BEAUTY trade ideas
BEAUTY and WTZ1If BEAUTY break out the upper level of trading range at 1.89, it might be a good entry. Stop loss can be placed at the previous gap and TP is at Fibo E. 127.2-138.2% as the first target.
Beauty : Long position as in mark up phase 02Assume selling climax in July 2018 and accumulated for 26 bars. Then it did breakaway gap and marked up(01) for 30% approx. Again, it accumulated for shorter period for 16 bars and later did the breakaway gap which assuming this is in the mark up phase(02). Hopefully, it will reach 30% as a minimum next TP that should not be less that mark up phase(01). Nevertheless, period of 7 bar for the mark up phase should be considered.
My TP is 14.00, 17% from the current price 11.90. Stoploss is at 11.30(-5%).
I will be aware of the volume divergence on the uptrend since mid Aug2018.
Short for divergenceSHORT : 11.7
STOP : 12.5
TARGET 1 : 10.9
Reason : Divergence (1H)
*** I just make this chart just for my study, if you follow, take your own risk ***
Use of Local Max and Local Min in early months of SET:BEAUTY.This video shows how to spot an onset of a new uptrend during early months of IPO stock when the popular RSI and MACD tools give no data at all.
Confluence of things in recent (August2018) rally of SET:BEAUTY.Confluence of things occurred to hint us for the onset of recent (August 2018) rally of SET:BEAUTY. In its daily graph, BEAUTY was obviously in a downtrend with CC5 (the Close of current bar compared with the Close of 4 bar before the current bar) consecutively counted to 20. At this point the RSI(14) had been down below 30%. However, the Bollinger band (20,2) was expanding showing that the volatility was still high. The middle line of Bollinger band was color coded in which the green and red zones suggested increasing and decreasing values of MACD (12, 26,9) respectively. While the price was consolidated by moving sideways, the Bollinger band contracted the MACD > Signal labelled. The Bollinger band were squeezed densly while the CC5 counted for consecutive 9 bars and the Low RSI was labeled again. Drawing an extended ray that linked the most recent Local Maximum points gave a supply line. Once this supply line was broken, the price started its reversal to a new uptrend. The price broke above the middle Bollinger band and above the magenta resistance line which was the highest high level during 9 bars of the most recent CC5 counting.
