24/09/14 – Although the Mastec Inc Stock price had a negative session yesterday, the false bar stochastic is still present and therefore I have to cancel this trade order permanently and walk away. The price did also make a new high for this current Wave 4 movement. Chart As Below
23/09/14 – The Mastec Inc stock price made a new high in yesterday’s session, which normally wouldn’t be an issue for this setup as the Fibonacci retracement 0.382 level and the TJ’s Ellipse is holding as resistance at the moment. However the Stochastic has moved back into the Over Bought zone and therefore the False Bar has appeared indicating that the original break out of the over bought zone was was a false break out and that there is a high probability of a new Bullish trend forming. I have cancelled the Stop Sell order for now to see how the price action behaves today, but if there is further movement up and the stochastic establishes itself further into the Over Bought zone then there will be no going back. Chart as Below for this Mastec Inc stock.
20/09/14 – Another Short Trade setup on NYSE exchange, this time on the Mastec Inc Stock. Currently there are 7/9 of my trade setup indicators in the green and when the trade potentially triggers it would have passed the 6/4 MA low line giving 8/9 indicators in the green. An important Elliott Wave observation is also present with this Mastec Inc Short trade Setup, in that there was a simple Wave 2 and conversely a Complex Wave 4 has occurred. The Wave 4 extreme has found resistance at the Fib 0.382 retracement between Wave 2 and Wave 3 and has closed the normal TJ’s Ellipse at the same level. The Stochastic did crossover in the Over Bought Zone and moved below the 75% line to then tun back up so will keep a close eye on this Monday and Tuesday. As with the other four Short trades that are now all open, I want to be conservative on the entry for this potential Short trade on the Mastec Inc Stock. With all this information in mind I have put on a Stop Sell order @ 29.65 which is way out of the trend channel for Monday’s bar position, below the 6/4 MA Low line, Below the Fib 0.25 line and below the low of the main Pivot B in this Wave 4 pullback. The Stop Loss is @ 32.02, which is above the Wave 4 extreme high and above the Fib 0.382 retracement line taken between the Wave 2 and Wave 3 peaks. The initial Take Profit Limit order is @ 23.00 which gives a Risk to Reward Ratio of approx 1:2.75. the Charts are below for the setup of this potential short trade on the Mastec Inc Stock.