Potential Long trade in PSP Projects - Pullback after a breakout
PSPPROJECT
This counter has given a pullback after a good volume backed breakout from a consolidation. It reversed from monthly R1 pivot and is now re-testing the breakout level.
Any long trade here would be ideal after a green candle close at this level.
Targets can amount to R1 again (the previous high), which gives a R:R of 1:1, or a further target of R2, which gives a R:R of 1:2.
It would be prudent to not rush with such trades. Wait for confirmation that it is just a pullback and not a false breakout, and then take the trade!
Comment:
New high made, should close above the same now to tick all boxes
Trade closed: target reached:
Target 1 achieved!
2 things to possibly do now -
1) Book half with cost or today's low as trailing SL
2) Keep the original qty and trailing SL will be close below R3 which was the target level.
2 things to possibly do now -
1) Book half with cost or today's low as trailing SL
2) Keep the original qty and trailing SL will be close below R3 which was the target level.
Comment:
Closed below R3
So either half qty is already booked or entire qty trailing SL taken for swing trade basis.
That's why its important to book gains!
So either half qty is already booked or entire qty trailing SL taken for swing trade basis.
That's why its important to book gains!
Lets see if it carries on to make new highs