I'll go short on PNB tomorrow , only below 145, if it stays above it, no trade entry.
If it's below at 144, I'll go short :
A part for intraday,
where I'll keep 1 point stoploss
and target according to movement.
And the other part for positional,
where stoploss would be 151 ( 7 points ) and
target 132 ( 14 points )
Risk Reward :: 1:2
P.S. If you're buying options , go for 140 PE . Don't go below that.
But beware of risks of options, only for pro traders who understand it completely.
CMP - 140.8
Trade is going very well for me !
I hope you guys entered ! And made good money .
Positional trade active.
Don't initiate fresh longs .
Fresh shorts would provide a lesser RRR now.
135 would be a good place to book partial profits from positional trade .
Now for people doing positional bring down your stop loss from 152 to 145 now. So now even for positional we are risking just 1 point. Keep booking minor profits along the line.
Have a good day !!
I HOPE YOU are in with me.
140 PE - 4.2
When stock is start falling from top to bottom and if I want to short on intraday basis than I should have follow the your above method (support and resistance lines)or some other factor must be considered.
You can have any strategy , the point is it should make money for you , not once once or twice but in the long run.
Support and resistance trading isn't easy as it seems.