|
Buy trading signal triggered on MPEL on November 20, 2009**. |
| MPEL- Buy signal triggered on MPEL on November 20, 2009* | |
| Trading signal for 5 minute price bars | |
| Buy price: $4.20 | |
| Sell stop price: $4.14 | LEVEL HIT – November 27, 2009 |
| Short term profit level: $4.46 | LEVEL HIT – November 20, 2009 |
| Long term profit level: $4.65 | LEVEL HIT – December 2, 2009 |
| Current Google® Finance Quote |
|
MPEL broke our sell stop level on the 5 minute trading time frame only hitting our wave 3 price target level. This could mean that MPEL is not done with the prior downtrend and a 5 wave downtrend is still in place. Today’s trading did hold the 3.95 level which was the prior low before the daily wave 3 break out. Monday, November 30, 2009 MPEL has rebounded so far, trading to a low of 4.03 and a high of 4.35. The low, a penny off the previous low which took out our short term trading sell stop. This could have been the sucessful retest of a larger move higher.
MPEL traded to our long term profit level for the 5 minute trading time frame after setting a new low and triggering our initial sell stop. Position your new entry points according to your trading time frame. The high today in MPEL did represent a wave 5 target for the 5 minute trading time frame. If you want to continue to trade the 5 minute time frame look for a 38 – 62 percent correction from todays high to the 4.02 low. |
