It is been observed that the price action is facing resistance at 615-620 levels, indicating a further fall to the support levels.
T1- 600
T2- 590
SL - 620
Trade active
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Comment
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Stoploss Revised to 626 levels.
Comment
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Tata Steel at near resistance, if closes above it on hourly chart then it shall further reach to 640-45 levels at max which is the next high time frame resistance and another turning point. Trader who are holding TataSteel short position, here is what they can do, 1. Reverse (Buy) position once price action goes above 628 levels and get 10-15 points rally and then short it again at 640-45 levels. 2. Hold for the closing of today and buy a Ce for hedge.
Trade active
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Still Holding resistance strongly and now dipping down.
Revising the stop loss is not the answer if you are wrong on trade , Check on weekly and check the Exhaustion level you will come to know its some ware in the Zone of 658/663 , I have been noticing you are contentiously revising your Stop where you find difficulty in identifying the trend direction in clear way
Hope the clue which i have giving will give you more insights in your feature analysis , still if you do not understand how to calculate the Exhaustion , Message me i will guide you step by step
NeeteshJain
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@shiv2798, Sure, I shall look forward towards your sharing on exhaustion levels. Regards
shiv2798
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did your stop loss trigger or still revising the stop loss
NeeteshJain
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@shiv2798, I was initially bearish on the markets and was into a bearish looking trade setup very early due to which I revised the stoploss to the extent where the bearish setup still remain active, and once I saw the change in the trend then I updated the trade setup accordingly. As in this trade setup, I previously updated the status of the trade setup in above comment section with an action plan which can be executed once the SL will be triggered or when it confirms a trend change in order to provide clarity to take wise action on the trade setup. The mentioned action plan eventually did work out well as the price action moves above the mentioned resistance and did reach to 640 levels.
I do get wrong in my analysis or get early into trade setups due to the fear of losing a good trade setup, or whatever may be the reason of being hooked in a trade setup but we shall always think of protecting capital in the market whether by revising stoploss or reversing the trade setup to the extent where technicals are justified or just closing trade initially with risk management in order to be in the game and to initiate a new trade. This my trading style, which might be completely different from you but I believe our motive remains the same i.e. maximizing profits and protecting capital.
Thanks for making an effort to provide a feedback as it will surely improve the quality of trade setups which I post or share here. Regards