Ok now, it is stalking time according to 'The Three Skills of Top Trading' by Hank Pruden. I am looking for entry.
Based on TA and reward/risk analysis. I am stalking UOB and Wilmar at this stage.
Bullish scenario tommorrow
UOB 16.6 trigger, 16.2 stop, that is 40ct risk == 2R++, NO GO
Wilmar 6.2 trigger, 5.95 stop, resistance 6.3 NO GO
Weak scenario tommorrow
UOB 15.6 to 15.7 support, 15.55 stop, that is fine, i will bid and wait at 15.65 or so. Reward/risk is 3:1 or better
Wilmar 5.85 support, 5.75 stop, fine too. I will bid at 5.85.
So the buy at support strategy is ON. Breakout NO GO.
I usually plan for at least 2 scenarios and I can plan without quantifying all the above, because I can just look at the chart to tell me all this at a glance. But for your benefit, here they are.
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