POLYCAB: Swing: 1D 15-Oct'24

Oct 15

POLYCAB: Swing: 1D 15-Oct'24

• Stock has been in an uptrend since long
  
• Starting 25-Jun'24 the uptrend has paused and the stock has been trading in a range until about 19-Sep'24. ADX is ~ 14 on 19-Sep'24 confirming range bound trade
  
• Starting 23-Sep'24 the stock has again resumed its uptrend. It broke above its range levels on 27-Sep'24
  
• It broke above its life time high on 09-Oct'24 and has been consolidating just above that since.
  
• The stock is taking support at 9 day SMA and is trading just above it.
  

Entry / Target / Exit

• Entering long @ 14-Oct'24 close 7483.4
  
• Exit criteria = Hits StopLoss || Reaches Target || Price goes below 9 EMA
  
• Target = Drawdown + All time high ~ 8230
  
• Stop Loss = 1 ATR (190.44) below the resistance (7331.45) = 7331.45 - 190.44 ~ 7139
  
• Risk:Reward = 2.17:1
  

Oct 15

Trade active

Bought @ 7483.4

Oct 17

Trade closed: stop reached

Hit stop loss