momentum bullish engulfing $AMMN on demand zone
Currently IDX:AMMN price is above the demand zone formed by the drop-base-rally movement
timeframe 15m
Trade ideas
AMMN (VCP - 11W 30/4 3T)I bought my positions today
February 12, 2024
Reasons:
1. Low-risk entry point
2. Confirmed stage 2 uptrend
3. Has gone through a majority line of supply
4. An early IPO stock to has big upward momentum to considered a leader in this type of market
5. High relative strength
6. Volume dries up as less supply coming to the market
7. A decent volume on the breakout
Flaws:
1. The market is still in a hard-penny environment, not much confirmation from the momentum stocks with only 25% of total stocks above the 200-day moving average
2. The index is moving higher but there are still less stocks setting up.
I like to see some follow through action from now.
AMMN - CHEAT I bought my positions today
January 15, 2024
Reasons:
1. Low-risk entry point
2. Confirmed stage 2 uptrend
3. Coming from a cheat area with a pause pivot
4. Dried-up volume, indicating all the selling has been exhausted
5. The stock is up 380% since the IPO, very strong leader
6. More stocks are setting up and breaking out
Flaws:
The market is still in a hard-penny environment with only 31% of total stocks above the 200-day MA
I like to see more constructive price actions and perhaps build the handle at around 8250 area.
AMMN - POWER PLAYI bought my positions back today
October 26, 2023
The reasons:
1. Low-risk entry with a crisp pivot point
2. The stock is up >100% in less than 8 weeks
3. Corrected the least during the pause, less than 25% correction
4. Volume dries up as a sign of less supply coming to the market
5. A high alpha stock with a low standard deviation
6. One of the leaders in this market environment
The flaw:
1. Squat after the breakout
2. The market is still in a hard-penny environment with only 30% of total stocks above the 200-day MA.
The stock set back another pivot point after I got stopped out beforehand slightly above the breakeven. I like to see if it can hold up during this difficult market environment.
AMMN - POWER PLAYI bought my positions today
September 29, 2023
The reasons:
1. Low-risk entry with a crisp pivot point
2. The stock is up >100% in less than 8 weeks
3. Corrected the least during the pause, less than 25% correction
4. Volume dries up as a sign of less supply coming to the market
5. Good close and decent volume on the breakout
6. A high alpha stock with a low standard deviation
7. One of the leaders in this market environment
The flaw:
The market is still in a hard-penny environment with only 36% of total stocks above the 200-day MA.
This is a Velocity Play of a current IPO stock. I expect to see some positive price action in the upcoming days.
