22/07/15 – NNN NYSE – With 8/9 of my trade setup indicators in the green, this potential Short trade is looking good with the Wave 4 finding resistance at the 0.382 Fib Retracement level and the TJ’s Ellipse. Earnings announcement for this company is on 30 July so I have to be careful but must bear in mind that that the stock is in an overall and strong Bearish trend. Stop Sell Order @ 36.21, which is below the B pivot made during the Wave 4 and also below the 6/4 MA Low. Stop Loss @ 37.51 and the initial Take Profit Limit Order @ 33.60, giving a Risk to Reward profile over 1:2. I will only place the order after the open of each each trading session and then take off after each close as there is a possibility of gaps etc during this summer earnings season. Charts as below for the setup of this potential short on NNN NYSE.
24/07/15 – NNN NYSE – Although the price made a new wave 4 high yesterday, the bar ended up closing as a large Bearish Engulfing pattern from the previous days Doji, which is a good sign of a Bearish move. I have adjusted my Stop Loss to 37.61 to compensate for the new wave 4 high and also adjusted the amount of CFDs for the order to keep 1% of my trading account balance at risk. The Risk to Reward profile is now 1:2. Chart as Below.
04/08/15 – NNN NYSE – The price for this stock broke out of the range during yesterday’s session to form a new Wave 4 High above the 89 Day Moving Average. The TJ’s Ellipse is no longer acting as resistance and the Trend Channel is way below my minimum 90% for the Wave 4 movement. There are now only 6/9 of my trade setup indicators in the green and thus a lower probability of success, so I have cancelled my Order for this trade and will look for higher probability trades. Chart as Below.