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
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