It seems that 374 level is strong demand zone . Parallel Channel , double bottom , RSI coming out of overbought zone and latest Engulfing bar suggesting a long trade with small stop loss. One can easily expect 2.5 times reward of risk being taken in this trade.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Target (2.5 times of original risk)achieved however continuing with trailing SL.
Again, GR8 analysis, Praveen. And yet again the contrarian in me took the opposite trade and lost heavily. I wish I knew how to post images of screenshots of my trades. I am on a trading sabbatical, where when I lose heavily, I generally go on a soul-finding travel trip. GBU, all active traders, who refuse to give up.
@apsp1963, Since the stock was in down trend it is always risky to trade contra. I do it when the there some structure develops which let me take small risk. It worked this time, however your trade in the direction of trade could be correct as still there is no confirmation of trend reversal. I feel sorry to hear about your heavy losses and wish you got recovered soon. Please have patience and wait for a good setup.
@rbhawsar27, I am relying the PF which is catching the frequency very well. Short has not developed yet till it is within the PF however if it makes a green bar on Monday I would go long again. Entry close to LML are reasonably safe