@AbhishekHSinghCMT, Yes sir.
1) Thats the reason I am going with a buy above 805 as confirmation even when Auro Pharma is at the pitchfork support. (804.80 being swing point so far)
2) Moreover Auro Pharma has so far respected the pitchfork median and support. Hence expecting it to continue so until it stops doing so. (Just like Newton's 1st law of motion - "an object either remains at rest or continues to move at a constant velocity, unless acted upon by a force")
3) On 15 min chart Auro Pharma is still trading above its 200 SMA (currently at 788.75). I will be looking for opportunities to short within the scope of the time frame only after a close below 200 SMA
WaveTalks
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@trex88, I am actually not getting why will you wait for stop loss to get hit if price is not moving above your entry point which was 805 levels as rightly suggested by you.
k314
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@AbhishekHSinghCMT, it opened at 807.50 and made a high of 815 before falling today... hence entry triggered
WaveTalks
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@trex88, But I will trail my stop to cost price that is what is risk management - no loss no profit . Correct -your entry was ok but post entry you need do lot of work. It is not wise to hold your position if it starts going below your entry price later.
k314
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@AbhishekHSinghCMT, i completely agree sir. Risk management is the key.
I usually move my SL to cost once my 1st target us achieved.