This is the case study I am logging based on yesterday's plan. The scrip in consideration is Bharat Forge Ltd. Below is the 5-minute chart of the same scrip. Now the corrective up move had finished yesterday. So, I expected the price fall from 650 - 648 levels.
We can see from the chart above the opening candle is a huge bearish candle with an up wick on its head. This said it all. To short in such cases, we have to have our stop above the wick.
I was mentally not ready to go short. I decided to make a case study out of it. As you can see from the chart above the stock meandered sideways all through morning till 12:15.
Later the fall started. The trade details are as follows. The entry is @ 549.2, the stop is place @ 552.7, and the target is fixed near 540.25. Near the target level there is a confluence of a support zone, 200-MA, and a weekly pivot little lower. The trade plan worked out well in this case.