Breakout or Reversal??

The stock is trading at all time high and is expected for a reversal or breakout at this zone. Hence will wait for further price action once it breaks this level and take positions accordingly if it succeeds or fails. Will update more on this later.

Thanks.

Comment:

The prices have failed to Break the all time high. While this might be a fake out, they will try moving up above 236.35. If this happens, i will take my long position there. Else if it goes below 227, then i'm in for a short.

Will update more on further price action.

Trade active:

Today was a big gap down day for nifty and the stocks did react the same. Hence my plan to enter below 227 became invalid. But somehow i worked it out and entered at 223.40. Its hard to trade on days like this when it doesn't go as per the plan. Hence Improvisation is essential.

But hey, that's what trading is all about. When it fails to go by our plan and strategy, we need to look at the big picture and start improvising with the same factors as we did earlier.

Right now cmp is around 219 and i'm looking to take profits around 217-215.
Trading is not just about spotting a setup. But Handling and execution till the end is very crucial as entering it.

Trade closed manually:

Prices are getting support at 218. Hence closed my position @ 219 with a decent profit of 4.4 points.