24/10/14 – FB NASDAQ – This week has seen the market testing the all time highs and then today they have happened and taken out my Stop Loss, giving a 1% loss on my trading account balance for the main trade. My NET profit for the trade is 0.5% on my trading account balance due to the previous Scalp trades mentioned in this trade diary. Chart as below for the Stop out of this main trade on FB NASDAQ.
18/10/14 – FB NASDAQ – Thursday 16 Oct Live Online Trade Room Session -Second Scalping opportunity with a much more complicated Bearish Butterfly Setup during today’s session and again was done live during the online trading room session. I have include the drawing below the trade chart to explain the Butterfly pattern setup and Fibonacci retracement and extension measurements. Once the Pivot D hit the 1.618 Fibonacci extension taken from B-C, I was looking for an entry point for this Short Scalp and it happened very fast with a Bearish Engulfing pattern forming just after the Pivot D and the Stochastic crossing over in the Over Bought Zone with the ideal entry @ 72.24 which was just below the los of the Spinning Top Doji to the left of Pivot D. The Engulfing candle did break this price but I waited for the next candle as confirmation of the Engulfing pattern and manually entered the trade at 72.24. This happened so fast that actually writing about now has taken longer than the action at the time. This all seamed very rushed and so after a few more candles I simply put in a trailing stop to protect 0.5% profit, which was then taken out. I enjoy the live sessions but I must be aware not to get too distracted when keeping an eye on potential scalps especially when I spend most of the session setting one up like this and explaining it then not keeping a close eye on it. The two scalps now on this trade has given me a NET profit of 1.5% on my trading account balance and has made this trade on Facebook Risk free if it goes against me, as Fridays session witnessed a big pull back for this FB NASDAQ stock price to close at a weekly high. Scalp setups next week need to be very strong for me to enter as I have to protect against the market testing my Stop Loss and all time high for this Stock Price. Chart as Below
16/10/14 – FB NASDAQ – Yesterday’s US market session was very negative which helped my main Short trade with FB, but I also wanted to take advantage of this and look for a Short scalping trade. After the initial gap down on open for this FB NASDAQ stock, the price rose to close the gap, then became range bound and over the session a clear descending triangle pattern formed indicating a potential break out back down. As this was the direction of my main trade I setup the Stop Sell order $0.02 lower than the lowest point during the support level. The trade triggered @ 72.19 around 11;30 am (EST) s Shown on the 3rd chart below. After an initial pull back toward the entry point the price headed back down and tipped the 1% profit line, at this stage I moved the Stop Loss to 71.70, locking in 0.5% profit on my trading account balance that can be seen on the 2nd chart below. The following bar went back up and fell short of my stop loss then next did the same thing but plunged back to the 1% profit line. As I was very close to being taken out at my trailing stop I decided to get out at this stage and take 1% profit on my trading account balance, which in effect makes the main trade now a risk free trade, as per the chart below.
15/10/14 – FB NASDAQ – My Stop Sell order was triggered for this trade yesterday and so I am into the trade. The price did close back up above the entry price, but I am not too concerned as this is a Weekly bar and there is plenty of time for this trade. Would be good for the week to close out below the entry point near the low of the week to carry the bearish momentum into next week, however all I can do spectate and not alter the price action of the rest of the week. I have also adjusted the Stop Loss to 80.30 to give a little bit of fresh above the emotional resistance level of 80.00 just in case the market tests that level again. Chart Below for this Short trade on FB NASDAQ.
04/10/14 – FB NASDAQ – This potential Bearish Trend reversal trade for this Facebook Stock is setting up well with 9/8 of my trade setup indicators for this type of trade in the green. The price made a new Wave 5 high last week but failed to break the 80.00 price which is a natural resistance level. For the last 5 bars (weeks) the price for this FB NASDAQ stock as been stuck in the target zone for the wave 5 and it is probable that we are looking at a potential trend Reversal or at least a substantial correction towards the price of the previous Wave 4. In either case I have setup up this potential trade with a conservative entry in mind with the Stop SELL order @ 72.50, which is out of the trend channel, below the low of the recent previous weekly bar that attempted to reverse and way below the 6/4 MA Low line for next weeks bar position. The Stop loss is above the Wave 5 high @ 80.10, which is also above this natural resistance level. The initial price for the Take Profit Limit order is @ 54.66, which is the low of the Wave 4 of the previous Bullish Trend and gives a Risk to reward profile of over 1:2. This conservative entry should give a high probability of a bearish movement is in fact gathering momentum, but if the price does make a new high next week and especially has a whole bar above the original wave 5 target zone then this trade setup will fail. Charts as Below for the setup of this potential Short on the FB NASDAQ stock.