Bravetotrade

Mahi-Mahi: Buying Opportunity

NSE:M_M   MAHINDRA &MAHINDRA
Expecting bounce back near 13/9/2017 from 1276 harmonic PRZ. Upside targets could be 1330; 1340 or near 1347.

I ll look for buying patterns in the PRZ zone. But even if PRZ is breached on downside, I would look for buying opportunity on the said date (for experimental purposes).

However, 22/9/2017 would be a warning day as from this day the price action may continue the downtrend either after achieving PRZ targets or earlier.

If price continues to move up beyond 22/9 for few days, downward correction can be considered as complete.

Trade safe, stay healthy
Hit like/comment if this post is interesting.

Regards
Bravetotrade
Comment: Ok, It seems prediction was quite close -- minus one day and two points short of the target.

Definite signs of slowing down of downtrend near PRZ. Let's see how correct it could be.
Comment: 1330/1340 could be a nice place to book some profit.
Comment: Breakout Entry if the structure transforms itself.

Comment: The price had a sharp reversal from the PRZ 1276 and currently it seems to be retesting or forming a base near the support level.

I am anticipating a small Gartley pattern in the making.

I am first searching for a long entry here and then will reverse position at the PRZ if price action shows weakness.

As I have been looking for long, the BO entry could end up as a low reward trade (PRZ very near to entry). Let's have a look at other possible entries:

Price has been churning in an upward sloping channel, one entry could be at the low of the channel (yellow arrows).

Above entry is aggressive but low risk.

A confirmation entry could be above the break of channel, as the price closes above EMA. Safe but larger risk.

SL in both the cases below 1276 and target PRZ or higher.

This I my trading setup, not a recommendation.



Comment: The PRZ I mentioned in update discussion will b the Gartley PRZ at around 1326/1332
Comment: Very nice bounce from support..taking partial off the table..trailing rest.

Comment: Mahi did not perform as expected. Had a partial profit in channel play in my last trade. Still has one position with stop below 1278.

I marked today as a warning day in the anticipation that stock would have reached targets by the date and downward journey may resume from today. But it seems a short term cyclical low has been established today.

Move past the trendline may confirm this hypothesis.
1330 would still remain as a target.


Comment: Somehow stop was not hit. Waiting for it to get hit below 1278. Utilizing my previous trades profit.
Comment: Guys this stock is confusing me now :)
Comment: Finally.
Atleast this one is not showing any pattern on the technical side for almost 2-3 months.. i too lost 3 times on the options side..! Better to ignore this ..!
Reply
Bravetotrade AnilReddy
@AnilReddy, Predicting reversals is dangerous. Luckily risk was managed.
Reply
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