01/05/15 – The previous support level for this Sally Beauty Holdings Stock has been broken and the Wave 4 pull back has exceeded the Fibonacci 0.618 Retracement level. I have therefore cancelled by Stop Buy order for this potential trade as it is now in a bearish Trend rather than a pull back. Chart as Below.
24/04/15 – The Sally Beauty Holdings Stock price did find support at the Fibonacci 0.5 Retracement level and the Normal TJ’s Ellipse and has made steady progress away from the wave 4 extreme. There 8/9 of my indicators in the green and with the 6/4 MA High having to be crossed before entry, there will a full set on trigger. My entry strategy really involves the price breaking out of the zone highlighted with the top and bottom made from previous (strong) support and resistance levels. Stop Buy Order @ 33.02 which is above the high of the last 8 bars (days) and above the 6/4 MA High for today’s bar position. The Stop Loss @ 31.73 and the initial Take profit Limit Order @36.00, giving a risk to Reward Profile over 1;2. Chart as Below for the Setup of this potential Long Trade on the Sally Beauty Holdings Stock.
19/04/15 This Sally Beauty Holding Stock potential trade setup was another casualty of Friday’s Bearish run on the US Market. I have cancelled my Stop Buy order for now as the indicators are still in place and if the Fibonacci 0.5 Retrcement Level combined with the Normal TJ’s ellipse can hold as support next week, then there may be another opportunity to setup another trade. Monday and Tuesday are critical for the survival of this setup. Chart as below for this update.
16/04/15 – This Sally Beauty Holding Stock price has found support at the Fibonacci 0.382 Retracement level and although the wave 4 pull back may continue to the 0.5 Fib level, I have put on an order to take advantage of any move higher if this current support level holds. There are currently 7/9 of my trade setup indicators in the green. I have decided on a conservative entry as I want to be more positive that the Wave 4 pull back has been broken before entry. Stop Buy Order @ 33.66, which is above the Fibonacci 0.25 Retracement level and above the highs of the sessions this week. Stop loss @ 32.44 and the initial Take profit Limit order @ 37.00, giving a risk to reward profile of 1:3. There is a strong chance the price will continue down to find support at the 0.5 Fib level and take out the next TJ’s Ellipse but there is no harm in putting a conservative order in now as the setup is good and I market conditions may turn. Chart as below for this initial setup on the Sally Beauty Holdings Stock.