MRF trade ideas
Catch the bulls........NSE:MRF had started its rally from 55000 to 98500 and then retraced 50%. Currently we are able to see a wedge or pole & flag pattern in the chart which has given us a bullish breakout with low PCR and ready to move towards sky. One may trade it as per price action.
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A SEA PONY HAS FORMED IN MRF WITH BULLISH TARGET OF 100860A SEA PONY HAS FORMED IN MRF WITH BULLISH TARGET OF 100860
Go long MRF target 1,00,000 plusBreakout from the falling wedge pattern both on weekly and daily set up. targets 84500,91000, all time high SL 75500
MRF Inverted H&S pattern breakout doneMRF Inverted H&S pattern breakout done,
If you get an opportunity to buy at retest please buy at the stop loss of below the right shoulder
MRF - Bullish ReversalMRF has made a strong bullish candle near harmonic PRZ, giving a confirmation to go long.
Target 1 - 81616
Target 2 - 84861
Stop loss - 74860 on daily time frame closing basis
MRF Long term viewUpside: If 72325 is held we can reach 83200 and is breached can reach 104000.
Downside: If 68900 is broken can reach to 54600.
[Intraday] MRF Short IdeaI do not know which day it will trigger. But When it will trigger it will give good price action breakdown.
The reason I want to close the trade intraday that day - It is at 50% retracement. I do not see it tumble down even more right now considering sales data are still good and market is not much getting affected from corona. So it can actually bounce.
If it bounces, we will call on previous candle high break. Otherwise sell.
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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High Volume Breakout with a retested Trendline- A good volume breakout can be seen two days ago taking resistance at 100 days EMA.
- Today the stock has retested the trendline.
- Looking at the correction MRF has gone through, a good up-move be imminent.
- Can be bought above 100 days EMA or the breakout green candle.
- 90.2k can be a near term target.
- Educational Purpose only. Trade at your risk.
Follow @TheChartereds on TG and Everywhere!
Is MRF ready to touch new heights?Price Action in the financial market is a reflection of human nature, and human nature remains more or less constant.
1. MRF has formed a falling wedge. A falling Wedge represents a temporary interruption of a rising trend.
2. Falling Wedge has given breakout with very high volume.
3. Important thing that needs to notice here that where the falling wedge has given breakout! if you look closely price has given breakout at a very important juncture. where support zone, 200 DEMA, and 0.5 Fibonacci level are all meeting together at one same point.
4. Stocks as formed Bullish Engulfing pattern. The Engulfing pattern is a major reversal signal.
5. Volume is rising, and the delivery percentage also increases, which is a good sign. A high delivery percentage suggests that investors are showing interest in these stocks.
6.Based on the open interest future percentage, an increase in open interest, along with an increase in price, mostly indicates a build-up of long positions.
7. Trend is Your friend. one of the most reliable trend indicators is MACD which is giving a buy signal. MACD Level (12, 26) −1649.92 Buy.
Thank You,
Happy Trading.
MRFMRF Taking 200EMA support also breakout of trendline
Cmp = 80,720.55, SL = 76,523
Tgt = 98,599
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