HINDUNILVR - LONG WHEN FALLING WEDGE BREAKOUT
Falling wedge is a very powerful reversal chart pattern when it appears at a bottom after a prolonged decline. However, it can be traded as a continuation pattern as well.
Entry - 2420-2430 When price closes above the downward slopping upper trendline.
Stop-loss - 2275 ( Swing Low )
Target - 2600 and above.
Risk/Reward is poor. So we need to trail stop-loss aggressively once the trade is active.
I don't trade breakouts very often because it offers a poor risk-reward ratio.
Apply your trade and risk management.
Entry - 2420-2430 When price closes above the downward slopping upper trendline.
Stop-loss - 2275 ( Swing Low )
Target - 2600 and above.
Risk/Reward is poor. So we need to trail stop-loss aggressively once the trade is active.
I don't trade breakouts very often because it offers a poor risk-reward ratio.
Apply your trade and risk management.
Order cancelled:
Price didn't break the upper trendline and it's also trading below the support level and lower trendline.
