Jason Technical Reading - InariFound bottom at $3.320 and formed doji on triangle support line on yesterday, today build a litter white candle which is give an early signal of next swing up to test immediate resistance @ $3.43 just around the corner. Successfully break above it likely will visit $3.80. along the path should face resistance at $3.48/$3.66
Traders can take this opp to buy in near support(now) and profit target aiming at $3.58/3.63
Wave 4 consolidation and forming ascending triangle, break above $3.43 should bring this stock price visit $3.80, which is wave 5 target.
Elliot Wave Reading
Immediate support1. $3.30
Stop Loss- Trader or investor may select own risk level to stop loss base on the Support line I posted above. typical stop loss method is end of day close below the support level.
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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.
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