Jindal Steel fell more than 10% in last 3 trading sessions. Sometimes the application of classical simple price action technical analysis techniques can help us. Though the high conviction comes up with the combination of advanced [P] Square Elliot Waves methods.
In Jindal steel at initial stages fatigue was seen below 162.50. Further, the stock broke below key trend line support of 159 levels. Thus, there was a great opportunity to trade the stock with simple price action techniques for traders. They could have traded the stock on the short side to profit more than 10% in mere 3 trading sessions.
The short trade setup got triggered in the range of 159-162 with stop loss above 166.10 for a price target of 143 – 145.
Short Range = 159-162
Stop loss = 166.10
Targets = 143-145
Therefore, charts hinted STAR trade setup with low risk high reward ratio ready to be captured. We were able to capture the trade with high conviction and by application of simple techniques. But, the key here is to be objective and an appropriate risk and money management to be successful.
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