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vanathi
Jan 21, 2017 9:48 AM

Arvind - Dow Tenet 3 Short

ARVIND LTDNSE

Description

Dow tenet "A trend is assumed to be in effect until it gives a definite signal of reversal". Though there are many trend reversal signals like candlestick pattern, trendlines, support/resistances and indicators, we can use peaks and troughs to confirm it in a better way.
Uptrend - Higher high(peak), higher low(trough)
Downtrend - Lower low(trough), lower high(peak)
Uptrend - Price action forms rising peak and rising trough
Downtrend - Price action forms decling peak and declining trough
In my post "Arvind facing strong resistance", price action moved upwards eventhough trendline
was broken and RSI showed less momentum. I checked where my analysis went wrong and found
it didnt break the previous higher low.

Trade active

1/23/2017 short @363 with stoploss 366

Comment

Target 1 reached.

Trade closed: target reached

Closed on target 1.
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