k314

BHEL buy setup (low risk high reward!)

Long
NSE:BHEL   BHARAT HEAVY ELECT
By BHEL at CMP (76.50)

T1: 80
T2: 82.50
T3: 86

SL: 75.2
Trade active
Trade closed: target reached: T1: 80 achieved
Comment: .
T2: 82.50 achieved
T3: 86 achieved

All targets done! This was a very low risk and highly rewarding trade. As traders we should always utilise such opportunities 🙂🙏

Comments

Awesome trading idea sir
+1 Reply
k314 avikpal0624
@avikpal0624, Thank you sir
Reply
Awesome.. target hit
+1 Reply
k314 shakthifuture
@shakthifuture, thank you sir.
Reply
@k314, chart ok.. how you set the target?
Reply
RSI in the above chart is greater than 70 (overbought) then too why the BUY signal? Please explain
+1 Reply
k314 svk_trader
@sagarkavitake, its is a common misconception that overbought=sell signal and oversold =buy signal. That works only in the range bound condition. To understand the RSI better you can refer its calculation and then try to connect the dots by interpreting the RSI value by 'what its saying' about the price action.
Reply
@k314, Very true! Indeed the real actions (Bullish moves) happens in RSI 80-100 region if the stock remains in the region for some time.
+1 Reply
k314 akshay1808
@akshay1808, true sir.
The behaviour of indicator/oscillators can't be generalized. Each indicator tells a different story. Understanding the maths/calculation behind it is absolutely necessary to interpret the story that indicator is telling. Moreover indicator has to be used like a pickle in meal and not as a main course. Because the main course is always the price action and patterns that candles create. So the interpretation of indicator also changes with the price action.
Reply
@k314, I really want to understand the idea behind your strategy. Can you give me the pointers where i can find more info.

I referred this site goo.gl/HDQdEt

and found that the formula is RSI = 100 –

Can you please explain more or some pointers/links will be highly appreciated. Thanks
+1 Reply
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