27/02/15 – After a strong entry this short trade hasn’t really gone any where and the strong FTSE has hampered any further downward movement. My Stop Loss was taken out today with a large Bullish movement just after the session opened, giving a 1% loss on my trading account balance. I still feel it important to have short trades with strong setups within my trading activities to take advantage of bearish pull backs in the market, but of course it is a fine balancing act. i am not too disappointed in this loss as I have closed out two Long Swing Trades this week on NSAM-NASDAQ and SMDS-LON with a combined profit of 4.3%. This NET positive outcome with winning and losing trades is a product of my sausage machine strategy and any credible trader should expect losses along with wins. Chart as Below.
10/02/15 – My Stop Sell Order for this Short Trade on PZC LSE triggered in yesterday’s session helped along by the negative start to the week for the FTSE. The momentum isn’t with the Bearish Wave 5 yet and I would expect confirmation of this move by the end of the week. Chart as Below for the entry into this Short Trade on PZC LSE.
07/02/15 – This potential Short Trade is hanging on for dear life. The price made a slightly new high during last week and so my Stop Loss has been adjusted to 325.50. The Entry point ad initial take profit limit order remain the same. The Fibonacci 0.382 Retracement level is acting as resistance to further Bullish whereas the 50 Day Moving Average and the Fib 0.25 Retracement is acting as a sticky support level. There is a danger that this stocks price will become range bound, but at this moment the trade setup is good for the potential Short trade, so I am leaving my order on and review during next week. Chart as below.
01/02/15 – The price made a new Wave 4 high during Friday’s session but then closed back down in the TJ’s Ellipse. This potential Short trade is still looking good with 8/9 of my setup indicators still in the green. Due to the new Wave 4 high, I have adjusted the Stop Loss to 324.50 and the initial Take Profit to 272.00, whilst the entry point still remains @ 307.00 for Monday’s session. Chart as below for the adjustments on this potential Short Trade Setup for PZC-LSE.
28/01/15 – This potential Short trade on PZC-LSE is setting up very well with 8/9 of my indicators in the green and the 9th turning green if order is triggered. The Wave 4 pull back has found resistance at the Fibonacci 0.382 Retracement Level, the 50 Day Moving Average (Yellow MA line) and the TJ’s Ellipse seems to be holding as resistance at this time. Although this is a relatively low volume stock there is evidence of large bearish price moves during the Wave 3 move so I am confident if the momentum picks back up to for the overall Bearish Trend, a new Wave 5 low will be formed for this short trade. I have decided on a conservative trade setup with the Stop Sell order @ 307.00 which is way out of the wave 4 Trend Channel, below the Fib 0.25 retracement level, below the low of the Pivot B and below the 6/4 Moving Average Low line. The Stop Loss is @ 324.00, giving fresh air between the Wave 4 high and the Fib 0.382 retracement line. The initial Take Profit Limit Order is @ 275.00, which gives a Risk to Reward profile over my minimum 1:1.6. Charts as Below for this potential Short trade on PZC-LSE.