- Historically important level, resistance-turned-support from 2015-16, of round number 1000 was broken in 2020 and is acting as resistance now.
- It has been tested a couple of times now in last few days but yet to get a decisive break on the upside.
- Looking to short it above 950 or as close to 1000 as possible. Stop above 1020 on closing basis.
- First target would be 800 with risk-reward ratio of more than 1:2
- On break of 800 would look for 600 as the next target which gives risk-reward ratio of 1:5
- If you want a safer and clearer entry then wait for the ascending triangle to break on the downside. Though, this would come with less lucrative risk-reward ratio.
ปิดการเทรด: ถึงเป้าหมายการตัดขาดทุน:
Since 1000 was such an important level and price has given a clear breakout from Triangle on the upside.. not only closing Short trade was a good idea but also looking for going Long on pullback near 1000.
Thinking on similar lines if in current situation price keeps testing 1000 level for 10 months before giving-up then it would be a good idea to sell Call options of strike above 1000 and cover it if our original stop is triggered.