Good Evening everyone,
JSW STEEL on a Daily time frame formed a triple top pattern. The last one is all time high.
-->After creating all time high came down directly and broke the last low before ATH (Horizontal Arrow)
-->Observe the price action after that , Price hardly managed to go to 0.618 Fib level (shown on chart)
->Got rejected from that level and formed a lower low & lower high.
-->Now this setup looks good for selling with all these confirmations.
If there is any small retracement and price came back to 657 -660 levels we can short with a SL of just 30 rs.
-->Those who trade options may plan accordingly stop loss levels will be same (690 levels).
Managing the trade:
If the trade goes in our way
*Exit half Quantity 1:1 Risk/Reward Target and Shift to SL to cost
*Exit Half of the remaining with 1:1.5 or 1:2 Risk/Reward (by looking at momentum) and trail the SL.
*Exit remaining with trailing Stop loss.
*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES.
If you want me to video analysis pls give a boost. If I can get 2000 boosts overall on my profile I will start doing video analysis.
Need motivation very badly.
JSW STEEL on a Daily time frame formed a triple top pattern. The last one is all time high.
-->After creating all time high came down directly and broke the last low before ATH (Horizontal Arrow)
-->Observe the price action after that , Price hardly managed to go to 0.618 Fib level (shown on chart)
->Got rejected from that level and formed a lower low & lower high.
-->Now this setup looks good for selling with all these confirmations.
If there is any small retracement and price came back to 657 -660 levels we can short with a SL of just 30 rs.
-->Those who trade options may plan accordingly stop loss levels will be same (690 levels).
Managing the trade:
If the trade goes in our way
*Exit half Quantity 1:1 Risk/Reward Target and Shift to SL to cost
*Exit Half of the remaining with 1:1.5 or 1:2 Risk/Reward (by looking at momentum) and trail the SL.
*Exit remaining with trailing Stop loss.
*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES.
If you want me to video analysis pls give a boost. If I can get 2000 boosts overall on my profile I will start doing video analysis.
Need motivation very badly.
Nota
Successfully reached 1:1 RR i.e., Target 1Exit half and shift stop loss to cost. Our trade is secure.
Nota
Only if someone can observe and tell me how well the price retraced back before falling :)
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As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Publicações relacionadas
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.