On 4 July, I posted this article on UMC here.
Today, 25 days later, my GTC Buy Order was filled at 63 sen.
So, what's next? Here's what I see.
In my article, I mentioned it is important to be precise when trading UMC, because the time-frame is shorter instead of the long term investing. With shorter time-frames, I cannot use Monthly nor Weekly charts, and have to use Daily charts.
When trading in shorter time-frames (which I don't recommend, because this is no longer stepping over 1 foot hurdle - more like jumping over 2-3 foot hurdles), I use the standard RSI indicator.
Where is the next Sell Zone?
It's still developing, because the swing is not yet final. Tentatively, maybe 71 sen. If hit 71 sen, that's a profit of 71 / 63 = 12.7% gross before transaction costs. It's not that great for a swing trade, but not that bad either if can fill this within 1-2 months.
If price makes a lower low, then, the chart will be redrawn, and the next sell zone will change.
Summary and Conclusion
I'll check the chart again later. If the bottom of the swing is around 62 sen, I won't update the chart as it's not material. However, if price crashes below that (30% chance), then, I'll update it again.
For ease of trading, assuming majority chance Support will hold, I have already queued to sell half at 71 sen for convenience.
As an aside, I don't watch intraday price ticks.
Disclaimer: As usual, you are solely responsible for your own trading and investing decisions.
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