EOD Update 21.02.11
Price was supported at 50 sma and low made was at 5412.The fast rise at 2.00 pm was " a little too fast "!As was expecting the price to touch 5400-5380 levels , did not react till it went up closer to 20 ema.By then I could not fill in my 1st target for short position.So at 3.00 pm closed at breakeven only.
To relearn the lesson to place target order especially in counter trend trades for half the position.
Current scenario:Reached the orange ML.This can act as resistance again (or) price can break the resistance and zoom up.
Trade today :Closed short and as the price zoomed up thro the 5-20 ema and above 50 sma , entered LONG in march series at 5540.This is an early entry without confirmation of the trend probabilities , but have taken the risk as the reversal from low today was very swift. Expect a good upmove tommorrow if it gaps up.
Stoploss for long at reversal pivotis at 5412 is very huge.This parameter makes it a high risk entry level.Will close the position if negative at EOD.
Now, If price breaks 5412 then downward targets hold.If it zooms up 5580 higher targets of UML touch at 5800 levels.
Minifty trade chart -( 60 min )for 21.02.11
My targets for this week on trade entered on friday 18.02.11