FCX – Stocks Trading Journal – Long Swing Trade

Stocks Trading Journal for Long on FCX

This stocks trading journal is a review of a recent Long Swing Trade on FCX. On the 21st Feb 2018 we posted a video in our Signals membership for a potential Long Swing Trade for FCX on the 60 minute time frame. The video had a quick analysis, entry price, Stop Loss and Target price for this potential 5th wave move long on the 60 minute timeframe.  The original video can be viewed  >>>HERE<<<

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 initial support in the Amber Pullback zone, which indicates an 80% 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 before the trade triggered when the trade was set up before the markets opened on the 21st Feb 2018.  Long entry price of $18.78 with Stop below above the Wave 4 low at $18.25.  Our automated 5th Wave Target level in Blue was around the $19.70 level for this long trade, giving a 1:1.6 Risk to Reward.  Below this chart is how the trade went and chart showing exit when price hit our automated target zone, as part of this stocks trading journal.

FCX Stocks Trading Journal – What Happened Next

The long swing trade moved through the entry level during the 2nd hour of the trading session on the 21st February and proceeded to move up for a while until a little pull back to close just below the entry for the day.  On the 22nd February FCX had another good strong start to the session and then sold off slightly towards the end of the day, which was mirrored in the markets.  On Friday the 23rd February a more sustained Bullish momentum was seen throughout the session and out Target Price zone was hit, so profits taken and closed the osition before the weekend.  In the chart below we can see the prce action on the 60 minute timeframe as described with a great 1.6% profit on the account balance taken for a 1% risk for this typical 5th wave swing trade over 3 days.

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.