05/03/15 – The Wave 4 pull back for this Global Gold Mining Company continued during yesterday’s session and now taken the new Stop Loss to 10.39. As the TJ’s Ellipse did not hold as support and the Risk to Reward profile is now borderline with my minimum 1:1.6 requirement , I am cancelling my Order and moving on to a higher probability setup. I have no issues in walking away from a potential trade when the setup goes against my strict criteria as there always more setups to consider in both the US and UK markets. Chart as Below.
04/03/15 – Despite the price moving further down for this Global Gold Mining Company Stock in yesterday’s session, there are still 8/9 indicators in the green for the start of today’s US Session. The price has found support at the Fibonacci 0.5 Retracement Level that was a previous support level during the 3rd Wave. I have adjusted my order s follows; Stop Buy Order @11.64, which is still above the 6/4 MA High for today’s bar position. Stop Loss @10.52 and the Initial Take Profit Limit Order @13.65. Chart s below for the adjustments to my order for this potential Long trade on the Global Gold Mining Company AU-NYSE.
01/03/15 – The Long Setup for this Global Gold Mining Company AU-NYSE is setting up very well with 8/9 of my indicators in the green. The Wave 4 pull back has found support at the Fibonacci 0.382 Retracement level taken between Wave 2 and Wave 3. The somewhat complex Wave 4 is opposite to the very simple Wave 3 which is a strong indicator that a Wave 5 has a high probability of success, along with a steadily decreasing daily volume traded during this profit take pull back. The Normal TJ’s Ellipse will be taken out during Monday’s session which is another strong indicator for support of this Wave 4 profit take pull back at this price level. I still want to be conservative over my entry strategy as this Global Gold Mining Company ‘s Stock price will be affected by the Gold price which is also at a support level at the moment. Stop Buy Order @ 11.85 which is way out of the Wave 4 trend Channel and above the 6/4 MA High line for Monday’s bar position, so will give 9/9 indicators green at entry. Stop Loss just below the Wave 4 low @ 11.05 and the initial Take profit Limit Order @ 13.50, which give a Risk to reward Profile of 1:2. Charts as below for the setup of this potential long trade on this Global Gold Mining Company AU-NYSE.