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Redtone entering back into the ascending triangle.

Edwin Toh
Publish date: Thu, 15 Nov 2012, 04:57 PM
Edwin Toh
0 184
Talk about everything all under one roof which help us profit big money!! This blog have Technical Analyze Chart on Selected Stock and Forum for Daily Buy and Sell Call.


Disclaimer
All observation, buy call and sell call based on my own personal view are just for informational purpose and for my personal references to remind my self what i have analyze before and now for self improvement. Buy at your own risk and do not follow my view as i am only a novice analyzer with 60% success only..
Following Message
Sadly, look like the first attempt to break up away from the ascending triangle failed due to profit taking after the news was out..


Indicators
1) Trendline - Broke above the Uptrendline (Bullish)
2) Support/Resistance - Formed higher low and higher high  (Bullish)
3) MACD - Formed 4G1R (Bearish)
4) RSI -  Broke above 50% (Bullish)
5) STO - Bearish Crossover and  broke below 80% (Bearish).
6) Ichimoku - a) Above  support cloud (Bullish).
                       b) Conversion line above the base line (Bullish).
                       c) Price above the baseline ( Bullish)
7) Candlestick - Black Candle after spinning top.. ( Bearish) . Since this is a low volume high chances of profit taking after the news..
8) Pattern - Ascending triangle.. If break above from 0.41 , the TP for this pattern is 0.5 (20%)




Conclusion:
Bullish -
Look like the first scenario failed and let hope it will be option number 2..
The is a few scenarios for this pattern. 
1) Break above 0.41 on the next following day  (FAILED)
2) Retrace to 0.38 and then incline back to test the 0.41
3) Break below 0.38 and negate the ascending triangle pattern



E ( Entry) :0.395 ( Closed at or above it)
S ( Stop Loss) : 0.375
P ( Profit) :0.425
RRR (Risk to Reward Ratio) = 1.5 (Average)

E ( Entry) :0.395 ( Closed at or above it)
S ( Stop Loss) : 0.375
P ( Profit) :0.435
RRR (Risk to Reward Ratio) = 2 (Average)



Resistance  0.41 / 0.435 / 0.45 / 0.46 / 0.5 ( Ascending Triangle TP)
Support    0.38 / 0.372 / 0.36










REDTONE (0032)
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