thechama3
Long

ESCORTS APPLIED BRAKES ON THE DOWNTREND FOR A WHILE!

NSE:ESCORTS   ESCORTS
Escorts might have stalled the downtrend for a while and is likely to move towards 690-700 in the short term. One can buy on a dip with a SL of 598.
Comment: Escorts makes a high of 651 before giving way.
Comment: Escorts breaks 653 on the upside. One can book partial profits.
Trade closed manually: Closing the rest of the position. Shall enter again on a dip.

Overall a profitable trade.
it stopped exactly at the gap , the down-move was swift and with momentum
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thechama3 MAYA_MUMBAI
@MAYA_MUMBAI, A higher low made on the RSI. Profitable trade on either side but i would not short Escorts hence made away with profits on the long side. Awaiting Index to halt its down move but with the kind of close we have got it will made a lower low compared to today and shall have to see if it bounces back or drifts further.
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thechama3 MAYA_MUMBAI
@MAYA_MUMBAI, Cool. Thanks for sharing.
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MAYA_MUMBAI thechama3
@thechama3,

from the support area , another strong upmove !

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thechama3 MAYA_MUMBAI
@MAYA_MUMBAI, A strong in a particular trend has to catch up with time and this is what it did. In these moves that happened yesterday and today one could have made atleast 5-7% if one would have booked their profits and got out. I agree its easy to say this once the move has happened but what i am trying to emphasize is that one should take some money off the table when a particular profit target is reached. If it goes above the price at which you sold its ok - atleast you made some profit. If it goes down, even better- you get to enter again at a better rate. That is the beauty of technical analysis.
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MAYA_MUMBAI thechama3
@thechama3,

Yes , i got your point.
I usually avoid derivatives futures and do not go for short sell nor i do not go into options
i usually go for short term positional buy and usually look into daily chart or weekly chart
there is usally more noise in five minute chart
but still the support area and resistance area shown in the charts usually works
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thechama3 MAYA_MUMBAI
@MAYA_MUMBAI, That is a nice way to trade.
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nice
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Can you please explain the technical behind why you said it will move towards 690-700 ? Thanks in advance !
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