BTM Resource Bhd: It is ready to test $0.310 and moving upswing to $0.365/$0.485.

JASON's TECHNICAL READING

Stock price gap down 2 pips on 9th of Sept'16 which was posted a bearish implication, it drove price down further on following two days to fibo Retracement level at 50%, bottom seem to be found at this level at $0.250 because of stock traded side way and I also observed buying interests were back. I am anticipating prices likely will move up and fill the gap at $0.285, which is posting bullish implication. I believed it should test $0.310 in near term and moving upswing to $0.365/$0.485 in med term.
Immediate Support zone at $0.245 to $0.250, this zone offer opportunity to own this stock, I will collect more if weakness drive stock prices toward this level. Next support is $0.225/$0.220. I belived  traders or investors will pay attention in to it.

Elliot Wave count Study.

Obviously forming wave 2 structure and prepare wave 3 upswing. Wave 2 structure completion indication high probability happen at fibo level 50% or 61.8% , which is $0.255 and $0.240 respectively.
Prices move beyond $0.310 will be confirmation on wave 3, Target for wave 3 will be at $0.365/0.435

4 stages Market trading

Just enter in to stage 2 which is mark up stages, I believed many investor or trader would not like to miss the early stage of prices moving up.

Target
1.) $0.310
2.) $0.365
3.)$0.485

Resistance
1.) $0.285
2.) $0.300-0.310(zone)
3.)$0.375.
4.)$0.405-0.420(zone)

Support
1.) $0.240-0.250
2.) $0.225/0.220
3.)$0.200

Stop Loss

- Trader or investor may select own risk level to stop loss base on the  Support line I posted above. typical stop loss method is end of day close below the support level. 


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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:

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