HCLTech - Short based on Pin Bar

12 juil. 2018

Reasons for shorting:

- HCLTECH has retraced 0.618% of the drop from 23rd April to 5th June
- There seems to be a Pin Bar/Doji forming on the daily chart
- Daily chart Money Flow Index is very high near 80 level
- Stochastics high on daily chart & falling on 30 min chart

This is a rather high risk trade given the rise in Nifty but I am taking it.

12 juil. 2018

Note

Also shorted Infy based on yesterday's daily chart Doji

12 juil. 2018

Transaction en cours

T1 = 975
T2 = 960
July Futures prices

13 juil. 2018

Trade fermée manuellement

Closed for a 28 point profit per lot of 700 (July Futures). Don't want to risk holding over the weekend. May short on Monday if price action justifies it.

16 juil. 2018

Note

Daily stochastics seem to suggest further correction eventually to about 960 (July Futures). However, the 1 hr stochastics and MFI are very low. In fact 1 hr MFI is rising a bit and the 1 hr candle is resting on top of the Ichimoku cloud.

If the price does not go below 260 or bounces up from 974 which is the 38.2% retracement of the rise since 21 June, then it may be good for a quick intraday or BTST long position tomorrow.