ICICIPRULI trade ideas
[ Intraday ] ICICIPRULI Long Betr : R ratio is 1 : 2
Rest as per 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.
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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.
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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.
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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.
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ICICI PRUIt looks bullish. After giving multiyear breakout came back to retest the level. Also, formed W pattern in day chart. Since the retracement done. Buy above 537 and it could be swing trade. It may touch 611 level in coming days.
This idea is only for education purpose, trade at your own risk.
NSE:ICICIPRULI
ICICIPRULI set to make high...ICICIPRULI
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1. Higher Highs, Higher Lows are made.
2. A strong weekly resistance is broken.
WHERE TO ENTER
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1. It is a fundamental of the technical analysis to enter on retest. The stock is eventually retesting the resistance changed as support now. One can buy after it reaches the support and take a U turn from there.
2. Many of us, feel bad not bought it at low, if it goes up huge in a day. Those can buy 25% or 50% now and wait for the U turn. After the U turn, they can buy the remaining.
WHERE IS THE STOP LOSS
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If it closes below 520 on a daily closing basis, then we can exit at 3.25PM on the same day.
WHERE TO BOOK PROFIT
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It can go to 625 in 4-6 weeks. That can be the first target.