20/08/15 – PBI NYSE – With 8/9 of my trade setup indicators in the green and a poor earnings, this potential Short trade on PBI NYSE is setting up very well.The Wave 4 pull found resistance at the Fib 0.5 retracement level taken between Wave 2 and Wave 3 extremes, whilst also taking out the TJ’s Ellipse for good measure. As with all my short trades, I want to be conservative with my entry so will look to enter below the 6/4 MA Low to have 9/9 indicators in the green on entry. Stop Sell order @20.89 with the Stop Loss @ 21.68 and the initial target level @ 19.20, giving a Risk to Reward Profile above 1:2. Charts as below for the setup of this potential short trade on PBI NYSE.
21/08/15 – PBI NYSE – My Stop Sell order was triggered but my broker entered me n the trade @ 20.96 (long story about slippage) so I have adjusted my entry level on the chart below. Importantly the price closed near the days lows, below the 6/4 MA Low and all this with higher than average volume, which suggests momentum should continue with this Bearish Wave 5 move in Friday’s session and into the weekend. Currently, at the time of updating this trade diary, the US Stocks futures are very negative which is good for this trade. Chart as below.
24/08/15 – PBI NYSE – Friday’s continued Bearish price action for this stock took the price to hit the same low as the Wave 3 at 20.12 then closed just $0.01 up. Again, like my other Short trades the volume was both strong and high for this trade and I would expect the momentum to continue past this Wave 3 level in today’s session, especially as the US futures a very negative. I have looked left and there is no real support or resistance level until $16.20 from April 2013. So if the price can break through my original target level and below the $19.00 price then there is nothing to stop the price falling to this previous level. This obviously will depend on the markets behaviour and whether the Bearish move will continue through the week. At this stage I have decided to adjust my Take Profit Limit Order to 16.20 and will look to start to manage the trade with a Trailing Stop after today’s session close. Obviously, if I see signs that the market Bearish correctios running out of steam then I may decide to take profits manually. Chart as Below
27/08/15 – PBI NYSE – As with my Short trade on OMC-NYSE this stocks price made a new low yesterday and then rejected that new low to close near the open. The huge swings are concerning and so I cannot manage the trades as I usually do. I am placing a Trailing Stop but may take out my profits on open Short trades as the Swings are now Bullish and may wipe out my profits if I am not careful. Trailing Stop @ 20.24, locking in 1% profit on my trading account balance and is above the previous Wave 3 low and the gap down last week. Chart as Below.
01/09/15 – PBI NYSE – Just like my other Short trade on OMC, I decided to close out this trade and take profits whilst I was travelling. This particular trade was finding it hard to break through and remain below my initial target level so much more prudent to take 2.2% profit on my trading account balance after 7 trading days of uncertainty for this trade. Chart as Below