How is the target price determined for a trade once the price action setup is identified?

General
1

Usually i look at nearest peaks and troughs and S/R levels to determine potential TP.

However in current scenario wherein NIFTY and BANK NIFTY are making new highs, how do we decide the TP for a buy trade?

2

You can use Fibonacci projections.

1 Like
3

Any specific book or site that you can recommend that covers Fibonacci?

4

Yea, read this book by Carolyn Boroden if you want to understand fibs in detail. But if you want to learn on about fib targets, google fib projections. Read the articles, will give you a fair idea.