ONGC Long
Trade Plan:
Entry:
Breakout Confirmation: Enter above 265 for confirmation of sustained buying pressure.
Use smaller timeframes (e.g., 15 min or 1 hour) to confirm strong green candles with volume.
Stop Loss (SL):
Place your stop loss just below the support level at 260 to minimize risk in case of a fake breakout.
Targets:
Target 1: Aim for a 12% gain. Calculate the price level from the breakout point.
Target 2: If momentum sustains, hold for a 27% gain.
Position Sizing:
Risk no more than 1-2% of your capital on this trade.
Exit Strategy:
If the breakout fails (price closes below 264), exit immediately.
Trail your stop loss as the price approaches the targets to lock in profits.
Entry:
Breakout Confirmation: Enter above 265 for confirmation of sustained buying pressure.
Use smaller timeframes (e.g., 15 min or 1 hour) to confirm strong green candles with volume.
Stop Loss (SL):
Place your stop loss just below the support level at 260 to minimize risk in case of a fake breakout.
Targets:
Target 1: Aim for a 12% gain. Calculate the price level from the breakout point.
Target 2: If momentum sustains, hold for a 27% gain.
Position Sizing:
Risk no more than 1-2% of your capital on this trade.
Exit Strategy:
If the breakout fails (price closes below 264), exit immediately.
Trail your stop loss as the price approaches the targets to lock in profits.
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