Maruti Suzuki is going down after a wedge pattern
We have checked three things while taking this trade :
1. The volume should be low, no trend changing.
2. Double top pattern from major resistance.
3. We are aiming for 1.5% RR ratio which is good but it can be a hold it it breaks lower support (low chance).
Action Plan : Short at the current price and sit back, trail the stop loss once it reached the W pattern bottom leg. Keep riding for profits if it breaks the support as well else exit at trailed stop loss.
"You don't have to be a great trader to cut your losses short , just an active one."
1. The volume should be low, no trend changing.
2. Double top pattern from major resistance.
3. We are aiming for 1.5% RR ratio which is good but it can be a hold it it breaks lower support (low chance).
Action Plan : Short at the current price and sit back, trail the stop loss once it reached the W pattern bottom leg. Keep riding for profits if it breaks the support as well else exit at trailed stop loss.
"You don't have to be a great trader to cut your losses short , just an active one."