BoonHooi
Long

Can Harmonic pattern work on Stocks ??

NYSE:ABT   ABBOTT LABORATORIES
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

Trade active: 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
Trade active: Shift Stop Loss to break even ($37.80) making this a risk free trade.
Still maintain target at $40.50
Trade active: 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)
Trade active: 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
Trade active: Hopefully this will be the push towards the target $40.50

http://seekingalpha.com/article/4033864-abbott-prosperous-2017
Trade closed: target reached: 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
nice set up. just curious why u dont want to target 61.8%?
Reply
BoonHooi PRO pipstrading
@pipstrading, Yes that could be a target level.
I just saw that 40.50 (point B) looks like quite a significant support/resistance.
Reply
pipstrading BoonHooi
@BoonHooi, yes, a very good point. price did respond to this level a few times in the past. thanks for sharing
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