Engulfing at PF UML

Nifty & this stock both are in downtrend so traders are naturally looking for shorting trade setup that requires small risk. Today's bearish engulfing at U-ML could be used to short the stock by providing SL of just high of the today. Here we are risking small amount and set the initial profit target of 2 times the risk is being taken. If it works we can continue with trailing stop loss for the target of ML touch.
Hi Praveen..
Just curious to know, why didn't you use low of 6Feb to draw ml set?
@safri, If we observe the 4 Bars around 6 Feb(1 before and 3 after) it is clear that they were in the same price range and last bar 9 Feb was the turning point. Only on 6th price opened deep down with gap due to high volatility but it closed in the same range. I've ignored the abnormality and taken what i thought could be normal. I do it often in choosing the pivot and it works better for me. But in this particular case it does not affect the slope of PF so entry would be same.
safri praveen.bhatiya
@praveen.bhatiya, Got it. Thank you.
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out