29/06/15 – MRVL Nasdaq – The trade setup for this Short XTL Break out trade on a 240 min time frames is also backed up with a normal Wave 5 Setup on the Daily Time frame as the 2 lower charts show. However I wanted to be more aggressive into this trade for a potential higher return in light of the very negative futures for the US market this morning before the open. On the 240 min chart below the first ( last bar on last Friday’s session) Red XTL bar size is average or smaller than the preceding 20 bars and perfect for a Bearish Break out. A tight Entry @13.83 below the B pivot is set on my order with an equally tight Stop Loss at 14.04, with an initial Target of the previous Wave 5 low round the $13.00 price and ultimate target of $12.20 a possibility of the bearish run continues with the Greece issue looming all week. A great Risk to reward profile with potentially good profits for each target.
30/06/15 – MRVL NASDAQ – The Pre Market trading leading up to yesterday’s open was indicating a gap down so I waited to place the trade order just before the open and adjusted accordingly. The trade was entered @ 13.71 with the stop Loss still @14.04. the adjusted Risk to Reward profile now gives 1:2 at the previous Wave 5 low and over 1;4 at the ultimate target of 12.20. The Bearish move was strong after trigger and closed near the days low, showing momentum has gathered in this Bearish trade. As I have been stopped out on a couple of long trades due to the Greece issues my first target of 2% profit on this trade is playing on my mind so that i can neutralise those losses. However I really cant make a decision until I see how the price action goes when today’s session opens. I my decide to use a trailing stop if the high of yesterday’s lst bar is not broken on any potential bullish pull backs after yesterday’s large move. Chart as Below showing the entry into this Short Breakout trade on MRVL Nasdaq.
02/07/15 – MRVL NASDAQ – The two bars for yesterday’s session did find resistance at 13.36 but did show indecision in the market as a result of the positive market on news coming out of Greece. As this is a Breakout trade with a tight stop I really need to be out of this trade by the end of the week due to the uncertainty of the Greek referendum on Sunday. In the first instance I have placed a Trailing stop @ 13.54 to protect at least 0.5% profit on my trading account balance. However in reality I will be looking to manually stop out this trade for better profits before the early close of the US markets on Friday. Non Farm Payroll and jobless claims is out before market open this afternoon so I must be aware f any Bullish pre market action on this stock that might incur a gap up above my Trailing Stop and potentially adjust accordingly, however I don’t think the markets reaction to this data will affect this stock too much either way. Chart as Below for Trailing Stop placement.
05/07/15 – MRVL NASDAQ – During Friday’s session I decided to take profits and not leave the position open over the weekend due to the uncertainty of the Greek referendum and the tight stop on this particular trade. Closed out trade taking 1% profit on my trading account balance. Chart as Below