W pattern breakout on ujjivan

The stock is in uptrend for quite sometime and has given a good W pattern breakout in its pullback phase. The bullish breakout bar is accompanied by good volume . Hence expecting to enter around 400 area from where it will gain support and move towards the target of 425-29.

Entry - Around 400 zone
SL - 388
T1 - 410
T2 - 415
T3 - 420
T4 - 425

For study purpose
Trade active
Trade closed: stop reached: Made a high of 407.5 which is the first resistance barrier for the price to move further. Now this is a good example of bad trade execution and RR ratio. I took this trade at the specified entry zone @ 400. But the levels i decided to take my targets happened to be a misfit in this scenario. My first target is 410 which is 2.5% of the trade taken. I have done the same mistake in a few previous trades.

Since the price wasn't able to reach T1, i decided to wait and did not trail my SL. Eventually my SL got hit and turned my small profitable scalp into a losing trade.

Lesson learnt the hard way:
It is better to keep my 1st target at 1-1.5% of the trade taken. Or we could even take the 1st target at any first sign of barrier and trail the rest.


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