15/11/14- This potential trade on this London Listed Precious Metals Exploration Company has not been behaving well and last week both the PTI dropped below 35 and the Elliott Oscillator 140% level was broken. This now only gives 6/9 of my indicators in the green which is my minimum requirement, but in these uncertain market conditions there is not enough probability to enter this trade. I have therefore cancelled the Buy order permanently and demoted this trade diary to the Archive section. Not all my trade setups trigger as some simply break the rules once initial setups are confirmed and that is the strength of both setup and entry strategies that I use. Chart as Below
01/11/14 -The Share price for this London Listed Precious Metals Exploration Company suffered last week and a new Wave 4 extreme was formed, which tested the lower limit of acceptable wave 4 extremes, namely the 0.618 Fibonacci retracement level between the previous Wave 2 and Wave 3. The Entry strategy has been compromised with this large movement down and I have decided to cancel the Stop Buy order for now and observe the price action over the next couple of weeks to look for a better Entry strategy or in fact cancel the Potential trade from the Watch List if the 0.618 Fib retracement is broken. Chart as Below.
30/10/14 – A New Wave 4 low was formed for this precious metals Exploration Company in last weeks bar and so obviously my Stop Loss position for the trade order has changed. Entry price still firstname.lastname@example.org, but the Stop Loss has now been adjusted to 54.00, with the initial Take Profit Limit Order remaining @ 80.00. A slight alteration to the quantity of CFDs for the order been made to ensure only 1% of my account balance is at risk for this trade. Chart as Below.
18/10/14 – CEY LSE – The Share price for this Precious Metals Exploration Company have been in a Wave 4 pullback phase for 12 weeks and there are signs of exhaustion of this move. Last weeks bar formed a Gravestone Doji and took out the TJ’s Ellipse at the Fibonacci retracement 0.5 line taken between Wave 2 and Wave 3. On its own this Doji pattern means very little as the confirmation bar next week will give me an idea of the direction of the price for this Precious Metals Exploration Companies Share price. Having said that there are 7/9 of my trade setup indicators for a “With Trend” trade in the green with any bullish move giving 8/9 when the Stochastic crosses in the Over Sold Zone and so I can’t ignore a sensible setup for entry on next weeks bar position. I have decided on a sensible entry strategy outside of the Trend Channel for next weeks bar position (blue vertical line) and above the highs of the last 5 bars (weeks) so if indeed the trade does trigger, it does so with momentum. Stop BUY order @ 62.65 with the Stop Loss @ 54.30 and the initial Take Profit Limit Order @ 80.00. Charts as below for the setup of this potential Long trade on this Precious Metals Exploration Company.