3. Even though the price has broken this zone the voulume is negative that shows the sentiment among traders in the market is bearish. There is a high possiblity of price reaching to 1st Target at 331 and then the 2nd target at 308.
4.Price at Point B on the chart is higher than Point A. However RSI at point D is Lower than point C. This indicates bearish sentiments.
5.Short is the call
6. Please feel free to ask questions, give constructive feedback and your views. Please hit on like, it's an incentive to me and motiviates me to share more setups.
Trade active
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Today (26th September 2016) there was a fight between Bears and Bulls. Tomorrow will be interesting.
Trade active
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In the money today. Expecting the price to go down further
Trade closed: stop reached
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S/l hit
Comments
Rajesh_P
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The setup looks good. I am a newbie, Pleaes let me know how do you Identify support and resistance areas.
imdbeststocktrader
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Hi Rajesh,
I use line chart to identify support and resistance areas. I start from monthly chart then move to weekly, then dail and then four hourly. The colour pattern that I have developed is Orange for monthly, blue for weekly, Green for daily and if I mark support and resistance in 4 hour time frame then I use pink or some other colour. The reason for this colour coding is beucase it helps me to identify strong S/R areas
Rajesh_P
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Hi imdbeststocktrader,
Can you help me with an example
imdbeststocktrader
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Hi Rajesh,
Please refer to the ITC chart that I had publised few days back. I had recevied a similar request few days back. link
Select line chart, Start from monthly and move towards daily. You will see the same S/R lines. MarkS/R on the level that looks more obvious to you. Also avoid cluttering your chart with too many S/R lines.
Hope this will help. :)
Rajesh_P
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Thank you imdbeststocktrader
imdbeststocktrader
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No Worries,
Please let me know if you want me to look at any script. I am a counter trend trader will let you know if there is any counter trend oppurtunity.
Nifty_Star
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Please also see monthly chart, there could be upside till previous top around 360.
This needs to be treated as a stop loss, if shorted. On daily charts 344 previous top needs to monitored for breach once shorted.
Is this the daily chart, seems to be 4 hour chart. