NMDC STEEL LTDLong
NSLNISP: Daily Breakout
Analysis for educational purposes only. I am not a registered analyst.
A Higher High Higher Low structure on price action is considered as an uptrend.
- In the Daily chart, we see a breakout of previous Higher High.
- Higher High is retested which is an ideal entry point.
- Set SL as previous HL or in cases where there are other lows close by, choose the lowest one.
- Calculate the possible loss assuming the stock hits SL
- If you are OK with the calculated loss, enter.
- Trail the SL at every new Higher Low.
- Wait for breakdown of a Higher Low OR Target
A Higher High Higher Low structure on price action is considered as an uptrend.
- In the Daily chart, we see a breakout of previous Higher High.
- Higher High is retested which is an ideal entry point.
- Set SL as previous HL or in cases where there are other lows close by, choose the lowest one.
- Calculate the possible loss assuming the stock hits SL
- If you are OK with the calculated loss, enter.
- Trail the SL at every new Higher Low.
- Wait for breakdown of a Higher Low OR Target
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