SSF buy signal based on MRV1 setup on 4 Jan 24 at RM0.265
Updated
- 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.
Trade closed: stop reached
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