excellent price action formation for reversal trading on 1H chart !!

hawk ... will hsi pull back to 23665 today :) but i guess there shud be some reaction at around 23720 (smallish demand zone .. also the 20sma support at 5H) unless the downward momentum is unstoppable now !

Posted by skyhawk > Oct 5, 2016 03:09 PM | Report Abuse
connie,
hsif hv penetrated 4 times above the upper trendline n hitting 23828 twice.....and it is now unfolding the minor pullback towards 23665 b4 shooting up higher....

winner after winner for richie rchi :) 'kikiki jt' must be him then !!

oopsi hawk .. i think we don't have a similar upper line :( in any case, won't trade until there is a clearer trend ahead .. very choppy corrective waves at the moment ... leave it to the experts to play such volatility :)

rchi, congrats on skpet c29 !!

hello hawk .. hsif still not able to close convincingly above the upper trendline !!! no possibility to have one more dip to retest previous swing low ???

hello ss1967 .. u abandon us :(:( huhuhu

sorry kheng .. i shud say sub4 can also be A down (~ 23050) B up (~ 24083) and now processing d of C triangle

rchi .. thanks for all the juicy scandals involving DB !

kheng .. oh yea i shud be looking at hsif chart !! will wait for the upper / lower trendline to break ... can't use MA for this chart cuz the price is consolidating .. thanks so much kheng :)
** based on waves, this sub4 can also be A up B down and now processing d of C triangle .. so, d will hit the upper line and get rejected .. then will dip to unfold e which will be supported by the lower line .. so, guess it's safer to wait patiently for the trendline to break either UP or DOWN before considering any entry ?? interesting to see if this is the pattern !

Posted by Kheng > Oct 1, 2016 08:02 AM | Report Abuse
Connie, Hsif chart pattern look more like a abcde triangle formation. Bear trap set up by sub wave e on piercing thru the support line today. Expect to trend up thereafter for intermediate corrective w4 continuation for time extension, just to satisfy the time frame requirement for intermediate wave.

oh so u are a trend follower and your strategy is to buy when there is a pullback and ride on the trend continuation :) your mantra is (1) make sure it's an UPTREND (2) wait for price to come to your area of support (3) pull the trigger once u see price goes above your support level !! however, don't u think if u follow the sharks, mostly are VERTICAL UPTREND with no pit-stop for u to hop on board ???

2. Enter at the best price (How to know the best entry price?).
Uptrend stock. Use indicators such as MA, MACD, TSI, RSI, Stoch etc. Just keep in mind that these can be manipulated by speculators who have full trading power.

Enter just above support level. Must confirm trend going upward in the next trading session. This needs entry timing skill.

sorry not the 5H but the daily which is even more convincing :)

Posted by connie > Sep 30, 2016 04:27 PM | Report Abuse X
rchi ... do we buy now or do we wait for her to break the SR level at around 23148 ??? a good bearish candle closing below 20ma on 5H chart (1st time after the strong uptrend which is good) ...

and have a WONDAFUL weekend whilst enjoying wonda coffee rchi !!!

okay rchi .. once again, thanks for the heads-up :) u are always my angel !!!

rchi .. this is h63 with longer maturity and higher strike value !! is it also not bad ??? many thanks

Type PUT
Maturity 2017-01-26
Strike value 22400.0000
Ratio 900:1
Gearing 25.64
Premium 1805.891
Premium % 7.75

rchi ... do we buy now or do we wait for her to break the SR level at around 23148 ??? a good bearish candle closing below 20ma on 5H chart (1st time after the strong uptrend which is good) ...

noooooooooooooooooooo i did NOT disappear :(:(:(:(

oh rchi dear .. thanks for the alert !!! since market no good just chillax then ... am following a group of forex traders ... all of them having the same strategy - REVERSAL trading :) so cool ! which hk putties u are looking at ? i kinda like hsi chart now ..

blacksails ... cud be the C of a double zigzag pattern !!! think not long ago juni and me worked out the tp for this 2nd C :) very strong downtrend as shown by 10ema / 20ma acting as resistance on daily :(

Posted by Blacksails > Sep 29, 2016 02:46 AM | Report Abuse
SkyHawk n connie, what wave is Maybank now?

imoogi .. i look for trade setup on daily (eg pulling back to SR level / trendline / ma / fibo - bested still if can get confluence of at least 3 !!) and then i go to m60 for a clearer market structure development esp when a counter looks toppish on daily ... eg if m60 showing lower high and lower low, then gotta be alert for perhaps (1) a deeper dip before trend CONTINUATION or (2) onset of a trend REVERSAL !

