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Mahanagar Gas Ltd

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MGL trade ideas

INTERMEDIATE WAVE Y BOUNCE.EXIT LONGS BETWEEN 1145-1165WXY DOUBLE ZIGZAG DONE@1227.LOOKS LIKE THIRD CORRECTION IS GOING ON IN INTERMEDIATE DEGREE WHICH IN ITSELF IS MAKING WXY OF LOWER DEGREE OF WHICH WAVE W AND X HAS BEEN DONE RULING OUT THE SCENARIO OF WAVE X BEING A TRAINGLE.FURTHER WAVE Y HAS STARTED AND 1:1 EXTENTION TGT COMES @ 1020 ALONG WITH 50% RETRACEMENT OF ENTIRE WAVE Y PRIMARY DEGREE COMING @ 1005.FRESH LONGS CAN BE INITIATED BETWEEN 1005-1010 PROVIDED STOCK GIVES REVERSAL CANDLE ALONG WITH GOOD VOLUMES.FURTHER POSSIBILITY OF PRICE EXTENDING TILL 161.8% OF WAVE W INTERMEDIATE CANNOT BE RULED OUT AS LAST TIME WAVE Y OF INTERMEDIATE DEGREE DID EXTENDED TILL161.8% OF WAVE W INTERMEDIATE SHORT @1144 LEVELS WITH STOP LOSS @1205 AND TGT @1010. DISCLAIMER:TRADE SHOULD NOT BE TAKEN ONLY ON THE BASIS OF THIS ANALYSIS. ONE SHOULD UNDERSTAND THE RISK ASSOCIATED WITH THIS SETUP AND ACT ACCORDINGLY AND INDEPENDENTLY AS THIS ARE JUST MY VIEWS THAT I AM SHARING.
NSE:MGLShort
by UNDERDOG-29
Wait for Signal in MGL ! Entry as per marked levelsAll important zones marked on chart very clearly, you can easily identify the support and resistance levels of MGL it faced over the time period. My personal view is for upside breakout but will wait for the confirmation as markets moves with setup and price action not on our thinking and mindset. So even I am expecting MGL to move upside till 1230-1250 before this month expiry if overall market supports but still I will rely on the price action and strictly follows the same and enter only if it moves in either direction and giving us the breakout of one of the trendlines. This is my personal view and might doesn't work for you or even for me therefore consult and review before entering taking any trade and also glad to hear your view for this setup or anything which i missed out in the setup. Trade Wisely!
NSE:MGL
by Akashyadav92
9
[Diary] MGL Gas OverviewAs per the charts. Note - One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all. ======= I use shorthands for my trades. "Positional" - means You can carry these positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.) "Intraday" -means You must close this position at any cost by the end of the day. "Theta" , "Bounce" , "3BB" or "Entropy" - My own systems. Please refer to the link to my footer and explore further if You want. ======= I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me because I may miss updating. You should follow the system I share. ======= Like - Always follow a stop loss. In the case of Intraday trades, it is mostly the "Day's High". In the case of Positional trades, it is mostly the previous swings. I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives. I also do my trades live, Please refer to the link to my footer if you want to tail me. =======
NSE:MGLShort
by Amit_Ghosh