Tuesday, 29 September 2009

LOTO Fever

Who wants to try their luck and see if they can score a jackpot every now and then? Everybody who wants money, that's who. But we're not talking about people who normally lines up in the nearest outlet for a chance to win an ever growing prize.

We're talking about traders like us. When we buy into any stock, don't we try our luck and see if it gives us a jackpot? But there are many who don't know the difference of trying their luck against pushing their luck. So to avoid pushing your luck, let's try something we normally don't play.

LOTO has made a big run most recently and retraced a good chunk of that. When that happened, I thought this one is finished as soon as it just started. Until today...

Since Thursday last week, it has been following a textbook definition of a flag. 2 day pole, 2 days of consolidation, diminishing volume. Sounds like a flag, feels like a flag, smells like a flag. So now what do we do?

Since 16.50 has been serving as a resistance, we wait until 16.75 is hit and we go in. 18.00 is the minimum target being shown to us in this formation. Should this pattern not follow as expected, and we were already into it, 16.00 is the cut loss for this.

So who wants to try and see if there's gonna be a payday within 3 days?

No comments: