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Some of the key factor to determine how successful a trader is
1. Consistency about his/her stock selection criteria( trade plan)
2. The wining trade can be reproduce ?
3. The self discipline can't be dis-countered
4......5..6.7...9
these are the recipes will ensure us to make consistent profit in long ran.
Let discuss about consistency, in order achieve consistency about stock selection, I like to choose those stock is clear and easy for me to identify and no second guess what is the set up pattern ? Wave counter and etc...
Magna is one of the good example to share about this topic, because the trade set up is clear and easy to identify.
Downtrend trend line broken
looking at the chart below, we do see a big candle gap up with substantial vol(relatively compare the pass 30 days data) and breakout away from the downtrend trend line and it is an indication of downtrend is ending,
History will repeat by it self !!! look at the chart below, the candler label by rectangle Box, it is very similar and can said is same signature, right after breakaway from the downtrend trend line, it does went through couple days correction( it is a process to get rid of the supply), which prepared for next move up, most likely it will follow the foot step
Bullish Divergent was formed
Bullish divergent formation completed, sign of bear strength is weakening.... bull is taking over the game.
Elliot Wave formed Zig Zag(ABC)
The chart below demonstrated many time zig zag formation and name it as ABC also, it has been defined as a sharp corrective pattern, which wave A and C is TREND wave, and wave B does not retrace more 61.8% of wave A, it most common corrective pattern.
Support Resistance
Immediate Resistance= 0.95
Psychological resistance = 1.00
Resistance Zone # 1= 1.05-1.065
Resistance Zone # 2 = 1.18-1.19
Resistance Zone # 3 = 1.27-1.29
Immediate Support = 0.86
ABC Target Projection
Target 1 : 1.02
Target 2 : 1.12
Target 3 : 1.27
Summary of Magna is Bullish implication base on Technical Judgement
1. Downtrend trend line broken and it sign of bear trend is ending and bull most likely will take over
2. Similar trend line breakaway on previous downtrend, it showed upward accelerated
3. Bullish divergence formation
4. ABC or Zig Zag formation, it is ready to break away from 0.95 and heading to target of 1.02/1.12/1.27
My trade plan
I am anticipated it will breakaway from 0.95 and heading to 1.02/1.12/1.27.
Immediate Support right after break out is 0.95 and 0.86.
After the break out happen on 0.95, Any weakness will provide opportunity for me to buy at support which is 0.95.
MY Stop loss is below 0.83
My profit target is 1.05/1.12/1.18/1.27.
Trading Challenge
Many people committed to buy stock is very easy, when come to profit taking and cut loss is one of the most difficult part in trading world, talking about profit taking is dealing with greed and stop loss is dealing with fear, cutting loss is a must in trading world because it stopping my capital continue to loss, in order to stay alive in trading world... it is a must !!! it is not an option, else I suggest you get out of the trading and you are not suitable.
I wanted to used simple example to share on the cut loss ... you bought an egg and prepare to used it for fry rice, some how you notice/suspect the eggs you pick was/may turn bad.... the question now is shall out throw/scrap the bad one and pick another .... or nevermind bet or hope the suspicious "bad" egg will be good and risk the good rice which is ready to cook ? you make the call... I am believed in order to win I got to know how to prevent I am loss in the market... if I notice I am wrong... I got to admit and cut the loss and make a next move.
As a reminder for myself
I am always remind myself If the trend is go again me and violated my SL limit, I will cut loss base on the risk preference.
Stop Loss is painful process because I making loss, but it is necessary to take it, it is very important because it protect my capital to ensure I am stay in the market.
DISCLAIMER:
I am always remind myself If the trend is go again me and violated my SL limit, I will cut loss base on the risk preference.
Stop Loss is painful process because I making loss, but it is necessary to take it, it is very important because it protect my capital to ensure I am stay in the market.
DISCLAIMER:
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.
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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