Bajaj Auto is currently near it's ATH, and is getting ready for another rally in short term. The target is calculated using the ABCD pattern of Harmonics. Current daily candle tried to break ATH level but gave a closing below it. So, candle closing above 8700 will decide whether it will move upside or not. However, this is a perfect example of price action of a bullish market!
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Almost 2.5% in a single day!
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Currently 5% from our entry level. Holding for another 5% weekly.
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Keep strict stop loss of 2% from the entry level. If an hourly candle closes below the SL, take the SL and exit the trade. It is coming down for a retracement of the breakout level. Keep an eye for a structure change (Bullish Reversal/W Pattern) in hourly TF which will give a high conviction to hold the winning trade as it has a potential target of almost 10% if it hits the target. In other words, we lose 2% if the trade does not go in our direction and we win 10% if it gives the target, which is a great Risk-to-Reward ratio of 1:5.
@chinna6674 We can predict direction but we cannot predict the momentum. The level you are talking about is almost 500 points away from CMP and to attain the level in intraday is not easy. But it is also not impossible. So as a sewing trader, we need to peacefully wait for our target or our stop loss. For a safe approach, what we can do is trail our stop loss to 8850 which is the weekly swing low. If an hourly candle closes below the level we will exit the trade. For an aggressive approach, we can keep the stop loss at cost such that we will not lose any money from the current trade if it does not go the way we predicted, but we will make a huge return if the trade gives our target. This is the ideal way of doing Swing trade.
chinna6674
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Monday 9500? Possible?
rtfofficial1618
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@chinna6674 Also you can book 2/3 quantity at current level and put stop loss at cost for the rest of the quantity.