Wednesday, May 4, 2016

Elliott Wave Options Signals - Went Short EXP, ALB and MIK Today

I like three wave counts that were accompanied by confirmed short signals today.  Below is the list of the charts and trades I made:

Elliott Wave Options Signals Short ALB

Bought to open ALB June 17  60/67.5 put spread at $2.54


Elliott Wave Options Signals Short EXP

Bought to open EXP June 17  65/75 put spread at $3.47


Elliott Wave Options Signals Short MIK

Bought to open MIK June 17  30 put single at $2.00


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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Signals - Closed GBPCAD long for 337 Pip Profit

Closed GBPCAD long for 337 Pip Profit

GBPCAD Rallied nicely since I hit a long trade on the pair. The signal was from a daily chart so the stop was wide, and therefore I only took on half a position size on the trade.  Regardless, I closed it today at a 337 pip profit. It will probably continue towards my initial target around 1.8700 but I am good taking profits right now before the Asian and London sessions get under way and pose a risk of a sharp downward reversal eroding the profits I already obtained.  Here is the trade summary:

Half long at 1.8318, closed at 1.8655 for 337 pip profit

See original post with trade setup here

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Monday, May 2, 2016

Elliott Wave Option Signals - Short ACN

Short ACN

Accenture PLC (ACN) is correcting a large 5 wave rally in wave (2).  The correction should be in wave C, which is a strong impulsive wave.  I expect it to take this stock to the previous 4th wave and Fibonacci retracement level at $107.  Here is my trade:

Buy to open ACN June 17  105/115 put vertical for $2.95

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Option Signals - Closed CTL for 30% Profit

Closed CTL for 30% Profit

I tried getting out of this position Friday at $1.95 but it's not a very liquid option market and it didnt't execute. Price has hit my target area in my proprietary indicators so the short signal has ended even though the wave count suggests the decline is not complete. I want out and closed the position at $1.80 even though the stock will probably still drop to at least $30.  Here is the trade result:

CTL put vertical May 20. 29/23 bought for $1.38 and sold for $1.80 for a 30% profit

See original trade setup here

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Friday, April 29, 2016

Elliott Wave Forex Signals - Long GBPCAD

Elliott Wave Forex Signals - Long GBPCAD

The pound has been showing overbought signals on the smaller timeframes in seceral pairs which made me reluctant to get long on this pair in this trade. But the daily chart confirmed a bullish signal over a week ago and has bullish divergence on the RSI, and a nice wave count showing a major bearish move is complete. I still want to be cautious on this big trade though, so I'm only going half long:

Half long at 1.8318
Stop loss at 1.8000
Profit target at 1.8700

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Signals - Closed ARW for 31% Profit

Closed ARW for 31% Profit

Arrowhead Electronics (ARW) did not have the greatest setup in my view, but was still good enough to take a shot at it at half position. The stock dropped to 38% Fibonacci retracement and bounced a little at a 31% profit and I'm happy with that so I took my profits Nd am walking away. Here was the trade:

Closed ARW put vertical $3.09 for a 31% profit (see original post with trade setup here)

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Thursday, April 28, 2016

Elliott Wave S&P Futures

Elliott Wave S&P Futures

Just a quick note on the S&P's.  You can see that my last forecast of price movement has played out well, at least so far.  The market has not been able to get off the ground and so the bulls seemed to throw in the at the end of the trading day to account for the selloff.  The overnight Globex session saw markets tumble from the Bank of Japan surprise decision and the US market cash session appeared immune to it as it rallied the futures off the lows and into positive territory most of the day.  But by the end of the day, the bears roared back and pushed the market lower through last night's lows.

Price hit the lower channel line support I labeled and has bounce so far.  That channel support should hold if the bulls want to retain control.  My proprietary indicators are still firing off a lopsided amount of short signals to bullish signals at 140 bearish and only 7 bullish. So the market is overbought and ripe for a pullback.  I'm patiently waiting for a signal to get short.

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Options Signals - Short MMM

Elliott Wave Options Signals - Short MMM

3M Company (MMM) is in a Minor wave 4 correction that should have it's ((c)) wave unfold lower towards the 23% Fibonacci retracement level in the upcoming days.  I got short the stock through a put vertical earlier this week but forgot to post the trade here.  The stock has not done much since my trade anyway as my position is actually down just a little from when I entered:

Bought MMM put vertical June 3rd  157.5/170 for $4.02

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Options Signals - Short DPY

Short DPY iShares Dividend ETF

The iShares Dividend ETF (DVY) confirmed a short signal last week and rallied to some resistance along with a wave count that shows a terminal ending diagonal for Minor wave 5.  Although I'm reluctant to trade this types of ETFs regularly and aggressively, the setup is quite appealing right now.  So I'm going into half a position to play it safe:

