PIIND trade ideas
Breakout in P I Industries...Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Target 1 (8%) achieved in P I Industries. Target 2 is ON...This is follow-up on P I Industries. Can check link to related ideas.
Target 1 achieved. More than 8%. Target 2 is ON.
Chart is self explanatory. Entry, Targets and Trailing Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Simple Trade Setup| PI Industries | 30-08-2021NSE:PIIND
Observations:
1) On Daily time frame it has been taking support from 21DMA and trading above 21DMA and now it is near to it's critical resistance level of 3200. On breaout of it, there will be good up move, but if it faces resistance from it then it will be again down move.
Please refer below chart : daily time frame.
2) On 1 hour time we can see that it has been taking support from the parallel channel. It shows that it will remain in up trend at this moment.
Please refer below chart : 1 hour time frame.
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Simple Trade Setup for Date 30-08-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level tomorrow.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Post mortem of my Intraday Trade.Daily structure.
Narrow range & inside bars with lower volumes.
Simple consolidation & breakout in first 15 min itself.
Identified around 9.30 AM to 9.45 AM.
First mistake is entry away form moving average at 3077
Ideal is to enter near moving averages to get good risk reward & chances of stop loss triggering are less.
First target was around 3150 to 3160.
Looking at the momentum and breakout decided to trial stop loss once it clears the 3150-3160 cluster.
Second target around 3200 achieved.
So decided to trail stop loss to first target & this was the second mistake that kicked me out of the trade.
Then there after gave the next target near to end of the day.
Here's the screenshot of entry and exit.
drive.google.com
No one knows how many targets will be achieved in a day. Based on circumstances you need to decide the whether to exit or trail.
Here the momentum was very much strong as indicated by volumes. Stock was hovering near all time high also.
Hope you learn from my mistakes!