SHREE
Trade Idea #2
Signal: Buy signal triggered by a breakout retest at a previous resistance level, now acting as support around 350.
Direction: Going long
Entry: Aim to enter near 350.
Exit Targets:
1st Target: 400
2nd Target: 500
Stop Loss: Place stop loss below the retest level, approximately at 330.
Time Frame: 5 - 6 months
Risk Management: Make sure to control the position size to manage risk and stick to the stop loss.
System Explanation
#Trading Strategy: MHRIL Breakout Retest
*Explainer*
Signal: When the stock's price breaks above a resistance level and then drops to test the same level as a support (around 350), it's a sign to consider buying.
Basis: Breakout of resistance buy at retest level
Direction: The strategy suggests taking a long position, assuming the price will keep going up after the retest.
Trade Rules: Buy near 350, with a target of 400 first, then 500. Set a stop loss just below 330 to control potential losses.
Time Frame: Plan for 5 - 6 months for the trade to play out.
Risk Management: To stay safe, adjust how much you invest (position size) and stick to the stop loss limit.
Thank you for reading 😊