Looked at the Tape, huge selling bids @ 1162 which the buyers were unable to absorb. It tested seller once in candle C; second time in candle D -- the small wick at the top was some fellow's stop loss which I think got hit, it was just one trade above 1162; third time in E and I sell short more @ 1161.50 quite confidently. I was in a losing position and I averaged..oops..broke the rule, but had a strong reason to do that. Target was at 1149 -- the green line (just above the 1147 level) and stop above 1162. The whole idea behind the trade was the anticipation of a retest and the supply gave fire to the idea. The 1155 level gave some pain but finally the target was hit.
So before making any decision its good to have a look at the tape, better watch best five bids. Many a times it helps a lot.
# As it was a counter trend trade, I did not trail.
# I never place stop loss orders in stocks like Colpal , remember the fellow sitting @ 1163 got hit..He must be disturbed coz thereafter the stock moved in his anticipated direction. Instead of placing stops I keep a hawk eye such stocks.
I hope you find this information useful..so hit like/comment.
Trade safe, be healthy.