Asian Pay TV was caught for a quick move of 43% in 2 days on 15 April(robinhan.weebly.com/trading-blog/asian-pay-tv-has-gone-up-17-within-the-same-day-will-it-move-up-further).
Above is the trading call made on 15 April, before the nice move started
After the intraday rally of 17%. it was mentioned for long again the next morning and then it extended the rally before closing of the day and makes the move to 43% in 2 days.
Above is my bullish view AFTER 17% move the first day, BEFORE further movement (robinhan.weebly.com/trading-blog/asian-pay-tv-up-437-within-2-trading-days-will-it-go-up-some-more-how-to-operate-now).
Then it was mentioned in my sharing article that it may “pull back to deeper level”, “it may not be a good idea to chase above 0.180” and ” if price drop below 0.168, may consider gradually open some position” (robinhan.weebly.com/trading-blog/asian-pay-tv-up-437-within-2-trading-days-will-it-go-up-some-more-how-to-operate-now).
Above is my view after 43% rally: 1. should not chase already 2. look out to sell gradually. 3 only consider enter again if price drop below 0.168(can be found in my post:robinhan.weebly.com/trading-blog/asian-pay-tv-up-437-within-2-trading-days-will-it-go-up-some-more-how-to-operate-now)
above is the screenshot of my call to trade Asian Pay TV rebound on 23 April, and price rebounded 14.5% to 0.189 in 4 days.
Now Asian Pay TV pull back from Rebound high, can buy on weakness again?
From my point of view, it has lost short term momentum and uncertainty has increase a lot. On the other hand, many market participants(retailers in particular) has been trapped ard top of 0.194 or near rebound high of 0.189.
From technical perspective, Asian Pay TV form some kind of double top pattern which is bearish for short term. With above understanding in mind, I feel although it is still in an long term uptrend, it needs a good pull back and consolidation before it can have a nice rally again. It is also possible that uptrend may turn to downtrend after the pull back. I won’t try my luck.
So I will NOT consider buy on weakness again for Asian Pay TV until a good and complete consolidation and it start to show some strength or form some pattern that can push up the price again.
From technical perspective, Asian Pay TV form some kind of double top pattern which is bearish for short term. With above understanding in mind, I feel although it is still in an long term uptrend, it needs a good pull back and consolidation before it can have a nice rally again. It is also possible that uptrend may turn to downtrend after the pull back. I won’t try my luck.
So I will NOT consider buy on weakness again for Asian Pay TV until a good and complete consolidation and it start to show some strength or form some pattern that can push up the price again.
Above chart summarized the calls i made and how price moved as what I predicted.
How I manage to catch fast move for Asian Pay TV a few times and predict price action quite well? Luck definitely plays a part. But there are so many times i have consistently caught rocket stocks up more than 10% within a few days (click here to read other posts robinhan.weebly.com/live-trading-ideas-made), which can not be found elsewhere, Game Theory plays a more important role than luck to help me achieve this.
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