12/12/14 – The price for this Garmin Ltd Stock did not fair well in yesterday’s Bullish US Market session and broke down through the 0.618 Fibonacci retracement level taken between Wave 2 and Wave 3. This is one of my maor rule that measures the performance of the Wave and now it is broken a Wave 5 has a low probability of forming with any real momentum. I have therefore cancelled my Stop Buy Order for this Garmin Ltd Stock. They all don’t meet the starting line! Chart as Below.
11/12/14 – A new Wave 4 low was formed in yesterday’s session for this Garmin Ltd Stock with the bar still holding on to the TJ’s Ellipse and therefore no change to the 7/9 indicators in the green. The price found support at the 0.5 Fibonacci retracement level yesterday and closed back above that level. I have adjusted the trade order as follows; The Stop Buy order is now @ 57.02 which is still above the 6/4 MA High Line for today’s bar position (blue vertical line). The Stop Loss is placed below the new Wave 4 Low @ 54.44 and the initial Take profit Limit Order remains @ 61.50, which just keeps the Risk to Reward Profile at my minimum of 1:1.6. Chart s Below for the changes to the setup of the potential Long trade on the Garmin Ltd Stock.
10/12/14 – This Garmin Ltd Stock price has been on a Wave 4 pull back for the last 12 bars (trading days) and has found support around the 0.832 Fibonacci Retracement level, taken between Wave 2 and Wave 3 of this current Elliott Wave movement. There are currently 7/9 of of my trade setup indicators in the green for this potential Long trade on the Garmin Ltd Stock. The Stochastic is yet to crossover in the over sold zone, but any positive movement towards my entry point in today’s session will see it crossing. The 6/4 MA High Line is just below my entry level for this potential trade so that also will be crossed before entry and so there will be 9/9 indicators in the green should me Buy Order trigger. Despite the negative US market yesterday this Garmin Ltd Stock price did very well with a positive movement away from the Wave 4 Low, an increase in volume and a close near the day’s high. I have decided on a conservative entry strategy and placed my Stop Buy Order @ 57.21, which is way out of the Trend Channel for today’s bar position and just above the 6/$ MA High Line. I have placed the Stop Loss @ 54.98 with the initial Take Profit Limit order @ 61.50 which give a Risk to reward Profile of over my minimum 1:1.6. Charts as Below for the setup of this potential Long Trade on the Garmin Ltd Stock.