Bravetotrade
Long

Do You Trade The Confluence ?

NSE:MOTHERSUMI   MOTHERSON SUMI SYS
Notes on the chart.

Trade safe, be healthy.
Do hit the like button.

Bravetotrade :-)
Comment:
Comment:
Comment: Close above 374 would be the first sign that further upside is possible.

The level 378 would be worth watching if 374 is breached on upside.
Comment: Took 1/3rd profit @ 377
Comment: We might face some Resistance or consolidation before crossing 378 as this is 61.8,% ret. if the recent down leg.
Comment: I might reconsider adding this 1/3rd position again if and only if the stock topples to 370-372 area.
The SL for the rest of position is same.
Comment:

Although the candle on the daily chart was an indecisive Doji, it still managed to close above 374 -- our first level of resistance. It is a dubious positive signal for this trade as I dun see enthusiasm by the buyers beyond resistance. Some consolidation above 374 will be good though for the near term.

The big bearish candle of 12th Dec. is a very bearish signal, which might hurt our last target. If bears take control the stock might reverse from the 386 level. So at that level I ll take another 1/3rd profit and trail the rest for 393.

This trade is so far good and hope for the best.
Comment: As planned 1/3rd position was added again at 369.60 and exited at 377 again.
SL for the rest of position is below today's low.
Comment:

I am expecting the completion of the current third leg. I ll also scale out as planned above.
Comment:
There could be a bull flag break tomorrow.
Trade closed: target reached: Second Target hit. Flag break worked. Left with 1/3rd now. Will update SL..
Comment: TSL is 384 now.
Comment:
Stock is reversing just 2 points shy of my target. Its difficult to hold and wait at this point. I am trailing Sl to 388.50 now and exit entire position.
Comment: Sl revised to 389.80
Comment: Sl revised to 390.80
Trade closed: target reached: closed position at 392.50
After such a nice trade, I would like to sit on hands for the entire week or even month. All the best.
Comment:
I am not participating in this down move.
super. what is the way forward. looks like a tgt beyong 400 m
Reply
Bravetotrade mightyrajat
@mightyrajat, the current up move seems weak, bears seem to be in control as of now. Although long term structure is not weak yet I expect another down leg in short to medium term.
Rest is on overall market.
Reply
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