Wednesday, February 13, 2013

Procter & Gamble (PG) pattern

Procter & Gamble Co trades with the decreasing volatility last days. The volatility may increase soon and the resistance (last maximum) at 76.48 will be punched. Let's put pending sell order 1 point higher the resistance level. We can use 161.8, 261.8 and 423.6 Fibonacco levels as Take profits and the support (last minimum) level as Stop loss.

As we reach each Fibonacci level close the 1/3 of the order amount and move the Stop loss at the previous Fibo level. For example as we reach 161.8 Fibo level close 1/3 of the order amount and move Stop loss to 100 Fibo level (i.e. entry price level).

Evolution Slimming Ltd

BUY STOP order

My entry price: 76.49
My take profit 1: 77.32
My take profit 2: 78.68
My take profit 3: 80.88
My stop loss: 75.11

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