IndiaGlycol - Waiting for long entry for proper risk reward

Analysis for educational purposes only. I am not a registered analyst.

If the risk reward is not favorable, I tend to wait for the stock to come down to my price.
This could lead to missing a possible rally, but for me, I better miss the rally than enter at a time where the possibility of loss could be higher.

A Higher High Higher Low structure on price action is considered as an uptrend.
- In the weekly chart, we see a breakout of previous Higher High.
- Higher High is retested which is an ideal entry point.
- Set SL as previous HL or in cases where there are other lows close by, choose the lowest one.
- Calculate the possible loss assuming the stock hits SL
- If you are OK with the calculated loss, enter.
- Trail the SL at every new Higher Low.
- Wait for breakdown of a Higher Low OR Target

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.