04/11/14 -The Elliott Oscillator broke through the 1.4 (140%) line in yesterdays session, reducing the trade setup indicators to 6/9. At this time, with the markets uncertain of the direction they want to take, I am cancelling this Trade order as this potential Short trade is not high enough probability. When Short Selling Stocks I really need minimum of 7/9 indicators in the green and more comfortable with 8 or 9. Chart as Below for this Trade Order Cancellation.
01/11/14 – A new Wave 4 extreme High was formed during Friday’s session after a gap on open near the Fib retracement 0.618 level. The price closed the gap during the session and closed on the Fib 0.5 level with higher than average volume for the day’s session. The profit take target zone has been recalculated to 30.20 along with a new Stop Loss @36.05. Setting up trades for Short Selling Stocks is never easy and although 7/9 indicators remain in the green for this potential Short trade setup going into Monday’s session, the price action on Monday may mean I have to cancel the order unless there is a strong movement to the downside. If the Fib 0.618 line is broken or in fact the Elliott Oscillator 1.40 level broken on Monday then I will cancel this order after the session closes on Monday. Chart as Below.