NTPM(5066): Catch the early impulse Wave to $1.10/$1.15/1.30

My Trading plan 

I am collecting it now because it was found the bottom and forming round bottom at $0.955, which was offer low risk buy opportunity for me. Elliott perspective is show 2 consecutive wave degrees show a clear POSITIVE uptrend , another one is wave 1 about to kick in!  I will scale in more when break $1.00 convincingly with volume, because it break psychology resistance and likely will test $1,09 soon and heading to $1.15/$1.30 in near term
I will lock partial profit and raise my trailing stop along the resistance line, and full profit at final target. I will Stop loss <$0.900(eod close).
Stochastic and MACD show the golden cross about to happen and once it does will motivate prices go higher, RSI indicator pattern showed accumulation overdue and ready to move up.

 

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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