Asian Paint Chart Analysis

Feb 17, 2021

Asian Paint was making a series of Lower Lows and Lower Highs. A line has been drawn in the chart connecting the Lower Highs. Also, Asian Paint is now resting at its long-term trendline support. If the support is not broken and the price stops making Lower Highs then we can go long for the targets mentioned in the chart. However, if the trendline support is broken then the next level can be 2241.25.

Feb 23, 2021

Note

Trade Type: Short
Entry: 2395 on 17.02.2021
Target: 2250
Stop Loss: 2500 (Trailing)
Trailing Stop Loss Hit at 2350
Profit: 2 %
Trade went against my direction the very next day and had to see huge -ve values. However, I decided to hold on to it and kept trailing my stop loss once the trade started going in my direction. Finally booked some profit. But the entry was wrong. It should have been at the closing of the candle on 19.02.2021 at around 2420. I think luck was on my side this time :).