Maybank - a swing trade
If you follow swing trading, a 1 to 2 risk reward is the minimum one should target. Well for Maybank, i did what i usually would not do, which is to swing trade. Recent years, shows gradual price increase and range bound trading.
Of late, banking stock have been pushing along nicely, and i saw an opportunity to have a short swing trade to ride it while it’s on the way to test the elusive 10.00 price.
Well, my entry was on 29 Feb 2024 at 9.54, and my TP is 9.82 to 9.90. It’s currently trading at 9.75 at last close, and next week may be one final push before the ex-date for dividend. The dilemma is of course do i hold to get dividend, and ride on more upside to 10 and beyond. My sense is that maybe the run up is a too fast may just cool down back to 9.00 to 9.20 region before the next bigger move up. Also, price tends to fill void that it skipped and running to near 10.00 in a sprint could see a healthy correction.
I don’t have a crystal ball, so i am trading as i set up my trade plan from the start, which is a short 1 - 2 weeks trade to catch a quick win. One good trade at a time. No FOMO here.
Here’s a short video covering why i took this trade, including a look at the charts to see the technicals, especially the signals to enter.
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Loves technical analysis and sharing my trade ideas and stock trading journey via my YouTube Channel @Ryugentrades
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104655903 : The most useless group.. invite you to meet... Abg Yee.. teacher Rocky.... Aman Rudin.. apparently.. hiding behind a story... not knowing who owns the money.I hope you live long and healthy.
RyugentradesOP : Sold today at 9.82
just following my trade plan.
All Also Taken : which void are you talking about?
RyugentradesOP : Was looking at the price point between 9.00 to 9.50 which it zoomed past recently.
Last time it broke so fast from 7.00 to 9.00 eventually price settled back to the 8.00 to 8.50 range. Of course it doesn’t have to repeat itself now, but my observation is that markets tend to repeat itself for some stocks, and Maybank seems to me that is a stock that will trade back to price range that it flew past so easily.