Here is my setup for those of you who believs we are still in phase 2 and will continue up north. Have a look what happened last time SET touched ema40, will next time have the same affect? If you are a bull, then you should go for it. Very similar to my bearish setup. So its all about what you belive will happen
Trade closed: stop reached
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Stopped out, not by much but can't always succed. My bearish trade is still alive, though
By the way, my bearish setup was also triggered today so they will work as a hedge, between themselves. Remember, do your best to lose small!
Mooky_Mooky
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@giantDreams, heading South?
SamuiTrader
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@Mooky_Mooky,
Yes, I believe so. As we didn't stop at ema 40 and broke out south from the bearish pennant pattern, and thereby confirming it and the flagpole. My target is now down at 1240 area, for SET as this is where flagpoles distance is.
There are two technical obstacles in the way though, that can quickly change that:
1, There is a strong long-term support and resistance, around 1315
2, There’s a few gaps below 1315 which also could stop the index from heading further down south, but gaps will always get filled, at some point in the future, so it might happen sooner than later and the last bullish run has left a lot of gaps behind itself.
Also, even if it’s way too early to speculate in now, but if no. 1 and 2 doesn’t hold and SET reaches the target price of 1240. It would then not surprise me if the gaps below, will also be filled, and the March low will be tested and all gaps will be filled. If that happens, then we can start to discussion the bearish wave count.
If you haven’t seen my bearish setup, that also was triggered today, you can find it here
Mooky_Mooky
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@giantDreams, Thank you!, I've never Short Index in my life that will not fun for me!!
SamuiTrader
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@Mooky_Mooky,
Understand it can feel wrong, to go the "wrong way" agaomst the market, but the most important trading knowledge I can share, is also the easiest; "follow the trend".
The best is still, do what feels best for you and if you want to try to Short/buy a Put. Start small or even better, papertrade until you get familiar with the consept of thinking backwards. And know this, downward trends is normally faster then the upwards so I mainly day trade and not often stay over night in Especially now when the market has gapped to much, a profitable trade that gaps in the wrong direction, the next mornign, can easily become a very expensive trade.
And if it's nothing for you. Look for going Long opportunities at support and resistance areas and use a stop-loss to protect, when you are wrong. Every trader is wrong, so try to learn from it so you can better yourself, as a trader. Good luck.
Mooky_Mooky
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@giantDreams, Excellent share! TYSM
SamuiTrader
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Am officially triggered, even if no false breakout through ema40, if the index turns from this level we'll have gotten a false breakout from the 9 day pennant pattern.
Forgot to draw the stop-loss, but its at 1307 and the target is still the same at 1450