13/01/15 – The Setup for this JetBlue Stock potential trade is looking strong with 8/9 of my indicators in the green and one would think airline profits will do well with the lowering oil prices. The Wave 4, profit take, pull back has found strong support at the Fibonacci 0.382 retracement level taken between Wave 2 and Wave 3, whilst also taking out the TJ’s Elipse. To keep inside my minimum of 1:1.6 Risk to Reward, I will need to be quite aggressive with my entry strategy which does have its risks in these volatile markets. Stop Buy Order @ 15.01 which is out of the Trend Channel for Today’s bar position but above the failed high of Friday’s session. The Stop Loss is placed @ 14.09 which is just below the Fib 0.382 retracement level, with the initial Take Profit Limit Order @ 16.60. Charts as Below for the setup of this potential Long trade on the JetBlue Stock.
14/01/15 – My Stop Buy Order for this JetBlue Stock trade triggered pretty early in yesterday’s session and as with my ADI-NASDAQ trade enjoyed a good strong entry until the market turned later in the session. Although the price did close below the entry for yesterday’s session, this JetBlue Stock price didn’t have a big sell off similar to ADI. At the time of writing this post the US Equity futures are in negative territory and so I am looking for for some consolidation in the price for this stock in today’s session. One thing I am going to have to consider in these volatile markets is to step up my Scalping activities and be more conservative with my trade management of these longer term trades to allow for these large daily swings. Chart as Below.
23/01/15 – The momentum in this Wave 5 Bullish move for this JetBlue Stock really took hold yesterday with a new high being formed after just 45 minutes into the session. The price for this JetBlue stock then naturally pulled back s the early adopter Day traders took some profit and then found support around the Fibonacci 0.25 Retracement level taken between Wave 2 and Wave 3 on this 5 minute chart. This contraction phase was forming a a Bullish pennant/flag charting pattern and setting up for a potential break out to make new highs for the session. The stochastic had touched down and crossed at the Over Sold zone and I was feeling confident in the market after successful Scalps on KLAC and SBGL so was looking for a entry strategy breaking out of this contraction phase. At 12:25 the price broke out of the contraction Trend Channel and started to make a move to the upside. I decided on a conservative entry strategy above the high of the Pivot B during the contraction phase @ 16.24, with the stop loss @ 16.07 below the lowest point during this same contraction phase. At 13.:00 my Stop Buy Order was triggered and then made a move higher that was short lived before the price returned back to the entry level. The entry level that was previously resistance during the contraction phase, now acted as support and the price returned to the Bullish price action of the day. At 15:00 when the price had found support gain on the Trend line I had drawn in for this bullish move, I placed a trailing Stop @ 16.32 locking in 0.55 profit. At 15:20 the price made a new wave 5 high for the day but was showing signs of exhaustion leading into the end of the session, so I adjusted my Trailing Stop to 16.45, which tight up below the low of this first red Doji. At 15:30 my Trailing Stop was taken out giving me a 1.25% profit on my trading Account Balance and closed out my fourth Scalp trade of the day. Chart as Below for this Scalp Trade on the JetBlue Stock.
23/01/15 – After a monster move for this JetBlue Stock in yesterdays session and the fact that the price closed very near the Daily High, suggests there may be much more in this trade as long as the momentum continues. I have made two adjustments to both a Trailing Stop and the Take Profit Limit Order and intent to either close out the trade manually or most likely manage with the trailing Stop. Trailing Stop placed @ 15.47 which just below the low of yesterday’s session as if this is broken then the trade would be be in trouble so locking in 0.5% profit on my trading account balance at this stage after a reasonable Scalping result in yesterday is wise. I have adjusted the Take profit Limit order way above the initial Target zone to 17.77, which in theory will only get taken out if there is a large spike in the price. Chart as Below for the adjustments on the main wave 5 trade for this JetBlue Stock.
25/01/15 – The price for this JetBlue Stock suffered during the majority of Friday’s session then found ground towards the end to make a new Wave 5 high and close near that high. I have adjusted my Trailing Stop to 15.93, which is way below the low of Friday and obviously below the psychological support of the $16.oo price. This move locks in 1% profit on my trading account balance but allows a conservative gap for the trade to pull back as I do not know how the results of the Greek elections will impact equity markets if at all and just want to allow this trade room to breath if necessary. Chart as below for this Trailing Stop adjustment on the JetBlue Stock trade.
27/01/15 – A great Scalp trade for this JetBlue Stock in yesterdays session. With a combination of an ABC correction followed by a Double Bottom Chart Pattern, then the Stochastic crossed over in the over sold zone at approximately 12:50 as a Double candle Stock Bullish Harami Cross was formed, very strong setup for a quick scalp was available. At 12:55 I entered the trade aggressively @ 16.18, just 1 point above the Red candle forming the first half of the Bullish Harami Cross pattern. The Stop Loss was @ 16.13, which was the support level for the double bottom. No Take profit Limit was placed as I wanted to manage the trade with a Trailing Stop. The price moved higher quickly and at 13:15 I placed my first Trailing Stop @ 16.28 below the low of the previous candle and locking in 2.5% profit on my trading account balance. I continued this same pattern of adjusting my trailing stop, always below the low of the previous candle until at 13:40 my Trailing Stop was taken out giving a 5.5% profit on my trading account balance. Chart as below for this monster scalp on the JetBlue Stock.
29/01/15 – My Trailing Stop was taken out in yesterday’s on my main trade on the JetBlue Stock, giving a 1% profit on my trading account balance. During the majority of the session the price was holding above the support level of the previous 3 Daily Sessions, but their was a big sell off when the FOMC made its interest rate decision public. It is now becoming apparent that the markets are looking for an interest rate rise that shows confidence in economic growth and if that is not forthcoming a Bearish Swing could quite possibly happen. With that in mind I will be looking for potential Short trades in the coming weeks on the US market. During the 10 days trading activity on this JetBlue Stock my Net combined Profit over the three days totaled 7.75% on my trading account balance, so once again the combined strategy is working well for me. Even though the main trade is over I will keep this JBLU ticker on my scalping watch list for the next week and try to pick up some more scalps if the Bullish momentum returns. Chart as Below for the close of this trade.