My trade setups

[Anurag N]

PRESTIGE

Trade Status: Filled

Trade Type: Long

Success Probability: 67%

Reward-to-Risk Ratio: 1.29

Time Frame: Daily

Entry Price: 1232.10

Target Price: 1380

Stop Price: 1117.40

View attachment 50673

WHY THIS TRADE

Realty sector is in a good momentum right now. This stock in this sector is consolidating in a range as of now, after a massive bull run. It looks like it can rebound from the current price as it is testing multiple SPHs together


ENTRY REASONING

Strong support below the current price.


TARGET REASONING

Top zone of the weekly time frame range. Maybe will keep a partial position in case it attempts to breakout from the range


STOP REASONING

Failing all the SPH tests followed by the high vol support bar. If it does, then it will probably go near the bottom of the range which is too deep and doesn't make sense to hold if trading on a daily time frame.

Update on this position-

Today the price of PRESTIGE reached till 1355 and stayed there till the end of the market. This price is just 1.8% away from my mentioned expected target (read the reference post for the setup). I closed 50% of my position at the end of market @1355.

Although this hasn't reached the exact target, It would be very stupid to leave the entire 100% exposed over the weekend just to grab the remaining 2%. Also the price is anyhow in the upper zone of the daily range, so it can quickly reverse if the coming Monday is not so supportive.

Kept the remaining 50% in the hope of a breakout on the daily range. In case it doesn't show any strength of breakout on Monday, I will close this 50% as well.

 

[Anurag N]

Update on this position-

Today the price of PRESTIGE reached till 1355 and stayed there till the end of the market. This price is just 1.8% away from my mentioned expected target (read the reference post for the setup). I closed 50% of my position at the end of market @1355.

Although this hasn't reached the exact target, It would be very stupid to leave the entire 100% exposed over the weekend just to grab the remaining 2%. Also the price is anyhow in the upper zone of the daily range, so it can quickly reverse if the coming Monday is not so supportive.

Kept the remaining 50% in the hope of a breakout on the daily range. In case it doesn't show any strength of breakout on Monday, I will close this 50% as well.

Update on this position-

As mentioned in my last post, I didn't want to expose 100% of this position in case of a reversal the next day and hence sold 50% on Friday itself. Today the reversal did take place.
By the end of the market, a 2 bar reversal pattern is formed (going above and closing below the last bar with lesser volume). This indicates that it may further go for more correction.
It would have been very foolish to sit with this position seeing the winner turning into a looser. Hence I closed this position today at the end of the market. I sold my remaining 50% position @1325.11