Technically the stock is heading higher high , and there are some small profit booking is going on
I'm looking to enter between PRZ of 391/393 with stop 383 for target of 400/405
as I know the risk to reward is not good when compared to stop price and target price but in day trading we cant just put the stop where the price may react to visit , so its important to understand why the stop should be in the place where the price can not react or reach it , the importance of support and resistance are the area where the turn around have taken place
in this case the turn around took at 383.50 ( Major Turn around) so its better to be below 383 as stop and target for inter day can be set CMP +5 points in the case of on going up trend
Smaller time frame are very difficult to work because small profit booking and buying will lead more confusion
Good day
Regards
I'm looking to enter between PRZ of 391/393 with stop 383 for target of 400/405
as I know the risk to reward is not good when compared to stop price and target price but in day trading we cant just put the stop where the price may react to visit , so its important to understand why the stop should be in the place where the price can not react or reach it , the importance of support and resistance are the area where the turn around have taken place
in this case the turn around took at 383.50 ( Major Turn around) so its better to be below 383 as stop and target for inter day can be set CMP +5 points in the case of on going up trend
Smaller time frame are very difficult to work because small profit booking and buying will lead more confusion
Good day
Regards
Comment:
Target Closes at 403 as the stock is reversing for small pull back
Cheers
Cheers
Trade closed: target reached
Cheers