Bought DVY put vertical June 17th  79/83 for $1.15 

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Option Signals - Short ITW

ITW - Illinois Tool Works

Illinois Tool Works (ITW) has been firing off short signals (red paint bars derived from proprietary indicators) for several weeks as this stock as chopped higher.  You can see that price action appears to be starting to roll over.  Today's closed triggered the short confirmation signal on my proprietary indicators (not shown) which caused me to look further into this stock.  The other thing that got my attention is that implied volatility has steadily exceeded historical volatility since back in February, and well into today when my indicators confirmed a short signal.  This indicates that options traders are predicting a large move in this stock, and my indicators suggest it will be a bearish one.

Elliott Wave ITW

Now, let's look at the Elliott Wave structure.  Here too I can see a Minor wave 3 finishing and a wave 4 down getting underway.  Although I'm not sure wave 3 is completely done yet as wave ((a)) and ((b)) seem a bit tight and close together relative to where wave ((c)) should end up.  Either way, the evidence lines up for this stock to be getting a nice bearish move underway soon so I made the following trade right before the close:

Bought ITW put vertical June 14  97.5/105 for $1.91

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Options Signals - Closed PLCE at 40% Profit

Closed PLCE at 40% Profit

Children's Place whipsawed up an down today which made me a little nervous because it came real close to hitting my target, which was below wave A, and rallied sharply as well.  I did not want to get caught missing the move I wanted and see this stock shoot the moon against me so I was happy putting in a limit order this morning for a 40% profit it hit.  As the stock market sold off this afternoon, it took PLCE with it and my limit order was hit shortly before the close.  Here is the result:

Closed PLCE put vertical (half position) at 72.5/82.5 for $4.65 for a 40% profit.  

SEE ORIGINAL POST WITH TRADE SETUP HERE

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Options Signals - Closed DPZ for 136% Profit

Closed DPZ for 136% Profit

Domino's Pizza tanked after I got a short signal on my proprietary indicators and shed 9% after missing 1Q earnings. It quickly hit 50% Fibonacci retracement before bouncing and I'm happy with that move in my favor to close my put spread for a nice 136% profit on half a position:

Closed DPZ put vertical at 125/140 for $12.25 for 136% profit

See original post with trade setup here.

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Tuesday, April 26, 2016

Elliott Wave Futures - S&P Futures

S&P Futures Chart

The market rallied right into my target level where wave (5) equaled wave (1), and at a major round number resistance level at 2100.  From there we now see some pullback, but I feel it's temporary.


Elliott Wave S&P Futures Chart

Fed day is tomorrow (Wednesday) and so the market should be fairly quiet up until the announcement is made later in the trading day.  Looking at the wave count though, and price structure, it looks like the market will go down before it goes up.  So a drift lower into the Fed announcement towards lower channel support around 2066-2075 might be a good area for the market to find support and perhaps rally on the actual Fed announcement itself.  This is a pure guess on my part as far as the timing of all this.  But the wave structure is indicative of a rally that is still unfolding so I will be ultimately be looking for higher levels in the near future.

There are several different proprietary bearish signals on the Dow and S&P cash indexes, as well as their corresponding VIX charts at various timeframes, but there are no confirmations that the bearish move has started.  So more time and price action needs to unfold before these bearish signals can be in a position to be confirmed and I can consider getting aggressively short.  Until then, I'm a cautious bull on the overall stock market, but an short several highly selective stocks through options spreads.


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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Signals - Closed GBPAUD at 500 Pip Profit

Closed GBPAUD at 500 Pip Profit

The GBPAUD got me back my losses from last trade and then some.  The pair can easily continue higher but it has met my target requirements and I'm more than happy with a 500 pip profit.

HERE IS THE ORIGINAL TRADE POST: click here


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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Thursday, April 21, 2016

Elliott Wave Forex Signals - Long GBPAUD

Long GBPAUD

This sucker burned me for over 200 pips last time I tried to get long, but with an ABC "Flat Correction" counted, it makes sense how I got faked out last time.  This pair fired off a buy signal confirmation with today's close on the daily charts.  Since it's on the daily charts, it is a huge trade.  There is also long standing bullish divergence of price vs. momentum, and if it's a wave ((c)) up getting started as I have it labeled, it will be a sharp move up for hundreds of pips.  And lastly, a similar pair, the GBPCAD also fired off a bullish confirmation signals, something that didn't occur last trade, so that is also encouraging as well.  I want to enter only 1/4 position now and will consider adding more on weakness:

Bought 1/4 position at market at 1.8511
Stop Loss at 1.8270
Profit target at 1.9000

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

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