Update to my previous idea, this time with a mini-Elliott Wave pattern. With the 5EMA and 15SMA already crossed and both the momentum and macd indicators showing positive it's a definite BUY trade for me. Only question is....at which price? is there going to be a further pullback down to the trend line tomorrow? If so then that is the preferred price to BUY. If you enter a BUY now, then the risk is greater and if the possible path is wrong, a good chunk of funds could be lost. Stay comfortable with the trade and wait. If it moves up tomorrow, another deal will come along anyway.
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The momentum indicator shows a possible move down tomorrow. Based on todays candle and the fact that I only trade the daily chart at the end of the day, I have set a BUY order at 8803 with my stop below the trendline and horizontal cross.
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As predicted, price did drop to the horizontal line and trend line. The BUY order has been triggered and I am in the trade. It looks like the wave 4 is complete as it has not overlapped the wave 1 top and there are signs of rejection from that horizontal price line.
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Moved stop to break even / small profit.
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Keep moving the manual trailing stop as there has been a good buying run. It has touched resistance last tested on 17th April so I am hopeful that there will be a break through and opportunity for further gains.
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Another higher close on the daily chart. Another move closer to resistance. I am in small profit. Can't really move trailing stop any closer as increments are so small. The strategy is to let winning trades run so that's what I will do.