MAR Stock Trading Journal
This MAR stock trading journal is a review of a Long 5th wave trade on $MAR. Before markets opened, on 09 February 2019, we posted a video for a potential Long Swing Trade for $MAR. The original Signals Video can be viewed >>>HERE<<< . Paul also did a quick Twitter Live Video before the markets discussing the potential trade on BOX >>HERE<<. Above all, the Signal came from our Elliott Wave Indicator Suite for $MAR on the 60 minute time-frame.
In the original chart screenshot below we can see that $MAR had found support in our automated probability pullback Green zone on its wave 4. Therefore this indicates an 85% 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. Our Stocks swing trading strategy involves trading the 5th Wave of the Elliott Wave sequence, as it is the highest probability move in a “with trend” trade.
The original chart shown below shows the setup with a Long entry price of $116.06 with Stop at $114.48. Our automated 5th Wave Target zone in Blue was around the $118.59. Therefore giving a Risk to Reward of 1:1.6. This trade took less than 3 days to Hit our automated 5th Wave Target Zone.
Below this chart is our commentary on how the trade went and trade management decisions.
MAR Stock Trading Journal – What Happened Next
During the first hour of the trading session on the 11th February our entry was taken in with low volume. The price remained flat for the remainder of the session. The price did try and go higher on the 12th February but then puled back. The pullback on the 12th missed out Stop loss so the trade was carried over tot he next day. A slight gap up on the 13th February was followed by a massive move up to our 5th wave target zone. This move took less than 5 minutes and it was a “no-brainer” to take profits in our 5th wave target zone! It is interesting to note that the price remained in our target zone for the remainder of the trading session. We will now look for a Breakout trade above yesterday’s high as indicated on the chart below by our BlackBox Breakout Signal. The signal states $119.41, but a sensible entry would be above yesterday high.
This MAR stock trading journal shows an explosive 5th wave trade using our Elliott Wave Indicator Suite. This type of move is becoming more common on the intra-day time frames as of late.
(Click on Chart to open full size in a new window)