Every trade is based on a few questions. If the answer is satisfactory. The trade is worth it.
Reason for Trade: - MRF is taking support from a multiyear trendline . - Confluence of support between multi year trendline and last breakour falling trendline retest - Weekly RSI has cooled down and remains above 30 - Reversal candlestick pattern formation - Morning Star (This weeks candle stick to confirm) - Volume spurt in last weeks closing / Highest Volume in past 15 weeks.
Risk : - Entry at current price - Risk is High - as reversal pattern still forming - If there is a bullish candlestick close for the week. Addition to be done once the high of the current bullish candle is taken out on Daily closing - Risk will be medium - Entry post crossing of 0.5 Fib levels i.e. 76950 - Risk will be low due to multiple reversal confirmations / Riding the trend from the middle
Please analyze as per your risk profile before taking any trade.
Note - Every trade is a probability. The golden rule is to keep your Risk to reward in check
Trade closed: target reached
Price is at the upper end of the channel. Booking Profit
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