mr djibaok .. wud be great if u cud share with us the trick !! it boils down to the type of trader u are no ??? if u are a position trader, u wud probably buy when the big shareholders / institutions buy but this is at the boring accumulation stage and thus u must be prepared to hold till the hot stage comes (this also then explains why position traders may have to hold their counters for weeks / months) ... then when the stage is hot, here comes the momentum traders chasing the higher highs and so what is the best entry price ?? ... then if operators / syndicates allow a counter to take a breather before further push, the swing traders will come in to buy on pullbacks :)

*The trick is to figure out the best entry price*

*Follow the big shareholder, they dump you dump, they buy you buy. Don't get distracted by any announcements or whether the business is growing or not.*

lol probability ... i have no idea if duit has put on a diff mask !!! irrespective, great sharing from mr djibaok ... hmmm guess below is not a very fair statement cuz diff people have diff edge ... also depends on the lifestyle, personality etc etc ... some are just not cut out to be a trader but they can make tonnes by being a long-term investor based on their great business acumen / accounting knowledge and what-nots :)

*I'm not saying that having holding power is wrong but it will make you become stupid. This is because you will not be willing to learn. You just buy and keep, so what is it that you have learned? The contra players actually are more skillful and knowledgeable to 'play the game' if they put some learning effort into it compared to the 'holding power' investor.*

skyjet ... can buy already ah ??? i think u may want to pullout the 60min chart to see more clearly the price actions ... if price does not go above 20ma, monitor first ... meantime, saw masteel n cscstel are testing the 10ema barrier ... next dynamic resistance to be tested is 20ma !!!

vinoth, there is a very strong downtrend line resisting the upward movement of connect ... have a look at daily chart and connect all the high peaks from 2/7/15 onwards and u will see the trendline ! so, watch out this important line ... meantime, there is a support zone between 0.11 and 0.105 .. u have to watch out the price actions (look for candlestick reversal pattern if any) in this zone .. two possible scenarios; if support holds she may go up to retest the trendline or otherwise, dip further !

oh yea imoogi ... they are always around :)

vinoth .. will revert to ya soonest !

yes rchi dear ... i also like them cuz they are the only one who can give us explosive orgasmic reaction in a short period of time :) if really gotta wait for good fundamentals to be reflected in price, zzzzzzz !!! plus there shall only be one-liner for each counter in i3 during QR period .. eg, this QR good so price goes up 3sen to reflect true value .. end of story :):):)

is it just me or ???? whenever there is a theme play or something, there are a lot of unknown authors with excellent FA / business analysis (plus a teeny weeny bit of TA) in i3 ... then, when the music stops, all these authors also vanish into thin air with no further comment / advice to trapped retailers ... and haven't we heard before that syndicate nowadays hire 'EXPERTS' to paint a nice pic to charm and captivate us ??? :):)

hawk ... i counted this cup-n-handle target around 1.045 i think !! oops ... the other day hit 1.06, okay let's see if there is another round of upleg :)

**wow jt8888 ... these steel counters are truly HOT :) someone mentioned masteel cup and handle with 'sky is the limit' target ... today, she hit the target if we use classical TA formula (0.77 + 0.275 = 1.045) to compute ! eager to see how far this pattern can stretch ... but most likely this ONE formation can't reach his FA target of 1.76 ... perhaps need to go thru' some ebb-n-flow to hit that !**

hi 100percentprofits ... read this statement from your awesome article !! may i ask based on classical TA, is there not a formula to compute the target price after the formation ... if not mistaken, target = breakout price from handle + the distance between right peak to bottom of cup ... thus, it may sound rather optimistic to say 'sky is the limit' if one uses TA to gauge target price ?

"Finally, if you haven’t seen a cup and handle, this is a perfect one. In technical trading, what usually follows is "The Sky is the Limit."

rchi ... LOL 'prepare for crash' eh ??? hmmmm, tonite e-meeting on steel counters :) wah, polishing perdanas ... come come help me polish my 8-year-old BMW :(:( this one really needs to be polished cuz old already :(:(:(:(:(

if u decide to be a momentum trader ie chasing the waves, u will like to read the followings - TP 1.76 ... cup & handle formation with 'sky is the limit' target !!! have no comment on the FA target of 1.76 but the last para has to be qualified if one uses this classical chart pattern to estimate TA target :(


So what’s the valuation? Really, it depends on the market. If you want to use PE, you need forward earnings. Historical earnings aren’t going to help you. However, as a start, I think it is safe to assume that MASteel’s profit will at least double from the import duties and the sustained steel prices.
Therefore, a full year EPS of 28.8 (4.4c * 4Q * 2) shouldn’t be too surprising. Assigning a PE of 5 would yield a TP of RM1.76, close to double the current price.
Finally, if you haven’t seen a cup and handle, this is a perfect one. In technical trading, what usually follows is "The Sky is the Limit."

http://klse.i3investor.com/blogs/100percentprofits/105044.jsp

non-stop 'noise' from the steel counters eh ??? i guess those who believe in the fundamental values gotta brace the ups-and-downs .. SHORT-TERM traders; however, shud always be on alert with reference to price actions on the chart !! the following guideline on violation of 9ema to take profit is not a bad idea ...

