SSF buy signal based on MRV1 setup on 4 Jan 24 at RM0.265
It’s a classic case of a cup & handle pattern - pretty much straight out of a textbook.
If you’re a fan of Bulkowski’s C&H pattern trading strategy, you might want to wait for the price to break above RM0.270. That way, you can aim for RM0.285, using the handle low of RM0.240 as your stop loss.
But if you’re in it for the long haul, you might want to consider entering at RM0.265. Or, if you’re feeling lucky, you could queue your buy order at RM0.250, which also happens to be the nearest support based on equilibrium.
I’d suggest a stop loss at RM0.235 to stick with the minimum risk of 10% based on the price. But you could also place it at the counter’s lowest price, RM0.225.
With a 1:2 risk/reward ratio, the target price comes in at RM0.325. This lines up with the projected equilibrium resistance price area. Feel free to tweak the risk/reward ratio to 1:1.5 or 1:1, whatever suits your style.
You’re probably looking at a holding period of about 2-3 months since the signal comes from the daily chart.
Please note, this is merely an observation and not a suggestion to buy or sell. Always do your own research before making any trading decisions.
SSF trade ideas
SSF - Potential rebound?>> potential rebound at FVG area?
>> Hull MA is red ATM.
>> Still inside Parallel Channel.
Let see how it go.
Disclaimer: Mentioned stocks are solely based on own opinions for education and/or discussion purpose only. There's no buy and/or sell recommendation. Trading involve financial risk on your own. The author shall not be responsible for any losses or lost profits resulting from investment decisions based on the use of the information contained herein.
SSF, dare to catch the falling knife?The new born baby (IPO), price was keep pushing down since the second day of its trading.
Question, shall we catch the red (falling knife 🔪)?
Personally won't do that, especially it trade below Hull MA (when it's red)
Base on 2h chart, Stochastics is OB and heading down. Better let it find the base before enter the market. A slightly premium price for uptrend is better than cheaper price with downtrend.
When the market moves where, and how, and if - these are all unknown. The only thing which we can control is our risk. Focus on risk management!
Keep the long term vision.
Disclaimer: Mentioned stocks are solely based on own opinions for education and/or discussion purpose only. There's no buy and/or sell recommendation. Trading involve financial risk on your own. The author shall not be responsible for any losses or lost profits resulting from investment decisions based on the use of the information contained herein.
