggered and continued the momentum upwards from the lows of 8th July. I have set a Take profit Limit Order @ 65.11 which is at my minimum point of profit taking and if this doesnt trigger during this session I will manage thi Facebook trade with a Trailing Stop using the 6/4 MA Low line (Red MA line) s a reference point. As Below