Is it a right trade?

[clarkeharry]

Hi,
In the first pic of GAIL, I bought at the long green candle which completes the reverse head and shoulders at 384. But now it may fall to 350. I have not used any indicators for this trade. Is this a correct trade?
In the second and third pic of BharatForge I have bought at the green candle at the right of the chart with the long down wick which from the third pics shows that it is testing a previous support. Is this a correct trade?

All ideas, views, critics and discussions are invited.

The fourth pic below this message uploaded has nothing to do with this message.

 

[tomorton]

View attachment 226832

View attachment 226834

View attachment 226836

Hi,
In the first pic of GAIL, I bought at the long green candle which completes the reverse head and shoulders at 384. But now it may fall to 350. I have not used any indicators for this trade. Is this a correct trade?
In the second and third pic of BharatForge I have bought at the green candle at the right of the chart with the long down wick which from the third pics shows that it is testing a previous support. Is this a correct trade?

All ideas, views, critics and discussions are invited.

The fourth pic below this message uploaded has nothing to do with this message.

There is no TA reason to pick 350 as a likely lower target for the price of GAIL. The sloping line defining the inverse H&S is used to project its likely upswing towards a higher target price, where the bull swing potentially runs out of steam. But it is not generally used to define a support level or lower price target of the inverse H&S fails. I don't think the inverse H&S here is very well defined but it is there. Conventional thinking says use the line to define your profit target and either get out there or move your stop to b/e when price gets there. Of course, if price falls, the failure of the pattern would not be confirmed until the low of the head is breached, and the head is so pointy that's a long way below 350.

Yes, the long-wicked green candle on BharatFoge looks a reasonable bullish hammer-like indication. The low of that candle has breached previous support but immediately rebounded to close above both it and the day's open. Price so far continues to respect the new support of the hammer's low, plus historic support of previous price action. So far so good, though the issue with wide range candles is that they are so wide - so if you buy at the close and use the low as a stop, its a long long way down.

This might sound glib on limited input but I think you are seeing real bullish entry patterns but they are weak, and not seeing the significant distances down to their failure points. What do you think?

What is the 4th pic then?

 

[clarkeharry]

Thanks for the reply tomorton. I appreciate your view regarding the trade.
I would have liked more members discussing this trade.

Thanks once again for your reply.

 

[barjon]

Thanks for the reply tomorton. I appreciate your view regarding the trade.
I would have liked more members discussing this trade.

Thanks once again for your reply.

It sounds as though you're looking for the "right" answer . There's not one.

Your interpretations are as good as any and allow you to determine where, for you, you will enter, where you will take a loss and where you will take a profit. It is the management of that together with your risk and money management that will determine your profitability.