Reasons for going Long and Setup:
1) About to breakout from a Bullish Rectangle flag pattern. (Check with 2 and 4 hour TF; The pole is a bit distorted)
2) Bounce back from the support trendline and breached the Resistance (now Support) with good buying volume
3) Trading above 50, 100 and 200 EMAs
Entry: Can enter between 187.00 to 187.50 after breakout from the channel.
Stop loss: Once entered keep SL near 181.50 where there is a small support. Can trail SL above cost (near to 191.00 - 191.50) after the first target is achieved
Target: First target - 195.00 to 195.50 where there is a minor resistance and if reached and trend continues then can hold for second target.
RR Ratio: 1.25 (Entry - 187.50; SL - 181.50; Target - 195.00)
Note: Follow NIFTY MIDCAP 50 and NIFTY 50 for any trend reversal.
1) About to breakout from a Bullish Rectangle flag pattern. (Check with 2 and 4 hour TF; The pole is a bit distorted)
2) Bounce back from the support trendline and breached the Resistance (now Support) with good buying volume
3) Trading above 50, 100 and 200 EMAs
Entry: Can enter between 187.00 to 187.50 after breakout from the channel.
Stop loss: Once entered keep SL near 181.50 where there is a small support. Can trail SL above cost (near to 191.00 - 191.50) after the first target is achieved
Target: First target - 195.00 to 195.50 where there is a minor resistance and if reached and trend continues then can hold for second target.
RR Ratio: 1.25 (Entry - 187.50; SL - 181.50; Target - 195.00)
Note: Follow NIFTY MIDCAP 50 and NIFTY 50 for any trend reversal.
Trade active
Order cancelled
Comment:
False breakout on account of results and it failed. Continuing inside the channel.
Comment:
No long position triggered as there was no breakout from the channel.