Hello fellow traders !!!
i am sharing with you one of my personal charts. There is a saying " Plan your trades & then trade your plans ".
Today i am just sharing with you my trading plan & the thought process behind it when i took the short trade in ceat @ 1310.
(1) The stock was in a clear down trend.
(2) The price got rejected from the sell zone marked on the chart. (50- 61.8 fibbs retracement)
(3) bearish cypher at the sell zone.
(4) trend line break.
(5) Last but not the least..... i knew my stoploss ( 1378) .
Now i also have a confirmed down trend channel in my favour..... so will exit my short trade only on break of the downward channel or till my targets are achieved.
I would not advise you to take fresh short trades as risk reward is not favourable. but i have a strong feeling that a weekly closing below 984 might possibly take the stock to the mentioned levels on chart.
Trade safe.....trade wise !!!
i am sharing with you one of my personal charts. There is a saying " Plan your trades & then trade your plans ".
Today i am just sharing with you my trading plan & the thought process behind it when i took the short trade in ceat @ 1310.
(1) The stock was in a clear down trend.
(2) The price got rejected from the sell zone marked on the chart. (50- 61.8 fibbs retracement)
(3) bearish cypher at the sell zone.
(4) trend line break.
(5) Last but not the least..... i knew my stoploss ( 1378) .
Now i also have a confirmed down trend channel in my favour..... so will exit my short trade only on break of the downward channel or till my targets are achieved.
I would not advise you to take fresh short trades as risk reward is not favourable. but i have a strong feeling that a weekly closing below 984 might possibly take the stock to the mentioned levels on chart.
Trade safe.....trade wise !!!
Comment:
Target -1 done
Comment:
trade closed @ 937 as ceat is out of FNO .