Engulfing @ significant Zone

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.

Trade active
Trade active: Target (2.5 times of original risk)achieved however continuing with trailing SL.
Trade closed: stop reached
actually u was fail in this setup.
praveen.bhatiya LaxminarayanSoni
@LaxminarayanSoni, True sir, all setup does not work always. I've mentioned that trade closed on stop loss although it was in profit after entering. Setup is just a probability.
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.
Respected Praveen sir, Can I apply same theory on HPCL as well ?
@rbhawsar27, yes both stocks from the same sector and having similar development.
rbhawsar27 praveen.bhatiya
@praveen.bhatiya, Sir, is this trade still active ? Is there any possibility of reversing back from 386 ? As MACD is going down so can we short BPCL ?
@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
rbhawsar27 praveen.bhatiya
@praveen.bhatiya, Thank you sir for the response.
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