This is my trading journal, not a trade recommendation. Idea presented only for educational purposes for me and others who want to benefit from my experience.
Analysis @ Daily candle : Last candle is Open equal to high(15July), but price higher then previous day open and close; taking resistance from prior PAZ/Flag Limit/Base, Absorbing the supply at PAZ. Double bottom reversal (DBR) confirmed; Measured move done for DBR. AB=CD of swing move awaited; First Pullback of AB leg, Can consolidate b/w 715-740
Trade Plan:
Wait for breakout of last swing high( entry at H2 breakout confirmation), or spring action near 715(if consolidation occurs); Higher risk reward ratio in case of spring entry.
Entry above 738.5 (2 lot) stop loss below 713; approx. 25 points Target 1st lot @ 758; approx. 20 points Target 2nd lot @ 800; approx. 62 points, Can trail stop loss based on structure
DISCLAIMER: Trading in the stocks market or futures markets is on e of the riskiest forms of investments available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. Nothing in this analysis is a recommendation to buy or sell stocks or futures and I shall not be liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of this analysis or reliance on such information. Consult your financial advisor prior to investing is stock market. This is one person’s experience, your experience may differ. Past performance is not guarantee of future gains.
slope is declining, i.e. momentum fading out. consolidation here or reversal?
Trade closed: target reached
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T2 done
Comment
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Doji at resistance level. reversal or continuation?
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No demand bar followed by selling pressure.
Comment
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Very Risky short trade: Entry below 795, SL 810, target 770; risk reward is poor (approx. 1:1.6) Also doji @ day level adding to risk. May take entry if overall market scenario negative.
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Inside Day; holding gains- sign of strength. short trade is off the table.