http://klseelwavetrading.blogspot.com/2014/08/when-and-which-target-should-i-take.html
Note from (黄睦焜): before I go to start this page, I would like to take this opp to thanks for a wise man name TG Lee (KLSE Technical Analysis Discussion in FB forum), he is the one who are mentoring and nurturing many new trader. After have a opp interaction with him in the forum...he did influence/shift certain degree of my thought process...again sincere thanks for you coaching.
here is my trade plan,which is deal with real money and the amount is not big, which is just about 100 standard lot(100 units), this is for my own reference and not intend to instruct/advise anyone to follow my trade plan.
I did check the KPS chart and it does showed up have more than 10 alternates wave degree, I know it may will confused many ppls included those who are long in the elliot wave trading, it is not an easy ... but it worth it to spend time to study it. because this tool is used by many great trader like institution and long term investor... I chosen the most high probability(T3)
1st scenarios
We study the main trend is impulse 2, which is wave 4 is retrace maximize 62% but not overlap wave 1
I am used Fibonacci ext to draw the potential reversal zone, basically all the key point is related to 61.8%, 76%, 100% and 161.8 % of the recent wave 1 and 2 retracement .
those key level in price is RM 1.82, 1.90, 2.05 and 2.48.
2nd scenarios
The primary wave degree is Zig Zag Flat, this pattern has been defined as a sharp Corrective Pattern, which is hybrid of a ZZ, the wave B was ended and started with C downtrend, but when we zoom it down to the smaller wave degree it is a uptrend with wave 2( abc uptrend blue colot dot).it is okay if you don't get it..
3rd scenarios
The super cycle(WXY) and cycle(WXY) is double ZZ.
Blue Color label supercycle
Red color label indicate Cycle
Zoom down to smaller wave degree which is Primary wave, which is ZZ flat and wave is under development and the target for the TP of this wave degree is 2.05 and 2.24
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In summary
when prices action go to that level I mention and we got to observe volume vs prices movement... I will update my action for next post when come to Tuesday and Wednesday .
1 Key level
1.80
1.92
2.05
2.24
2.48
If I am long term trader.. I may consider to hold till RM 4.70.
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