Pin bar candle formed at bottom of the channel. Good price to enter with low as stop loss. Targets are in chart.
Educational purpose. Trade on your own risk with proper money management.
Comment
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The market dropped sharply today, hardly I can see 1 or 2 stocks in green that too with minimum up movement. Because of the global cues, our market also fell. That impacted our GMR Infra too.
As I told earlier the stop loss will be pin bar candle low, as a trader we have to book our losses. But I made use of this opportunity to accumulate this stock, only if it breaks 38 levels I would think of booking my losses and closing my position.
Why do I average? 1) I can see good support in the below levels 2) There is nothing wrong with our analysis, the only thing is the overall market didn't support us. In case the overall market is positive and our stock is falling down, then I would have closed the position in the pin bar candle low itself. 3) I believe there will be a bounce-back, once the global cues are stable. This fall is completely because of news like the FED interest rate, the crypto-currency ban in Russia.
Let's see what happens in the upcoming session.
I will update about my position of GMR Infra in the upcoming days.
Trade closed: stop reached
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Stop has been hit, as the head and shoulder pattern neckline has been broken. I'm exiting the trade.
@SK_tron, The price is at an important support level. I can see the head and shoulder pattern in Daily TF. If it breaks and closes below 39, we need to exit the trade. I'm still holding, will update what I have done in the coming days.
SK_tron
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@Vasanth_A, it closed below 39 once and bounced back, what do you think of it
Vasanth_A
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@SK_tron, it never closed below 39, that was the day low, it closed at 39.20. The very next day itself, there was an upside movement of around 5% showing buyer's strength. Let's see whether the price sustains or not.
SK_tron
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@Vasanth_A, yes but why is not moving up today even though the market is up? any thoughts?
Vasanth_A
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@SK_tron, no one can answer this question like why this stock is not moving when other stocks are moving because the market is not in our control. The only thing which is in our control is our SL. Stick to the plan and trade with that only.