THE STOCK IS MAKING AN INVERTED HEAD AND SHOULDER PATTERN. (1 HR TIME FRAME) AND THE LONG WICKS IN 1 DAY TIME FRAME INDICATE BUYER PRESSURE. THERE IS ALSO BULLISH ENGULF HAPPENING
what is the entry level and target , if one has to take a call option since this getting indicated as 1 day frame ?
InDyeah
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@mogo65,
Oh sorry i forgot mention the entry, 3895 was the entry
ok i dont have much knowledge about options and futures.
all i have been doing is equity trading.
i stay in a trade only for 2-3 days max (swing trades)
i only look for 1k-1.5k profit per day that.
i trade purely based on price action and patterns. (i look at the charts from a larger time frame until it reaches the lowest time frame top to bottom approach)
my order type is always CNC
and always im in a long postion.
(and the reason for this is if my view goes wrong i can always hold on to the stock for a little longer time)
i play safe when i trade.
i dont risk more than 2% of my capital.
like i said every trader has his own style.
this is the trading style ive been following for 3 months.
and im happy with it.
This is excellant approach. Your price chart entry really worked today and looks like target also likely to hit by next 2-3 day sessions.
You can connect with me thro whatsapp in 9841042842 to share your knowledge and trade perspective. Thanks for taking time out and responding me in details.
Regards.
InDyeah
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@mogo65,
yes the price reached 3940 and faced rejection.
i was happy with the profits so i exited the trade at 3936.
as i noticed there was some strong resistance.
but yeah looks like it will hit the target of 3950 if nifty50 does well.
and il ping u my contact.
and im no expert just been concentrating only on price action based trading.
InDyeah
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@InDyeah,
and another reason for me to exit early was i some what felt.
the sellers will start to book profits and dump the stocks.
as u can see the highest price britannia has reached till date is 4010.
so ppl who have held on to britannia will be holding on to the stock to dump at particular price which is close to 4000.
for a stock thats worth 4000
3940 seems like a close price
as the stock normally moves 50-100rs in 1hr.
so one red candle will make them dump the stock
which u can notice at the price of 3933 (time 14.15)
so sometimes in such scenarios its better to exit early.