AbhishekHSinghCMT

Tata Steel- Ideal Retracement Zone 383-385 (61.8%)

Long
NSE:TATASTEEL   TATA STEEL LTD
124 views
3
Likely I would be interested if TS comes again in the zone of 383-385 where the fall from 394.65 to 367 shall be retraced by 61.8%- ideal location for Wave-2 .

Trading Strategy
One can look for longs if TS crosses 375 with day's low stop for target zone 382.50-384
Always book 50% in every profit trade & trail rest to stop at cost.
Or

Sell can be taken only if lows of 367 is broken as per aggressive strategy.

If TS comes in the zone 383-385- in that case Wave -2 shall get divided internally into 3-waves -a-b-c.

Regards,
Abhishek H. Singh, CMT
Trade active: 13:30 Hrs-IST-1st Sep2016- Look at the risk reward here as well- TS went very close to lows@367- Made day's low@369.50 & Boom- Just trading at 375.
Trade active: 14:50 Hrs-IST-1st Sep2016- Current Price@373.70 - we shall taking small loss who have not trailed their stops to cost@375 -which was breakout point.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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Comments

12:30Hrs-IST-2nd Sep2016- Likely there is no trading opportunity in TS at the moment
Reply
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