25/07/15 – HPP NYSE – The Wave 4 pull back for this stock has been extremely order and looks like a climb ready for the Earnings announcement on the 6th August. There are 8/9 of my trade setup indicators in the green, with the /4 MA being the 9th on entry The wave 4 has found resistance at the Fib 0.5 Retracement and the TJ’s Ellipse. For this setup to remain strong, the price action needs to turn bearish and respect the current resistance level Stop Sell order @ 29.48 with the stop loss @ 30.41 and the initial profit limit order @27.00, gives a risk to reward profile over 1:2. Chart as below.
28/07/15 – HPP NYSE – A new Wave 4 high was formed during yesterday’s session with the price closing back down near the Fib 0.5 retracement level. The 8/9 trade setup indicators still remain in the green for the start of today’s session. I have adjusted the Stop Loss to 30.51 to compensate for the new wave 4 high. Chart as Below.
30/07/15 – HPP NYSE – Another new Wave 4 high close to the Fib 0.618 retracement level which is the maximum I allow for a wave 4. The TJ’s Ellipse is now not holding as resistance for the Wave 4 so there are now 7/9 indicators in the green for the setup of this potential Short Trade. Stop loss has been adjusted to 30.62 for the order, to compensate for the new wave 4 high. Chart as Below.
02/08/15 -HPP NYSE – During Friday’s session, the Wave 4 broke through and closed above the Fib 0.618 retracement level to cancel the setup for my potential short and form a wave 3 for a new bullish trend. I have therefore cancelled by Stop Sell Order. Chart as Below