NYSE Utility Index Stock PCG – Potential Long Position

01/03/15 – The setup for this NYSE Utility Index Stock PCG has gone away from me during last weeks session, in that the Elliott Oscillator 140% line has been broken numerous times last week and the price is approaching the Fibonacci 0.618 Retracement level which, if broken, will make this a very low probability trade. The Fib Retracement level may hold as support but I am not interested in a trade on the Daily Time Frame but will keep this stock on my watch list for any potential intra-day setups if the price action does turn Bullish. I have cancelled the Stop Buy order for this potential trade on the Daily Time frame as I need to have very high probability setups during these volatile Market times.  Chart as Below

PCG#4
18/02/15 – This potential Long Setup on the NYSE Utility Index Stock PCG has found support for the Wave 4 pull back at my maximum 0.618 Fibonacci Retracement level and is holding on to the TJ’s Ellipse.  Currently there are 8/9 of my trade setup indicators in the green with the Elliott Oscillator just within parameters.  Today’s session will be critical for the setup of this potential Long Trade and although I don’t think it will trigger I am going to place an order that may have to adjusted depending on the price action today. A conservative entry strategy with the Stop Buy Order @ 56.01, which is way out of the Trend Channel, above the 50 Day Moving Average and above the Fibonacci 0.382 Retracement Level.  Stop Loss @ 53.23 below the Fibonacci 0.618 Retracement level and the low of the Wave 4.  The initial Take Profit Limit Order is @ 63.00, which gives a Risk to Reward Profile over 1:2.  Chart as Below for the setup of this potential Long trade on the NYSE Utility Index Stock PCG.

nyse utility index PCG#1 PCG#2osc

paul.bratby@hotmail.com'

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