Executive summary
Comfort found support at $ 0.765 and it is a indication of wave 2 correction was ended, Wave 3 seem like started today(10/21/15) with substantial volume kicked in and close at $0.795, which is neck line of double bottom of hour chart.
I am anticipate it should breakaway from the double bottom(hours chart) and heading to test $ 0.825. Breakaway from $0.825 will endorse existing upswing and it should give more upside to achieve target of $0.910/$1.02, which is target of Wave 3.
I will lock partial profit and apply trailing stop along resistance line at $0.825/$0.860/$0.920. Immediate Support $0.765/$0.750.
I will stop loss below $0$0.750
Technical Justification
Elliot-wave
2 consecutive wave 3 is pointing to north,which is bullish implication and it is heading to target of $0.910/$1.02, this signal is apply to med to long term investor, but trader still can taking advantage of upswing momentum to do trading
Technical Indicator
1.) Substantial Volume kick in which is good sign of stock upward is solid breakout from double bottom
2.) RSI above 50 and just hook up and indicator bull trend continue after the latest correction
3.) MACD is cross above 0, which is good sign of bull trend just kick in
4.) Stochastic showed exaggerated bullish divergent.
Chart Pattern
Hours Chart is double bottom breakout !!!
DISCLAIMER:
Comfort found support at $ 0.765 and it is a indication of wave 2 correction was ended, Wave 3 seem like started today(10/21/15) with substantial volume kicked in and close at $0.795, which is neck line of double bottom of hour chart.
I am anticipate it should breakaway from the double bottom(hours chart) and heading to test $ 0.825. Breakaway from $0.825 will endorse existing upswing and it should give more upside to achieve target of $0.910/$1.02, which is target of Wave 3.
I will lock partial profit and apply trailing stop along resistance line at $0.825/$0.860/$0.920. Immediate Support $0.765/$0.750.
I will stop loss below $0$0.750
Technical Justification
Elliot-wave
2 consecutive wave 3 is pointing to north,which is bullish implication and it is heading to target of $0.910/$1.02, this signal is apply to med to long term investor, but trader still can taking advantage of upswing momentum to do trading
Technical Indicator
1.) Substantial Volume kick in which is good sign of stock upward is solid breakout from double bottom
2.) RSI above 50 and just hook up and indicator bull trend continue after the latest correction
3.) MACD is cross above 0, which is good sign of bull trend just kick in
4.) Stochastic showed exaggerated bullish divergent.
Chart Pattern
Hours Chart is double bottom breakout !!!
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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:
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.
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