Setup:
RBL Bank spent last few weeks consolidating within a Multi Day Balance Area on the daily chart, rotating around the midpoint near 385. Today, price broke out sharply above the balance area with good Volume giving us a clean breakout setup. Wait for the pullback back to the balance area high at 394 for a long trade.
Key Levels:
Multi Day Balance Area Midpoint: 385.00
Balance Area High (Entry/Retest Zone): 394.00
Trade Plan:
Bias: Long
Entry Zone: 394.00
Stop Loss: 384.00
Target: 408.00
Risk:Reward: 1:1.4
Invalidation:
A close back below 384.00 invalidates this setup, putting price back inside the balance area and signaling the breakout has failed.
Risk Management:
This setup carries a ~10-point stop from entry. Size your position so this stop reflects no more than 1% of your total trading capital at risk.
Disclaimer:
This analysis is for educational purposes only and does not constitute investment advice. Manage your own risk.
RBL Bank spent last few weeks consolidating within a Multi Day Balance Area on the daily chart, rotating around the midpoint near 385. Today, price broke out sharply above the balance area with good Volume giving us a clean breakout setup. Wait for the pullback back to the balance area high at 394 for a long trade.
Key Levels:
Multi Day Balance Area Midpoint: 385.00
Balance Area High (Entry/Retest Zone): 394.00
Trade Plan:
Bias: Long
Entry Zone: 394.00
Stop Loss: 384.00
Target: 408.00
Risk:Reward: 1:1.4
Invalidation:
A close back below 384.00 invalidates this setup, putting price back inside the balance area and signaling the breakout has failed.
Risk Management:
This setup carries a ~10-point stop from entry. Size your position so this stop reflects no more than 1% of your total trading capital at risk.
Disclaimer:
This analysis is for educational purposes only and does not constitute investment advice. Manage your own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.