Executive Summary
It's immediate support was found at $0.755/$0.750( the statement was supported by long lower shadow doji/hammer formation) and bottom was found at $0.690. I am anticipating prices going move up to target of $0.900/$1.00 very soon as results of Symmetrical Triangle pattern may breakout away from $0.820 and heading to test $0.845. A break above $0.845 it is out of its long term consolidation to start stage 2 of the new cycle(4 stages Market analysis), in this case, Elliott wave 3 kicked in which is the longest and strongest wave and heading to target of $1.00. I will scale in more when the breakout happen and price go beyond $0.845. Any weakness toward $0.750 is offer opportunity to collect ! I will Stop loss if price go below $0.740( end of Day).SYMLIFE NTA is $2.12
Current prices us $0.820 and I believed it is good deal to bought a property worth $2.12 !!
Technical Justification
Left hand side(LHS)/Right Hand Side(RHS) Trading
It is one of the trading Methodology I used to spot market reversal up trend, refer to the chart above, we can see the commonality and characteristic of this counter trend change from LHS(down trend) to RHS (uptrend) will happen after it break the Tom Demark trend-line. I am making conclusion recent LHS(downtrend) was ended and bottom was found at $0.690 and LHS(uptrend) was kick in, target of the LHS is range from $1.25/$1.35.
Elliott Wave Trading
Weekly trend, the worse is over and major correction on wave 2 was ended with double Zig Zag (WXYXZ) and bottom was found at $0.690( on Sept/30/2015). New wave cycle was started and wave 1 reach $0.845(Nov/09/2015) follow by wave 2 correction and immediate support found at $0.755/$0.750( the statement was supported by long lower shadow doji/hammer formation). we are riding on initial stage of wave 3 and it heading to $1.00.
Chart Pattern Trading.
It has formed a Symmetrical Triangle pattern which usually followed by a continuation of its preceding trend, which for the case of Symlife is UP.It is now trading inside its Triangle from $0.76 to $0.82.The recent consolidation is with reduced volume, which is very healthy.I anticipate it will try to breakout from $0.82( downtrend resistance of the Triangle) to $0.845. A break above $0.845 it is out of its long term consolidation to start stage 2 of the new cycle, which is very bullish and carry an estimated target of $1.00 if resistance of $0.90 can be taken out. Stop Loss if $0.76 is violated that mean it break down from the Triangle which turns bearish.( Analysis from Matrixcool).
Indicator Analysis
2.) MACD golden cross above 0, it is indicate bull trend is resume after consolidation.
3.) Stochastic Oscillator signal line cross and indicate uptrend is coming.
Candle stick analysis
Immediate support found at $0.755/$0.750, the statement was supported by long lower shadow doji/hammer formation.
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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.
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