What is hit and run trade ?
1.Got very good partials when it was trading at high's.
2.It hit my target , I took my partials .
3.Stock went back to it's stop loss.
4.If I would have not taken partials at right time , I would have ended in loss.
5.Got out when the stock hit it's stop loss.
Point to be watched :
1.Entry point.
2.Exit with partials after finding resistance at high's.
3.A perfect entry for a reversal trade.
A stiff resistance in Reliance at high's . Look's like lot seller's at the high . No momentum from buyers side in the morning session .
But , still was able to made some profit.
Thank you GOD !!!
It was a highly risky trade , keeping this in mind I traded very cautiously with smaller size than usual . Covered my partials very quickly , kept small size for more profits . Nobody should try this until you are experienced to this . But , a clear indication of rejection from highs after a big rally was the only reason why I traded this stock . Never ever trade...
Lot of things to be watched in the trade :
*How a stock brakes it's resistance level with huge volume ?
*After breaking a resistance level , how that level acted as a support level ?
*An example of bottom fishing in a intraday trade .
*It had a nice pullback from higher side , so I was expecting a bit of recovery in the stock .
*A perfect entry in the stock...
A very nice trade alongwith nifty 50 . Nifty was rejected from the high's , which I took as a opportunity to short Reliance Industries from it's resistance point .
Reliance opened strong along with nifty 50 . It was opening strong from it's support line at 2152 . I waited for the first 1 minute candle and took the entry for long . A nice technical formation for goin long alongwith nifty50 .
