Larsen & Toubro 3 Drive SHORT

The stock is nicely formed 3 Drive pattern so it may bring halt to the ongoing uptrend. Today's Bearish Engulfing and RSI reading are also confirming the short trade. One can short the stock with appropriate Stop Loss.
Order cancelled: Pattern has lost is symmetry so am thinking of closing it with loss.
Comment: Sorry I meant here in small profit.
Good to short now?
@dev_trader, We have framed a trade based on a setup which looks like in action. Yest entry now at better price seems good. Wishing you Good Luck !
dev_trader praveen.bhatiya
@praveen.bhatiya, Thanks ! keeping 1579 as SL. We are good.
Thanks for sharing Praveen. Looks like downside journey started for L&T.
@dev_trader, Thanks, Hope it turns out to be profitable for some. :)
Good analysis...Thanks for sharing. It would be more helpful if you could mention entry levels and adjusting stop loss based on false sudden moves.
Much appreciated your positive response.
praveen.bhatiya shivubandaru
@shivubandaru, Thanks for your comment. For this particular idea I would try to enter short @ 1560 level and provide Stop Loss of 1579 on closing basis. Mostly i give entry and stop loss level whenever it is based on some structure for example if there is a swing high or low prior to this swing, it works very well but it is not the case here. Stop loss also depends on risk taking apatite so it varies from trader to trader. I being a defensive trader just look for the trades where stop loss is small and affordable to me.
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