MGL trade ideas
MGL Compression play + Inside BarMGL is getting compressed, might give huge movement once channel breaks
PDH is broken - Buy
PDL is Broken - Short
MGL Gap and Doji Bet - Bamm WatchlistLong if it breaks the high of the previous day with a stop loss at the previous day's low.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
Similar to our Hexaware Setup -
MGL: Channel trade set up trading ideaMGL
CMP 853
We observe a trade pattern here where the stock traded in a channel earlier (highlighted by red colour). And now we see the stock consolidating again in a replica of previous channel.
The idea is to look for buying opportunities near channel bottom, thereby reducing our risk and increasing our reward potential.
If we look at the chart on a longer time horizon, since inception
The stock has seen a correction of 61.8% retracement from the high and is now consolidating near trend line support.
Can the stock look to conquer its lost grounds in coming months...
Only time will tell but at current levels the risk:reward ratio looks favorable to go long from long term perspective.
Plan your trade accordingly...!!!
Take care & safe trading
MGL Gap FillingWell, We are already long as you can see here -
This chart gives another prespective for intraday. Long if it breaks the high of the previous day with a stop loss at the previous day's low.
MGL Gap Theory TradeEntry on 31st August at 866.55 with an initial stoploss of 834.65
TSL using weekend strategy with a target of 891.05
MGL LOOKING BEARISH !!POSSIBLE SHORT
1) MOMENTUM LOSS ON RESISTANCE
2) TREND LINE BREAK
3) CROSS BELOW 50 MOVING AVERAGE
