ULTRACEMCO short setup - Hunt with tRex

Short at 4400

Low risk high reward setup

T1: 4320
T2: 4250
T3: 4150

SL: 4455
Trade closed: stop reached: HIT WICKET!
Comment: We will look for shorting opportunity in Ultratech Cement. The trend line could act as a resistance.

Comment: Ultratech Cement currently facing resistance

Comment: Our entry was wrong in this trade but the setup worked (its like a surgeon saying saying operation successful but patient died :P :D )
After triggering our SL: 4455 it made a high of 4510 and from there on it could not sustain and moved towards our final target T3: 4150
WHAT IS "pin bar on 15m chart"
what went wrong in this?
so that wwe could avoid the mistake next time :)
+1 Reply
tRex88 GowriShankar
@GowriShankar, Sir, I took a short call based on the channel top resistance + pin bar on 15m chart followed by price falling by ₹40 and going below 4400 + price re entering the channel. Looking at all these factors I was convinced to short. Market proved it wrong. We will wait for next trading opportunity :)
It would very helpful if you can share your opinion on what went wrong. Constructive criticism most welcome _/\_
@tRex88, I guess the announcement by govt bharatmala proj spiked some companies shares including this..after the news fade away ..u r trade might be activ again :D.. I just asked to learn from failures.
Thank Yu
+2 Reply
tRex88 GowriShankar
@GowriShankar, Now that it has pierced through the trendline resistance a fall might be less likely. We will wait and watch before taking any position.

+1 Reply
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