**Looking at the technical indicators, the rise in the share prices of steel players has also been overdone. Malacca Securities Sdn Bhd technical analyst Loui Low shared that profit-taking activity is likely to be coming in the next couple of days, citing that the chart is a bit “overheated”, indicating an overbought signal.
“For me, I’ll look at the nine-day EMA (exponential moving average) line as the first defence. Once it drops below that line, you should take profit,” he said**

oops .. ivy, maybe it's not a bad idea to have your own trading plan just in case rchi is busy and can't update real-time !!

don't care who is brain and music ... but i will trail both of you to absorb some knowledge :) intellectually stimulating !!!

the gentlemen (probability & moneySIFU) here have amazing knowledge .. read in awe :)

hawk .. nice dip towards your target ! first time seeing a candle so bearish below the 20ma on daily .. need to see the closing though :)

wow jt8888 ... these steel counters are truly HOT :) someone mentioned masteel cup and handle with 'sky is the limit' target ... today, she hit the target if we use classical TA formula (0.77 + 0.275 = 1.045) to compute ! eager to see how far this pattern can stretch ... but most likely this ONE formation can't reach his FA target of 1.76 ... perhaps need to go thru' some ebb-n-flow to hit that !

so, probably after the cup & handle, we need another pattern to form to reach your FA target of 1.76 :)

"Therefore, a full year EPS of 28.8 (4.4c * 4Q * 2) shouldn’t be too surprising. Assigning a PE of 5 would yield a TP of RM1.76, close to double the current price"

hi 100percentprofits ... read this statement from your awesome article !! may i ask based on classical TA, is there not a formula to compute the target price after the formation ... if not mistaken, target = breakout price from handle + the distance between right peak to bottom of cup ... thus, it may sound rather optimistic to say 'sky is the limit' if one uses TA to gauge target price ?

"Finally, if you haven’t seen a cup and handle, this is a perfect one. In technical trading, what usually follows is "The Sky is the Limit."

noted hawk .. a nice rejection candle on the 5h chart to process your wave c of sub 4 :)

hawk .. thanks so much !! okay ziggyzaggy got to wait first :( just now based on m60 price action, i got the signal to enter but i re-checked the weekly again and ooh-la-la not comfy with the candle ..

hawk .. what is on impulsive wave 3 ?? :)

hawk .. what do u think of choobee ??? the weekly chart last candle kinda puts me off :(:(

ok rchi dear .. see ya !!!

ya man rchi .. did not monitor your drb when she dipped to 1.20 for the next swing :(:(:( tot she wud form a head & shoulder pattern and drop more .. huhuhuhu !! now die die want to monitor your fgv :):)

rchi .. there might be some consol in 2.50 - 2.55 zone based on daily !! saw some cluster of candles back in 2015 ...

oh yea rchi .. based on the daily chart, we can look at around 3.0 (between 2.95 - 3.0) !!!

look at my beloved momentum trader RCHI-THE-GREAT :):)

imoogi ... rchi is an excellent momentum trader (from what i observe) but i can't force myself to be one cuz i don't have his edge !! so i will take note of his counters and hope for a pullback to earn one SWING :)

wah my trading plan for comcorp buy 87 sell 94 based on 14/9 candle !! and i said must sell at 94 cuz this is the TOPPISH of the big black candle dated 21/6 .. history repeats itself or what ???? very wicked operator :(:(:(

so folks, if we want to be truly tech trader, we have to focus ! yes, it's good to know what the FA experts have to say about the valuation of certain counters but if we don't want to hold even med-term, it's very risky to force the FA target on the short-term chart .. we wud definitely be stopped out when the counter takes a breather .. further, emotionally it's very very taxing ! say choobee for eg, fear-of-missing-out (FOMO syndrome) makes u chase at toppish price and now she pulls back - isn't it torturing ?? and where wud your stop be with this vertical uptrend ?? the risk-reward ratio won't be very pretty no ??? it's very important to know 'who-u-are' as a trader cuz there are many types out there with different strategies / targets / time-frame etc etc - position / momentum / swing !! i choose the last category cuz psychologically it's much easier to handle :)

good morning imoogi99 .. so sorry for the late response !!! oh yea i do play and hence at times can't talk a lot here :) short-term trader like me gotta monitor like a hawk .. LOL i think will take some time to achieve target 35000 but will try my BESTED :) hope to see u around more often !

Posted by imoogi99 > Sep 15, 2016 11:53 AM | Report Abuse
You too Connie....Happy mid-autumn festival to you and the rest. Happy playing but dont forget the market as well. Oh yes, connie...35000 post around the corner.

noted rchi on fgv c15 !!!

good morning kdkt :) hmmm great to see some new frens in CC kopitiam !!!