Candlestick & Breakout Patterns
YONGTAI False Breaks Up With Shake Out? Where To Go From Now?
Ming Jong Tey
Publish date: Sun, 25 Dec 2016, 03:34 PM
Ming Jong Tey
0 68
Understand the psychology behind the candlestick & breakout pattern will give you an edge to realize why the market does what it does and anticipate opportunities before they happen!
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YONGTAI (7066): Long Term Bullish, Short Term Correction
Pattern: Long term steady up-trend channel, rounding bottom false breaks up with shake out
As we can see from the chart below, the first break up (refer to the red circled candle) from the pendant/triangle supported with a strong bullish candle with significant volume.
However, the 2nd break up from the rounding bottom pattern does not have strong volume, which caused a false break up. The price made a pull back to test the trendline.
1. Possible bounce from the blue highlighted area. Watch out for bullish price action before longing.
2. Bullish as long as it stays above 1.12-1.15.
3. First target price of 1.65 is expected.
4. Aggressive players can opt for its warrant for leverage.
Further Reading
How to determine the "bullishness" of the patterns- https://www.facebook.com/BursaSGXcandlestick/videos/378260995905662/
The Trade Management Technique You Need To Know - http://klse.i3investor.com/blogs/candlestick/114496.jsp
Best Way To Learn To Trade Without A Mentor - http://klse.i3investor.com/blogs/candlestick/113821.jsp
Entry Illustration - http://klse.i3investor.com/blogs/candlestick/113605.jsp
Stop Loss & Safe Trading - http://klse.i3investor.com/blogs/candlestick/113510.jsp
Position Sizing - http://klse.i3investor.com/blogs/candlestick/113061.jsp
Cheers,
Ming Jong
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