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KOPRAN - Patience is the key

Discussion in 'Technical Analysis' started by ravirajpr, Apr 10, 2014.

  1. ravirajpr

    ravirajpr Responder

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    Hi,
    I'd like to share one of my recently closed trade in Kopran.
    I liked the pattern and my 1st position was based on a pullback entry and the 2nd position was based on a nice 2 way correction for a trend continuation pattern.

    However I had to close the position as the price went down less than 10 - 12% from my entry price and it looked the pattern may unfolder as a complex 5 wave correction and the 2nd correction period was much longer than the
    1st and usually I don't like to be caught in a consolidation phase for my swing type of trades.
    As I've a strict 10% SL I had to follow the trade plan. Some of my entries are very aggressive if I notice a very good pattern unfolding.

    After I closed the position price moved up after making a 3rd low within 2 days. So lesson learnt is patience and need to be relax rules when ever the pattern is good. Am I worried of missing this Trade certainly not as I'm happy to stick to my rules and trade plan as at times price may not move as you anticipate and you should be well prepared for such kind of scenarios. Mr Market will provide plenty of opportunities later if we have patience.
     

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    ravirajpr, Apr 10, 2014
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  2. shabbir

    shabbir Administrator Staff Member

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    When you have patterns that you are comfortable, you can trade with confidence.
     
    shabbir, Apr 10, 2014
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  3. sshikligar

    sshikligar New Member

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    what is yr advice on following stocks. ADANI PORTS & ADVANTA. is it right time to buy?
     
    sshikligar, Apr 14, 2014
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  4. shabbir

    shabbir Administrator Staff Member

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    Keeping each stock query in a separate thread really. Coming back to your question, your both the stock has a breakout and so looks good. What is your SL and target
     
    shabbir, Apr 14, 2014
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