Potential Long trade in PSP Projects - Pullback after a breakout

15 Ara 2022

PSPPROJECT

This counter has given a pullback after a good volume backed breakout from a consolidation. It reversed from monthly R1 pivot and is now re-testing the breakout level.

Any long trade here would be ideal after a green candle close at this level.

Targets can amount to R1 again (the previous high), which gives a R:R of 1:1, or a further target of R2, which gives a R:R of 1:2.

It would be prudent to not rush with such trades. Wait for confirmation that it is just a pullback and not a false breakout, and then take the trade!

20 Ara 2022

Not

Good bounce today!

Lets see if it carries on to make new highs

20 Ara 2022

Not

New high made, should close above the same now to tick all boxes

20 Ara 2022

İşlem kapandı: hedefe ulaştı

Target 1 achieved!

2 things to possibly do now -
1) Book half with cost or today's low as trailing SL
2) Keep the original qty and trailing SL will be close below R3 which was the target level.

20 Ara 2022

Not

Closed below R3
So either half qty is already booked or entire qty trailing SL taken for swing trade basis.
That's why its important to book gains!