Penn National Gaming Stock – PENN NASDAQ

15/01/15 – After two fantastic scalps on this Penn National Gaming Stock and the price reaching my target level on my main trade I also closed out the main trade just before the end of yesterday’s session to give a further 2% profit on my trading account balance.  A combined Net profit of 8% profit on my trading account balance for my trading activities on this Penn National Game Stock since Christmas.  This more than covers my recent loses on ADI-NASDAQ and ALTR-NASDAQ .  I will be keeping this stock on my Scalping watchlist as there maybe some more opportunities in the near future if the overall Bullish momentum continues. Chart as Below for the Close of this main trade on the Penn National Gaming Stock.

penn national gaming stock

15/01/15 – Another great Scalping trade on this Penn National Gaming Stock towards the end of yesterday’s session.  At 13.55 pm EST the fourth candle had formed with support at 14.80 which indicated strong support as the last time the Stochastic was in the over sold zone earlier in the session this same 14.80 price acted as support.  The Stochastic had crossed over in the over sold zone against a false bar stochastic, along with the MACD Histogram crossing the zero line from -ve to +ve. I entered the Scalp trade quite conservatively @ 14.92 which was just above the high of the last indecision Doji around 13.00.  The Stop Loss was tight @ 14.79, just below the previous support level and there was no Take profit limit order as I wanted to manage this trade with a Trailing Stop. At 14:40 and after a small pull back from a strong Bullish movement I placed my Trailing Stop @15.05, locking in 1% profit.  At 15.35 I adjusted my Trailing Stop to 15.17 as the price was moving high and fast towards the close of the session.  At 15:50 I made one final adjustment to my Trailing Stop position to 15.30, just in case a big drop off before the close.  Just before the Close of the session I closed out this Scalp trade to take a fantastic 4% profit on my trading account balance as I didn’t want to carry this trade over for fear of  gap down for tomorrows open.  Chart s below

PENN Scalp#2

13/01/15 – After yesterday’s successful Scalp on this Penn National Gaming Stock I want to be more aggressive with my Trailing Stop on the main trade as the previous 2 Daily sessions have seen indecision in the market with lowering volumes which could be a sign of a exhaustion or indeed a continuation pattern. In either case I am not interested in riding the price below the low of yesterday’s session so I have placed the trailing Stop @ 14.22, locking in 0.75% on my trading account balance. Chart s Below.

PENN TS adjust

12/01/15 – First Scalp on this Penn National Gaming Stock during a good roller coaster session for this stocks price. After a negative start to the session the Bearish pull back was showing signs of exhaustion with a Bullish Harami Cross pattern forming as the Stochastic was crossing over in the over sold zone.  The MACD Histogram profile was showing strong signs of crossing from -ve to +ve also nd so all these indicators were setting up for my first Scalp on this stock.  I entered the trade @ 14.38, conservatively above the high of the tombstone Doji formed during the exhaustion phase.  The Stop Loss was placed @ 14.26, jst below the low of the Doji Star with no initial take profit as I wanted to manage the trade with a Trailing Stop. At 10.20 am the trade was entered and quickly made a strong positive move in the direction of my main trade. At 10.40 am I placed the Trailing Stop @14.49, locking in 1% profit on my trading account balance.  At 10.50 am I adjusted the Trailing Stop to 14.57 locking in more profit as the movement was showing signs of exhaustion. At 11.00 am I decided to be more aggressive with my Trailing Stop and adjusted it to 14.61, locking in 2% profit as the first red candle had formed after the previous exhaustion Doji’s. At 11:00 am my Trailing Stop was taken out, giving me a 2% profit on my trading account balance.  Chart as below for my first Scalp of 2015 on this Penn National Gaming Stock.

PENN Scalp#1

09/01/15 – The last two daily sessions have seen large volume Bullish moves for this Penn National Gaming Stock with a Wave 5 High being formed for the first time on this movement in yesterday’s session.  the market did not like the high yesterday and sold of towards the end of the session, forming a tomb stone Doji which could indicate  pull back from this very quick move higher.  As a Wave 5 was formed I am going to place a Trailing Stop @ 13.68 , which is below the 6/4 MA High line and locks in 0.2% profit on my trading account balance.  This is a conservative trade management strategy as there is a possibility of a pull back during today’s session so I want to give the trade plenty of room to work, whilst ensuring that this now is a “Risk Free Trade”. Chart as Below.

penn national gaming stock

24/12/14 – The price for this Penn National Gaming Stock had a strong session yesterday with increased volume to trigger my Buy Order and enter this trade. The price closed near the high of the day’s session and slightly above the Fibonacci 0.25 Retracement of the third wave which is a good sign the Bearish Wave 4 Pull back trend has been broken and that the price is returning to the overall Bullish Trend to attempt to make a 5th Wave.  Chart as Below.

PENN#4

20/12/14 – This potential Long trade on the Penn National Gaming Stock is setting up well with 7/9 of my indicators in the green and with the 6/4 MA High line needing to be crossed before trigger, there will be 8/9 indicators in the green on entry to this trade.  The TJ’s Ellipse did not hold but the Fibonacci 0.5 Retracement level seemed to have acted as strong support.  I have also included the MACD study at the bottom of the enlarged chart showing that it is getting close to crossing over the zero line from -ve to +ve which is another strong sign for this Wave 4 to be ending and the price action returning to the main Bullish Trend and forming a Wave 5.  My entry strategy is reasonably aggressive as the 6/4  MA High is within the Trend Channel and I am concious of the Risk to Reward requirements for my Setup.  Stop Buy Order @ 13.48 which is outside the Trend Channel and above the 6/$ MA High line for Monday’s bar position.  The Stop Loss is @ 12.48, below the Wave 4 extreme and the initial Take Profit Limit Order is @ 15.50 which gives a Risk to Reward Profiles of 1:2.  Charts as below for the Setup of this potential Long Trade on this Penn National Gaming Stock.

penn national gaming stockPENN#1 PENN#2osc

paul.bratby@hotmail.com'

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