SRPT Stocks Trading Journal – Long Swing Trade

Stocks Trading Journal for SRPT Long Swing Trade

This stocks trading journal is a review of a recently closed Long Swing Trade on SRPT. On the 7th April 2018 we posted a video in our Signals membership for a potential Long Swing Trade for SRPT on the Daily time frame. The video had a quick analysis, entry price, Stop Loss and Target price for this potential 5th wave move Long on the Daily timeframe.  The original video can be viewed  >>>HERE<<<   . The Long Swing Trade order was triggerred on the 9th April 2018 and the trade was enterred.

Our wave5trade strategy involves trading the 5th Wave of the Elliott Wave sequence as it is the highest probability move in a “with trend” trade.  The Wave 4 in this case pulled back and found final support in the Red Pullback zone, which indicates an 75% probability that the 5th Wave will go on and make a new high in this current Bullish trend. The Pullback zones are part of our Elliott Wave Indicator Suite.  The original chart shown below shows the setup with a Long entry price of $77.09 with Stop below the Wave 4 low at $70.49.  Our automated 5th Wave Target level in Blue was around the $89 level for this Long trade, giving a 1:1.8 Risk to Reward.

Below this chart is how the trade went and chart showing exit when price went through our automated target zone.

SRPT Stocks Trading Journal – What Happened Next

Tip-Toe entry into this Long after a strong move away from the Wave 4 low and out of the 6/4 MA High (Green MA on Chart Below) on 09 April 2018. Momentum continued well over the next three trading days attempting to break throught he previous wave 3 high.  A sustained pull back was then apparent for the next week or so leading to earnings.  Initial reaction to earnings was muted due to negative market conditions.  But as soon as we had a stong Bullish day the price had a massive move on Friday 04 May hitting the 5th wave target.

This low volume pullback is typical ahead of earnings, but with a 5th wave trade on the Daily timeframe, a trader must take into account the overall strong Bullish trend.  Patience was key to the success of this trade and as soon as we go the desired move and target was hit, profit was taken at 1.8% on Trading Account Balance.

The chart below shows the exit for this typical 5th wave swing trade over 18 days using our Elliott Wave indicator suite. Although the final move is not normal, the outcome and time taken was typical of a 5th wave move on the Daily timeframe. (Click on the image to enlarge in another window)

This is a great example of our 5th Wave Stocks Signals service combining with our Elliott Wave Indicator Suite, which is available for NinjaTrader, ThinkorSwim, TradeStation and MultiCharts.