30/10/14 – RPC Group PLC – After a very long Wave 3 over the last 3.5 years, the Wave 4 has currently found support at the Fibonacci Retracement level taken between Wave 2 and Wave 3. I have used the 10,70 Oscillator in this case as the Wave 3 was too long for the normal Elliott Oscillator parameters and it has pulled back between the 90%and 140% of the Wave 3 Oscillator high.There 7/9 of my trade setup indicators in the green for this potential LONG trade on the RPC Group PLC shares.There is, however, potential for the Wave 4 to continue its pull back to further lows and so a more conservative entry is required. It is also worth noting that the only other time the 10,70 Oscillator was briefly below the zero line was during a previous Wave 4 attempt in April 2013, after which the Share price went on to complete a Wave 5 then turn into what is now the long term Wave 3. I have decided on an entry point way out of the Trend Channel and just above the Fibonacci 0.25 retracement line, ensuring a large movement up this week to trigger or in fact a momentum continuation next week to trigger. Stop BUY order @ 550.00 with the Stop Loss @ 480.00, which is blow the Fib 0.382 retracement level. The initial Take Profit Limit Order is at 710.00, giving a Risk to Reward profile of over 1:2. Charts are Below for the initial setup of this potential Long Trade on the RPC Group PLC Stock.
04/11/14 – RPC Group PLC – My Stop Buy order for this Long Trade has triggered today and so I am into this longer term trade that should run into the new year. The three weeks (bars) since the Doji formed on the Wave 4 extreme have shown great Bullish momentum with higher highs and higher lows and the target for this weeks bar is to close above the entry price. A close above the 6/4 MA High would be the target for next weeks bar with a continued Bullish momentum. Chart as Below showing the entry into this Long trade on the RPC Group PLC stock.
20/12/14 – RPC Group PLC – On the 17th December 2014 (last week) the Company went through with its “Rights Issue” which had positive and negative affects on my trade on this stock using CFD’s. On the plus side I was paid out on the Rights issue to the equivalent of 1% profit on my trading account balance and have banked some profits. On the bad side the price was skewed by £0.50p per share so as you can see from the chart below all the trade setup points have also been skewed, so the Wave 4 Low is now showing at 433.48 and so everything is skewed. I am not adjusting my Stop Loss down to the Wave 4 pivot as that then would mean I am risking 2% on this trade. I am leaving it where it is as it is below the 6/$ MA High line and below the lows of the last 3 weeks (bars). At the moment then the trade is in a slight loss making position after all that hard work but I have banked 1% profit on my trading account balance so even if the trade goes against me I will be at Breakeven. This is the first time this scenario has happened to me whilst trading a stock using CFD’s so a learning curve but not an expensive one. Chart as Below showing the skewed affects of the “Right Issue” for the RPC Group PLC Stock.
22/02/15 -RPC Group PLC – The price for this stock suffered a pull back after the rights issue in December but has enjoyed a good strong Bullish movement this year. The price closed last week at the weekly high, indicating the momentum should continue into next week. I have adjusted the target price to 630.00 due to the skew of the price since the rights issue and the profit lines now reflect the rights issue payment in December that equated to 1% of my trading account balance. I have placed a Trailing Stop @ 546.31 which locks in .2% profit on my trading account balance. This placement is below the lows of the last 2 bars (weeks) and I will look to follow this pattern as long as the following bars achieve higher highs and higher lows. Chart as Below.
22/03/15 – RPC Group PLC – A new Wave 5 high was formed for last weeks bar with high volume for this stock for the weeks trading session and the price closed near the high of the week. I have adjusted my Trailing Stop to 556.76 which is just below the low of the Red Doji formed for the previous bar to last week. This now locks in 1.4% profit in my trading account balance and I will look to manage this trade conservatively with the view of carrying the trade into April to take profits, not just in the next month and quarter but the first month in my new financial trading year. Chart as Below for this adjustment on my trade on RPC Group PLC.
03/04/15 – RPC Group PLC – Yet another one of my long term trades on a Weekly time frame that I carried over to my new financial year to close out on a Time Stop. I manually closed out the trade last week to take 1.7% profit on my trading account balance. Chart as Below.