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23 March : Opens on the trendline, breaks but then reverses, closing comfortably in green. Long positions can be created with low of break of trendline as stoploss for intraday traders and the low of today's candle 381 for positional.
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Taking support on trendline.
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Currently on trendline. GO long if it breaks and re enters the channel .
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I did not understand , why you observed it as potential short trade initially , because the trend line put by you is ascending , and it has not violated the trend line , I see it very bullish up to 399.80 then you can find some resistance
Hope you will find the answers after going through the 4 hour candlestick charts
Good luck
Shivakumar
Hope you will find the answers after going through the 4 hour candlestick charts
Good luck
Shivakumar
Reply
@shiv2798, I agree with you Shivakumar, and the answer can be found here itself. for long term I was always bullish. As I wrote
" Very good short candidate for the short term .
Longer - term , look for opportunities above the trendline. "
There was a strong fall which I thought could continue for a day more, so I was short for short-term. but it didn't , which is fine.
" Very good short candidate for the short term .
Longer - term , look for opportunities above the trendline. "
There was a strong fall which I thought could continue for a day more, so I was short for short-term. but it didn't , which is fine.
Reply
@Parjun, lol. I am not writing something new. This I wrote before itself. My trendline is right. Yes, for short-term, I was wrong, accepted, SL got hit. But then, long trade is working fine. I'd like you to read my updates again.
I am not here to prove myself. People can judge for themselves.
I am not here to prove myself. People can judge for themselves.
Reply
@Parjun, In technical analysis, it's not necessary to have one firm stance. " look for opportunities above the trendline. " this thing happened, and shorts were exited with min SL. Long is on. Even this might go back down again and hit SL. Doesn't mean we are wrong. It's about probabilities.
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@bearishbull1968, you mean it will hold up and we should go long , now on trendline support ?
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i said the channel is perfect i would love to go short below the channel line
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Longer - term , look for opportunities above the trendline.