Trade Setup:
Monthly: Forming inside bars from green candle formed in March21. Hammer & doji's formed at the bottom of down trend (positive).
Weekly: Crossed the longterm trend line (red colour), and retest happened. As a confluence, broke out of wedge pattern with volumes, and retest happened. The bottom trend line (pink colour) acting as support. Crossed 50 EMA with volumes.
Daily: Observe the low volumes on retest of wedge pattern (positive).
Entry = 24496 INR
SL = below swing low ie; 22370 INR
Target = 26495 INR (T1) and 30000 INR (T2) ie; confluence with 0.698 fib levels & psychological levels.
RR = 2.55 (considering T2)
Remember: for any trade, more the confluences, more is the probability for successful trade. This setup has all these - so, high conviction.
Monthly: Forming inside bars from green candle formed in March21. Hammer & doji's formed at the bottom of down trend (positive).
Weekly: Crossed the longterm trend line (red colour), and retest happened. As a confluence, broke out of wedge pattern with volumes, and retest happened. The bottom trend line (pink colour) acting as support. Crossed 50 EMA with volumes.
Daily: Observe the low volumes on retest of wedge pattern (positive).
Entry = 24496 INR
SL = below swing low ie; 22370 INR
Target = 26495 INR (T1) and 30000 INR (T2) ie; confluence with 0.698 fib levels & psychological levels.
RR = 2.55 (considering T2)
Remember: for any trade, more the confluences, more is the probability for successful trade. This setup has all these - so, high conviction.
Trade active:
Target 1 achieved on 03Nov21.
Keep holding for Target 2 with trailing SL (swing low as SL)
Keep holding for Target 2 with trailing SL (swing low as SL)
Trade closed manually:
Trailing SL hit