UnknownUnicorn5412484

Tata Motors - Price Action

Long
NSE:TATAMOTORS   TATA MOTORS LTD
Chart speeks for itself.
Comment: Wait for reversal from lower parallel
Trade active: long initiated
Comment: at 98.75, stop loss is 90; we are looking for risk reward of 1:5 or more.
Comment: Move stop loss to cost@ 98.75, previous swing high breached.
Comment: Market moving in our direction. Depending upon market structure,SL will be modified. Profit target is upper parallel or beyond, depending up on market structure in coming days. Risk reward less than 1:5 is bad.
Trade active: Second entry @105
Trade active: shift stop loss of both first and second entries below last swing low @ 100
Comment: Breakout of symmetrical triangle consolidation pattern; and satisfied the level (roughly 3%, same as head and shoulder breakout - as per classical chartist Edwards and Magee). Move Trailing stop loss to 110, last swing low.
Comment: Range break out and Price consolidation in energy coil. more upside in coming days, keep strick stop loss at 110, no need to move up. Risk reward in this trade weill be very high. if we are lucky we may see 1:20 or more because we are looking for doubling of ranges.

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This is my trading journal i am sharing with everyone based on my analysis. These are purely for educational purposes.
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Clearly prices are consolidating between 110 and 92.....if prices touch lower parallel again and shows reversal sign , we take second entry with stop loss few points below our first entry price @ 98.75. Probability of prices touching median parallel line is 80%. that makes it to break the present range and we can expect doubling of ranges after that...but that is too early to say...let market reveal iteself what it beholds for us.
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