VEDL buy setup - Risky counter trend trade
Diupdate
Buy VEDL above 144
T1: 151
T2: 158
T3: 167
SL: 139
T1: 151
T2: 158
T3: 167
SL: 139
Catatan
Another reason why we are planning to swim against the tide is because the trendline is already broken and a move above 144 would indicate the trendline breakdown to be a fake one. Going by classic charting principles, a move after invalid pattern occurrence is usually more rewarding. Hence we can take a small risk in this counter trend trade (if entry is triggered).If the long trade is not triggered in next couple of trading sessions we will certainly look for a good opportunity to short, i.e in the direction of trend.
Catatan
Trade not yet triggeredCatatan
Please do NOT go long now as the swing low had broken on Feb 01Catatan
VEDL re-entered above the trendline supportCatatan
.The reason why I requested not to go long after the swing low was broken is now evident.
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