$NIFTY $SENSEX India Stock Market trade of the week $PETRONET.EQ-NSE 6 timeframe Buy. On April 10 we received a 6 Time frame Ichimoku Buy Email alert for PETRONET.EQ-NSE, WebJectPETRONET LNG INR10 for the $NSE India stock market. Here is the email alert received.
The $NSE is around the all time high’s for the market. Therefore, we want to keep our risk so we are going to look for a pull back on a lower time frame. Normally, we prefer a 60m because it is the “bridge” between the day traders and the swing traders. In this case, we did get a setup on the 60m. There was a setup on a 30m so a trade setup was created on that time frame.
Below is the 60m chart provided by eSignal.
The entry was 409.11, initial stop of 407.40 and a preserve mode of 414.65. This would be a 3:1 reward/risk. From the past, price has been consolidating. Twice, it has a chance to change the sentiment to bearish but it never occurred. Also, there was a setup on a 240/Daily time frame where the 30m will be supported with the higher time frames. Therefore, a pull back to retest the top of the consolidation was a high probability.
Initially, when we got the email, there was no IMTF™ dot/square so we could not setup for a pull back trade. Later in the day, a purple dot appeared which is a day/swing support. The trade setup then occurred at that point.
Preserve mode was reached. At that time, you take either 50%/75% positions off and tighten the stop. With the tightened stop, the trade was exited at 422.00 giving 7:1 reward/risk on the final positions.
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