Month: September 2020

NIFTY HAS OUTSIDE BAR ON HOURLY – LOOK FOR BREAKOUT

  • Nifty Hourly
When an outside bar forms, for your entry, you place a buy stop order above the high of the outside bar and below the low of outside bar.  When there is a breakout of high or low, you are triggered into the trade.
Place stop loss in a similar manner on the other side, 1 ATR away from the low if its a buy stop order and 1 ATR Above the high if its a sell stop order.
Take profit has a few options:  target previous swing high points (if its a buy order), or previous swing low points if its a sell order. Or 3 times your risk…if you risk 50 Points initially, then you should set your take profit target at a price level where once hit, will give you a 150 points profit (3 times your risk).
Cheers Sid