Sid Thapar

NIFTY HAS OUTSIDE BAR ON HOURLY – LOOK FOR BREAKOUT

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by

Siddharth Thapar
in
  • 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
Disclaimer

I’m not a SEBI Registered Investment Advisor. Above Views are only for Educational Purpose. Equity, Commodity & Currency Trading has large potential rewards, but also Large Potential Risk. You must be aware of the risk and willing to accept them in order to invest in the markets. Don’t trade with the money you can’t afford to lose. This page is neither a solicitation nor an offer to acquire/sell any script. Please consult your financial advisor to take appropriate investments as per your risk profile. The past performance of any investments is not an indication for future returns.

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