MGL: Enter for Long.BUY Entry: > 867.30
Buy confirmation: > 869.80
TGT: @ 873.80, 876.70, 878.40, 884.35, 890.80+
SL: < 851
Education purpose Only.
MGL trade ideas
Rising Wedge Breakout - As a Continuation Pattern - RR 1 : 3.90MGL sell Below 834.60
Stoploss - 855
Target - 756
Risk - 2.42% & Reward 9.42%
RR Ratio 1 : 3.90
Reversal or Continuation Pattern
Rising Wedge
Prices are moving upward, forming higher highs and higher lows, but the price is confined within two lines which get closer together to create a pattern. This indicates a slowing of momentum and it usually precedes a reversal to the downside. This means that you can look for potential selling opportunities.
Pair trade idea MGL n IGLIGL n MGL have formed inside bars,
Take opposite positions, relative to one another
If longed in MGL look for short in IGL, vice versa
Inside bar trade
Short if PDL is broken with SL at PDH
Long if PDH is broken with SL at PDL
MGL - Inside bar TradeLong on 822.75 break with SL as 808.95
Short on 808.95 break with SL as 822.75
MGL Bounce TradeMGL is in Downtrend, unless 798.55 level is broken.
Short with SL at 798.55.
Once Swing low is formed close Short position and go Long.
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 -
