SHORT IDEA ON TORNTPOWERTORNTPOWER holding longterm trendline as support & trading in a upward channel,faced a stiff resistance at previous swing high 369.
now the redlines marked are the nearest entry zones! once break red zone 309 trade for next redline 272 as target!from where buying can be seen again if it holds the channel
TORNTPOWER
TORNTPOWER buy at 312 , Price action is kingI will go LONG on TORNTPOWER because:
The price is taking support at trend line .
It has touched the support trend line again .
So will look at buying opportunities.
If it falls below the support trend line then short it.
Entry - 312
Target - 350/367
Stop loss - 300
TORNTPOWER is Making Symmetrical Triangle Pattern (Breakout TradTorrent Power Limited : ( NSE:TORNTPOWER ) is Making Symmetrical Triangle Pattern (PATTERN BREAKOUT TRADE).
This can become a very good trade for iNTRADAY Traders.
Target + StopLoss: There is no target here. You keep the first target as much as the StopLoss you put. And the StopLoss will be the Low/High of the candle that BROKE this pattern. Or Low/High swing backward inside the pattern.
And as soon as you get a profit of 0.70% of your TARGET , you will trail your StopLoss and bring it to the entry point. And as soon as your first target is hit, you will release half of your total quantity and continue to trail your StopLoss above the last swing Low/High.
Target and StopLoss are never already FiXED in the chart pattern.
You always have to trade only by M oney Management, P osition Sizing, S topLoss Trailing. This is the way to stay in PROFiT .
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Chart Published By Ravinder Sharma
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