MASTEEL Trade 22 Apr 2021 +33% Profit

REASONS FOR TRADE:

Weekly chart: 10-week MA was angling up.

Daily chart: Bounced off the triangle lower boundary line when stochastic %K was oversold at the time the trade was considered.

See MASTEEL weekly and daily charts.

MASTEEL Weekly and Daily charts

ENTRY:

MASTEEL was consolidating in a potential triangle pattern after a rally.

Bought on 22 Apr 2021 at 0.62 the day after MASTEEL bounced off the potential triangle lower boundary line and formed a bullish engulfing pattern.

EXIT:

MASTEEL broke out on 30 Apr 2021 to confirm the triangle pattern. Took partial profit on 04 May 2021 at 0.85 when the 0.835-0.865 resistance zone was tested. A bearish pinbar with a long upper tail was formed the next day. Closed all my remaining position on 06 May 2021 at 0.815 after the bearish pinbar was formed.

TRADE RESULT:

Overall the trade made +33% profit.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.