AAX Ascending Triangle Breakout!

Earlier, AAX was forming a ranging pattern, which I anticipated could develop into an ascending triangle. In trading, it's important to forecast and plan without being biased toward any specific pattern materializing.

Yesterday (19/11), I noticed a strong bullish candle breaking the resistance level within the pattern, accompanied by higher volume. This indicated a potential opportunity for a small trade before the breakout.

Why a small trade? The market sentiment is weak, and the earnings report is coming soon. Besides that, breakout trades carry the risk of false breakouts, so I set a tight stop-loss to manage risk. My take-profit target is between RM2.13 and RM2.17, which aligns with the weekly resistance area.

What's next? I'll wait for a retest at the breakout point before planning the next trade. Even if the price continues higher without retesting, there’s no need to worry—opportunities are always around the corner!

#AAX5238 #Tradeyourplan