Trade 0001 -3 STAR TRADE

Thought Process that I went through while taking this trade 


1.Trade in the direction of the larger time frame momentum unless "OB" or "OS".Execute the trade on lower time frame momentum reversals.since Weekly chart was Bearish Oriented and Daily was  giving bullish view.
Thought process was sell at critical resistance ,since i wanted to trade in the direction of weekly trend.


2.SAR 5250 


3. On intra day basis , market was trading for a while above 5250 


4. 5271 and 5303  are 61.8 and 78.6 are fib pullback level


5. Formation of bearish engulfing pattern and Tweezer top at 5270 level gave us confirmation of some sort of resistance.


6.Finally , SAR 250 was hit , with stop loss above Tweezer tops (5270) => risk was within my risk range of 30 points.


7. First target was 5180 level -> bcoz of important support 


8. Second target would be defined  if market closes below 5152 (complex correction low).


9. Since almost everything went in our favor => these trade qualify as 3 star trade. I trade it with 2 lots of Nifty Future.