Panjang
For the brave
NSE:MINDTREE
I've been sitting on the sidelines and waiting for Mindtree to retrace so I can enter, and to me, now is the best opportunity.
1. The stock is in an uptrend. All the MAs on my chart are pointing up. On Friday, intraday, when price did enter the space between the last 2 MAs, there was strong buying.
2. RSI(3) is in over-sold territory. It has not been at this level for the last 6 months.
3. There is a trendline that has been respected several times over the past months that has been acting as support.
Fortune favours the bold. And I plan to be just that. Lets catch the falling knife. But never without an SL. The 1230-1250 area is a support. My stop will be at 1225. My exit plan is the same as last time - wait for RSI to turn overbought ( or SL to hit, whichever is earlier), and then trail SL. I will exit manually if I find a reversal candle before the trailing SL is hit. You can go with an ATR based or Risk-Reward ratio based Take Profit.
Constructive thoughts always welcome.
PS. You might have to draw the trendline your self on your charts. I dont think you can look to the left on the chart I have posted. Look to connect the troughs in July 2018 and May 2014. Hope this helps.
I've been sitting on the sidelines and waiting for Mindtree to retrace so I can enter, and to me, now is the best opportunity.
1. The stock is in an uptrend. All the MAs on my chart are pointing up. On Friday, intraday, when price did enter the space between the last 2 MAs, there was strong buying.
2. RSI(3) is in over-sold territory. It has not been at this level for the last 6 months.
3. There is a trendline that has been respected several times over the past months that has been acting as support.
Fortune favours the bold. And I plan to be just that. Lets catch the falling knife. But never without an SL. The 1230-1250 area is a support. My stop will be at 1225. My exit plan is the same as last time - wait for RSI to turn overbought ( or SL to hit, whichever is earlier), and then trail SL. I will exit manually if I find a reversal candle before the trailing SL is hit. You can go with an ATR based or Risk-Reward ratio based Take Profit.
Constructive thoughts always welcome.
PS. You might have to draw the trendline your self on your charts. I dont think you can look to the left on the chart I have posted. Look to connect the troughs in July 2018 and May 2014. Hope this helps.
Penafian
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