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August 4, 2014

Hindalco Aug Future 5 min Chart






















Today BNF trade stopped out due to tight stop loss.
Missed earlier oppertunity to short Hindalco at 188 on IR(initial range)  BOF(breakout failure).
Bought at BPB @187.25, and took profit early at 190.5 at closing hours.
Decision to buy was prompted due to size of candles during correction from days' high of 189.30 to 186. The candles were small. The correction took more time than value. It was bouncing from a 61.8% level of previous rise from 184.3 to 189.3.

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