Can Harmonic pattern work on Stocks ??

28 Nov 2016

It has been awhile since I last traded stocks, I have been focusing on mainly on the Forex market. I would like to add on some stock analysis here from now on. Why Abbot as my first analysis, we have been giving our kids milk powder from Abbot since they were born ;) (no I am not a spokes person from Abbot) hahaha

Price completed the Bat pattern at around 37.80 and price immediately reacted to that level. Now I am hoping for a retest of the level for an approximately 1:2 risk reward trade.

Cheers

11 Dis 2016

Dagangan aktif

Entry triggered at 37.80. Will probably look to tighten stop loss to just below the recent lows of 37.38 when the market reopens

14 Dis 2016

Dagangan aktif

Shift Stop Loss to break even ($37.80) making this a risk free trade.
Still maintain target at $40.50

16 Dis 2016

Dagangan aktif

I am still holding on to this trade.
Will look to tighten stop loss to just below yesterday's low of $38.27
(probably to $38.18)

20 Dis 2016

Dagangan aktif

Still maintaining my stops (at breakeven) $37.80
Slow trade but feeling quite relaxed on this as it is already a risk free trade.

Merry Christmas to all

4 Jan 2017

Dagangan aktif

Hopefully this will be the push towards the target $40.50

seekingalpha.com/article/4033864-abbott-prosperous-2017

9 Jan 2017

Dagangan ditutup: sasaran tercapai

In my opinion, trading on stocks is definitely slower paced. One month later, trade closed after reaching my target.

From the looks of the chart, this could actually go higher. However, I am out of the trade with $2.70 profit