Trade setup:
Weekly: Cup and handle breakout done with huge volumes. After that, consolidation done and another breakout with volumes. One can also consider this as Flag and pole pattern. Also, taking support at trend line.
Entry = CMP ie, 789 INR
Sl = below trend line or swing low ie; 650 INR or 50 EMA
Target = 1079 INR (length of pole)
RR = 2.07
Since there are not many confluences in this trade, keep trailing your SL (very important).
Weekly: Cup and handle breakout done with huge volumes. After that, consolidation done and another breakout with volumes. One can also consider this as Flag and pole pattern. Also, taking support at trend line.
Entry = CMP ie, 789 INR
Sl = below trend line or swing low ie; 650 INR or 50 EMA
Target = 1079 INR (length of pole)
RR = 2.07
Since there are not many confluences in this trade, keep trailing your SL (very important).
Trade closed: stop reached:
SL hit