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Weekly chart
Figure 1 weekly chart and is forming Double Zig Zag C, this pattern has been defined as a sharp corrective pattern, which is 2 Zigzags are connected by X wave, which does not more than 61% of wave A,B and C combined, it is common corrective pattern, it look very much like impulse wave |
| Fig 1 |
Weekly Chart Wave Target
1.) Target for Wave Y is Rm 1.65
2.) Target for Wave C is Rm 1.15
3.) Target for Wac C is Rm 1.10
4.) Target for wave c is Rm 1.10
Weekly chart figure 2 is showed two important point,
1st key point is rectangle box is indicated stock under consolidation/accumulation, after that it have a great move up.2nd key point is the ascending triangle formation, it is typical consolidation formation. it will have great move up right after the consolidation ended.
Chart figure 3 is forex exchange EURGBP spot
It is an example of this currency pair breakaway from 0.702 to 0.720 after ascending triangle consolidation ended. |
| Fig 3 |
Why I love in TA ? because I can trade with the chart pattern, it very high probability the pattern will repeat and appear in many counter.
I do attached NYSE counter(Ambac Financial group) figure 4 chart, I did see gap up and break above the resistance line than all the way up to hit the target !!! Similar case will happen on Borneo Oil Bhd ??? My personal point of view Borneo oil is much more bullish than Ambac !!!
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| Fig 4 |
Chart fig 5 is another example of ascending pattern. MGM Resort International, it have similar characteristic, will have a big move up.
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| Fig 5 |
Target for Ascending is RM 1.20
Daily Chart
It is very clear we are riding very sharp wave C/3 uptrend, in a nut shell it is very similar to the systech TA I did and both counters had similar characteristic, which is ABC sharp correction up trend, in fact Bornoil is much more bullish than systech.
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| Fig 6 |
The chart Fig 7 is Support and resistance line
Support/Resistance/Target
1.) Resistance 1 : RM 1:00
2.) Resistance 2 : RM 1:20
3.) Resistance 3 : RM 1:31
4,) Resistance 4 : RM 1:45
1.) Support Zone RM0.915-0.935
2.) Support line : RM0.875-0.865
Weekly Chart Wave Target
1.) Target for Wave Y is Rm 1.65
2.) Target for Wave C is Rm 1.15
3.) Target for Wac C is Rm 1.10
4.) Target for wave c is Rm 1.10
Daily Chart Target
1.) Wave C is RM 1:10
2,) Wave 3 is RM 1:20
My Trade Plan
I am anticipate it will breakaway from RM 0.960 and heading to Psychology resistance of Rm1:00, if prices stay above RM 1:00 it will heading to RM1:20/1:31/1:45/1:65
My profit target near the resistance level which is RM1:20/1:31/1:45/1:65
Any weakness will provide opportunity to collect in near the support area at RM0.915-0.935
I will cut my position if Rm 0.865 break
After Target hit, I will apply trailing stop to protect my profit and capital
My profit target near the resistance level which is RM1:20/1:31/1:45/1:65
Any weakness will provide opportunity to collect in near the support area at RM0.915-0.935
I will cut my position if Rm 0.865 break
After Target hit, I will apply trailing stop to protect my profit and capital
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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