Tata motors : Breakout and Retracement Trade
Updated
Tata Motors is holding higher levels in daily as well as a one-hour time frame.
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Reason to Buy:
1) Healthy retracement at 0.236 fibo levels.
2) Major breakout in the daily time frame.
3) Holding higher levels and forming pole and flag patterns in a one-hour time frame.
4) Retracing back to the previous halt level (Purple-Box).
.
Safest entry-level at 155.25.
I entered at 128.65.
Stoploss must be below the immediate swing and retracement level of fibo i.e 146.00.
.
Trade with price action and wait till it crosses higher fibo levels.
.
Reason to Buy:
1) Healthy retracement at 0.236 fibo levels.
2) Major breakout in the daily time frame.
3) Holding higher levels and forming pole and flag patterns in a one-hour time frame.
4) Retracing back to the previous halt level (Purple-Box).
.
Safest entry-level at 155.25.
I entered at 128.65.
Stoploss must be below the immediate swing and retracement level of fibo i.e 146.00.
.
Trade with price action and wait till it crosses higher fibo levels.
Trade closed: stop reached
Stop-loss hit closing this trade.
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