ITBEES (Underlying IT sector)
Trade Status: Active
Trade Type: Long
Success Probability: 92%
Reward-to-Risk Ratio: 0.83
Time Frame: Weekly
Entry Price: 36.13
Target Price: 37.98
Stop Price: 33.90
WHY THIS TRADE
IT sector has already corrected around 15% from its highs. This should show some rally now with overall market strength or in case of sector rotation. In such scenario the overall sector index looks better than individual stocks. Not going to invest big here (most of the focus is still on the stronger sectors). This looks good to park 5% of total account for now. If it performs as expected, then I will scan for strong names in this sector.
ENTRY REASONING
This did a successful retest after around 20 bars. High chances of regeneration till next resistance
TARGET REASONING
Primary target would be near the first big resistance. If it gives a b/o from there, then I will target the highs
STOP REASONING
Failing the weekly SPH test
Note: I am entering here as I do not have any IT positions in my portfolio. I am putting only a small fraction of my account (5% to be precise). I would not be taking this trade if I already had IT names in my portfolio.
Trade Status: Active
Trade Type: Long
Success Probability: 92%
Reward-to-Risk Ratio: 0.83
Time Frame: Weekly
Entry Price: 36.13
Target Price: 37.98
Stop Price: 33.90
WHY THIS TRADE
IT sector has already corrected around 15% from its highs. This should show some rally now with overall market strength or in case of sector rotation. In such scenario the overall sector index looks better than individual stocks. Not going to invest big here (most of the focus is still on the stronger sectors). This looks good to park 5% of total account for now. If it performs as expected, then I will scan for strong names in this sector.
ENTRY REASONING
This did a successful retest after around 20 bars. High chances of regeneration till next resistance
TARGET REASONING
Primary target would be near the first big resistance. If it gives a b/o from there, then I will target the highs
STOP REASONING
Failing the weekly SPH test
Note: I am entering here as I do not have any IT positions in my portfolio. I am putting only a small fraction of my account (5% to be precise). I would not be taking this trade if I already had IT names in my portfolio.