I love to trade breakouts because of the amazing risk reward ratio they provide. Even if we are wrong half of the time, we will still end up in profit.
So, here, Nifty has given a breakout above the 8462 line.
So strategy, would be long Nifty ( CMP : 8476 ) . SL - 8462 ( 14 point risk as of now ) Target - 8616 ( 140 points reward as of now )
Risk Reward Ratio :: 10 : 1
If at all it falls below that level, and afterwards there's upmove and we get an hourly bar with it's low above the 8460s level, then buy again with the same SL .
If it doesn't return or still falls, then we don't take any trade.
Thanks.
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Straight up !! Hope you guys stayed or went long !! Scaling out 1/3rd of my postion now :) . CMP - 8553.
Cheers !!
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So Close ! around 130 points rise in a day , 8612 high !! Turning out to be a super trade !!! CMP : 8603.
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CMP - 8642 . Target reached + Bonus.
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Hovering around the line.
Trade closed manually
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I'm done with this chart. Have made newer charts. No need to look at this anymore.