vanathi

Tatachemicals - Pin bar

Short
NSE:TATACHEM   TATA CHEMICALS
9
Tatachemicals shows weakness in price action. 1. Upward Trend line broken 2. Price action forms higher high, but RSI forms lower high. 3. Pin bar formation showing rejection of higher price level.
Sell tatachemicals with stoploss 507. Targets are 500 and 496. Happy Trading! https://in.tradingview.com/chart/QtD56IkU/
Trade active
Trade closed: stop reached: Nifty bullish
Trade active
Comment: This week's error - 2 . Trading against the main index without proper plan.
Trade active: Short at 311.2 with stoploss 317
Trade closed: stop reached: Daily chart showed pin bar above RSI 60. I entered trade when trendline broken, pin bar formation, RSI showing weakness in one hour(Trade against the main index)
Now tatchemicals reached the next resistance level 323. https://in.tradingview.com/chart/QtD56Ik...
Comment: Lesson 1 : Against the main index.
Lesson 2 : Any entry which is too early or too late is wrong.
Lesson 3 : Against Dow tenet "A trend is assumed to be in effect until it gives a definite signal of reversal".
Comment: 1/2/17 daily candle is bearish pin bar. 1/3//17 has bullish pin bar. General trend is uptrend. Bearish pin bar is rejected by the price action as the next day cadle is bullish pinbar. 1/4/17 candle has higher upper wick. And once again price action rejected the bearish view.
Comment:

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