Trade 0002 - 1 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. Alternate approach, Buy for intra day basis for some pullback.


2. SAR above 5200


3. On intra day basis , market was trading for a while at 5000 


4.Trendline support exists at 4980 -5000 level.


5. Formation of bullish engulfing pattern at 4980 confirmed support.


6.Finally ,Hr SAR  5035 was hit , with stoploss 5020 (intra day swing) /4980 (bullish engulfing pattern) => risk was within my risk range of 30 points.
   so , i choose 5020 as stoploss.


7. First target was 5080 level -> Fibonacci cluster 


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


9.Since nothing was in favor like SAR ,Stochastics etc. However intra day Hr SAR , Trendline support ,Bullish engulfing pattern confirming support. These trade qualify as 1 star trade , trade it with 1 lot only.


10. At the end of the day , i closed the trade at 5100 level . When trading against the trend , dont hold intra day position overnight.