Ichimoku Indian Stock Pullback Trade for the Week ending March 04, 2016: HINDALCO INDUSTRIES LTD., BUY

On February 22, 2016, we received an Ichimoku Bullish Pullback opportunity to take a Trade on HINDALCO INDUSTRIES LTD. Stocks. The opportunity was for a bullish pullback on a very strong Support.  As soon as the price hit the Support, it had a strong momentum supporting it. There was an ideal opportunity to take a pullback trade. The entry was at Rs 66.75, Initial stop of Rs 65.81 and a Preserve Mode of Rs 79.55 was set. That gave us a risk of Rs 0.91 per share. The Entry, Initial Stop and the Preserve Mode were based on proprietary ichimoku strategy. As soon as the price started to move in the direction of the trade, a trailing stop method was applied, again based on proprietary ichimoku strategy. The price hit the anticipated preserve mode and the trade exited, giving us a profit of Rs 12.80 per share. This trade gave a Risk to Reward Ratio of 1: 114.07. Here is the chart setup:


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About the Author Vinesh Midha