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I am Forex, future and commodity trader and it is a must for me to look at the Monthly, Weekly, Daily, 4hrs and down to 5 min chart to look for the entry !!! It may not suitable for all the traders here, but it for me and I am in serious business.
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Let we look at the big trend, which is monthly trend and we can see it is a triple ZigZagC ( WXYXZ), this pattern been defined as a sharp correction, in which 3 ZZ are connected by x wave, all the ZZ wave retrace not more than 61.8% of Wave A,B and C combined, It is an Uncommon corrective action pattern, it look very much like an impulse wave. Wave WXYX completed and Wave Z up is under development.
let we unfold another level of the time frame, which is weekly trend, that is couple of important point I would like to highlight it, which is support the trend going to up. there are
1.) Hammer decouple with long white solder to formed morning star, it indication of reversal up.
2.) Weekly support line been rejected on March 2014 and this two week reject as well, it showed strong support at RM 0.470.
3.) Weekly Stochastic cross over to indicate reversal up.
4.) Head and shoulder neck line support validate by recent bounce back up.
5.) Aggregate bullish divergent on MACD( don't worry and I don't expect many ppls know this), to indicate bull trend is ON
Daily Trend now ... don't worry and I promised will not get in to hourly chart. I look at it and feel even more excited. which Technical justify the price moving to north.
1.) 2 weeks consolidation done while DJI or KLSE correction up, it does not up, now it weak up like dragon to hunt for the food... ROAR ,,,,,
2.) Significant volume and price momentum was build.
3.) White solder form and formed break away from 2 weeks consolation and resistance lines.
4.) MACD signal line cross over and Pareto turn from negative to position which is pointing to up.
My Trade Plan
Early SL : Close below RM 0.525
Late SL : Close below RM 0.470
Very Conservative TP :RM 0.650
1st TP : RM 0.70
2nd TP: 0.76
Med term : RM 1:00
Long Term : RM 1.12-2.00
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Stock analysis and comments presented on klseelwavetrading.blogspot.com are solely for education purpose only. They do not represent the opinions of klseelwavetrading.blogspot.com on whether to buy, sell or hold shares of a particular stock.
Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal or corporate ownership, may influence or factor into an expert's stock analysis or opinion.
All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is no guarantee of future price appreciation
Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal or corporate ownership, may influence or factor into an expert's stock analysis or opinion.
All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is no guarantee of future price appreciation
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