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
Regards
Entry - Around 400 zone
SL - 388
T1 - 410
T2 - 415
T3 - 420
T4 - 425
For study purpose
Regards
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.
Thanks.
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.
Thanks.