We've got a turtle soup pattern AND Friday closed with a --close to perfect-- bullish shaved top candle. And all of this went down, and changed power around the support resistance, I have been mentioning for so long, 1315.
Bullish shaved top candles, is most often followed by a smaller pullback in the next candle or coming coming candles. But it is a very bullish candlestick! What I would put my trigger over the middle of last Thursdays large bearish candle, since the middle of large candles often offers support and resistance. And if you go into the hourly chart you will see the resistance SET will face (in the middle of the previous day's candle, 1330) although, if SET opens with a gap above the middle, 1330 will become a short-term support!
In the graph I show my 3 step play from here.
No. 1 would be to size down or sell all at the falling resistance. No. 2 then if SET breaks through, wait for the retest (in a lower timeframe) and trade it from there. No. 3 If it doesn't make it through the resistance, then wait for a candle pattern (lower timeframe) worth following, closer down to support level around 1315.
Trade setups No. 1-3 is done with a stop-loss because NEVER swing- or day trade without one! Well that is my simple rule :)
Now Set must choose. If it's fail tomorrow It's will fucking end and we will back to 1200 1300 may not a strong support anymore
SamuiTrader
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@ped53001, it’s not often I have this feeling, when it comes to trading. But I am confused, about SET! Really not about the graph and the technical part, but the reality of the SET listed companies.
That America, Europe and such see the light in the tunnel, because of “free money” being handed out, is one thing. Have I missed something, about the government here and what’s happening in Thailand? Have the Thai government done something major, that will cover for the big losses that the country has endured, and still is! And I’m not talking about the rich % I’m talking about the country, “mama’s shop in the corner”, all small time franchise owners, etc. in other words; it’s citizens.
An example; I was back at Suvarnabhuni airport, a few days ago. I flew up to CM, so a domestic flight but at least half of the shops, in the domestic terminal, where closed and it was even worse outside and the international terminal.... And AOT had their earnings, after yesterday’s close, and it was (of course) terrible! Still it the stock closed +5,63%...??
So is SET running on its own fundamentals or NYC listed companies 🇺🇸 hopes or what is going on?
ped53001
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Stop loss at 1303
SamuiTrader
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@ped53001, Yes, just under Fridays low. Although I haven’t been triggered in yet, I’m waiting for a tad over 1331.
If want to be aggressive, then a Buy the Dip on 1315 Support. I will be ready for it, if I find a nice pattern in 5 minutes.
Avail3704
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Nice Turtle soup, Hopefully
SamuiTrader
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@Avail3704, Haha yes true, but experience has tough me that waiting for a X Y Z confirmations will make you miss the best price possible , so my game plan is to use a stop-loss that takes you out of the trade. That is, if I'm wrong and then it's time to learn more and look for the next trade. Happy trading, always!