Trade setup:
Monthly - Classic breakout pattern. Broke out of ascending triangle, multi-year breakout of trend line, retest and zoomed up. Took support at 50EMA (confluence).
Daily / Weekly - broke out of resistance zone (between 680 INR and 710 INR), retest and formed a bullish engulfing candle (daily), with pennant formation (daily).
Entry price = 745 INR
SL = below 680 INR
Target = 1000 INR (psychological barrier and ATH resistance).
Monthly - Classic breakout pattern. Broke out of ascending triangle, multi-year breakout of trend line, retest and zoomed up. Took support at 50EMA (confluence).
Daily / Weekly - broke out of resistance zone (between 680 INR and 710 INR), retest and formed a bullish engulfing candle (daily), with pennant formation (daily).
Entry price = 745 INR
SL = below 680 INR
Target = 1000 INR (psychological barrier and ATH resistance).
Comment:
SL protected by few points. My SL = 670 - 675 (below swing low).
Trade closed: stop reached:
SL hit. Trade closed.