06/04/14 – Last week saw the Elliott Oscillator break the 140% line and thus make the trade much lower probability, so at this stage I am going to resign this potential trade to the Archive section. As Below
08/03/14 – This potential trade has taken since January to setup and finally I have 8/9 indicators in the green and have placed a BUY order aggressively out of the Trend channel and above the highs of the last 4 bars (weeks). BUY order @ 220 on a SEP14 Spread bet Contract, with a Stop Loss @185 and take Profit Limit Order @ 290. This spread bet will be out of reach for those with an account balance less than £90k as the distance between the Open price and Stop Loss is some 3500 points and at minimum spread bet levels a 1% loss would be around the £900 mark including the spread. The alternatives include buying physical shares at that point or trading CFD’s where 15 CFD’s would give a potential loss at around £100 which would fit a 1% loss on a £10k account balance or in fact options trading. ( I will be putting together free training videos for CFD trading over the coming months) Chart is as below.
08/02/14 – It has taken approx six weeks since my last post update for this potential trade for the TJ’s Ellipse to be taken out (which seems to be acting as resistance at the moment). There are now 7/9 indicators in the green but the Risk to reward is below the minimum 1:1.6 required for me to enter the trade. As I have posted in various discussion groups, I thought that this stock still has a way to go on its W4 pull back and I need to see it pull back over the coming weeks to around the 193 price, whilst still keeping all the other indicators in the green. This will give a better Risk to Reward. A long watch, this one! As Below
13/01/14 – This trade seems to be setting up well with 6/9 indicators in the green. The correlation of simple W2 against a more complex W4 works well and sits with Elliot wave observations. I am going to monitor this stock over the coming weeks and would like to see the price pull back further to around the 195.23 mark and take out the TJ’s Ellipse. This is also the 0.382 Fib retracement taken from W2 – W3 which combined with the TJ’s Ellipse shows a semblance of resistance and a point for the longer term BULL Trend to continue. The price action over the next couple of weeks will be interesting. As Below