FCX

23/01/14 – Stop Loss taken out  and so giving a 1% loss on my trading account balance.  This has turned UGLY after such a promising start!  Looking back I should have moved the Stop Loss to the 2% mark to protect the profit, but in this case I wanted to see if the trade would pull back then head for new highs.  I was wrong and in the future I will stick to my conservative profit protection discipline. A very negative day for US markets today!! As Above

10/01/14 – As the price action went above the half way point to the target zone at the end of December where an initial Wave 5 was just managed, I didn’t time stop the trade and take a handsome 2% profit on my trading account value.  The correction since then has been aggressive but seems as though it has bottomed out yesterday at the 0.618 Fib line taken from the Wave 4 Low and the Interim Wave 5 high.  To give more confidence I drew a TJ’s Ellipse from the same points which calculated an initial resistance at the same point as yesterday (Yellow filled ellipse) and if that fails a secondary slightly lower on around the 17th Jan (just below the 0.618 Fib line).  This is a true test of discipline to let this play out and next weeks price action is critical!  As Below

FCX#5

10/12/13 – Trade order triggered @ 34.98 and price has crossed the 6/4 MA High line so now back to 8/9 indicators in the green.  Only worry is the Elliot Oscillator pull back going beyond the 140% line.  As Below

FCX#4

04/12/13 – Stochastic has crossed below the 20% mark and the TJ’s ellipse has been hit at the Wave 4 extreme.  I have set a conservative BUY order @ 34.98, which is way out of the Trend Channel as the Wave 4 pull back Oscillator has just moved past the 140% line.  Still have 7/9 indicators in the green. AS Below

FCX#3

29/11/13 – Trend Channel take from Pivot B as complex Wave 4.  Stochastic still to cross below the 20% line and second TJ’s Ellipse still needing to complete could indicate the Wave 4 pullback is not quite complete.  Another to keep a close eye on next wee. As Below

FCX#1 FCX#2osc

paul@wave5trade.com'

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