Elliott Wave Count
In a nutshell, there are 5 consecutive waves degree is indicated Censof is uptrend, recencr correction downtrend/consolidation was ended with wave abc, Today substantial volumes kick in and break immediate resistance at $0.455. this is indicate Position and future trader were joined/joining the ride.I was in and average buying price at $ 0.450, I am anticipate prices is heading to $0.510/$0.570/$0.620.
Immediate support is at 0.450 which is offer buying opportunity for me, My Stop loss is < $0.420
I will apply trailing stop when prices reach $0.510/$0.570.
Below is the various trade plan for difference type of trader investors for reference base on Elliott wave counter
Trade plan
Institutional Investor Plan
Action : buy, 5 wave degrees uptrend
Type signal : RETRACE, aggressive
Applies to : Institutional Trader (Primary)
Conservative Target :0.70
2nd Target :1.12
Exit Alert :<0.290
Institutional Trader Trade Plan
Action : buy, 4 wave degrees uptrend
Type signal : RETRACE, aggressive
Applies to : Long term investor (Intermediate)
Conservative Target :0.785
2nd Target :0.850
Exit Alert :<0.290
Med Term investor Plan
Action : buy, 3 wave degrees uptrend
Type signal : Breakout, conservative
Applies to : Med Term investor(Minor)
Conservative Target :0.640
2nd Target :0.780
Exit Alert :<0.420
Position traders Trade Plan
Action : buy, 2 wave degrees uptrend
Type signal : Breakout, conservative
Applies to : Future traders(Minute)
Conservative Target :0.510
2nd Target :0.570
Exit Alert :<0.420
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.
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