Tuesday, July 05, 2011
The market decided to screw me shortly after my last post. GBPUSD turned sharply after the PMI release. I decided to get out of the market during this pullback from euro session high just now. It could return to test the support level but I didn't like my level of exposure. You gotta trade the plan right?
My next move is to short cable again if the support breaks (grey area). 1.6127 will be my risk level while my target remain the same (see previous post).
There is a good chance that cable had completed another minor correction phase from its last impulse wave. First target is around 1.5864 which is the 100% projection of 1.6744 to 1.6058 from 1.6546. Longer term projection is around 1.5445 which is the 161.8% projection. As for risk assessment, a break above 1.6100 will change my view regarding this trend continuation.
Monday, February 21, 2011
LPKR has reached the target projection from the previous double top pattern at Rp500/share. The price pattern now suggest another reversal by completing a double bottom pattern. The price target based on this double bottom pattern is at Rp680 (range from bottom to neckline). However Rp640 level could provide strong resistance.
Tuesday, January 11, 2011
I've been trying to experience the Indonesian stock market movement and this was the first stock ever that I bought. Got it at Rp500 the first time (December '10) for just 4 lot and added 9 lot more until now, with average price around Rp640. The uptrend was held at 750 and retrace back to 650 at the moment, which is near the support trendline. The breaking of this trendline and 620 area suggest a double top reversal and could bring the stock back to Rp500 level. In the opposite perspective, it is also a good time to buy, hoping it will break Rp750 resistance.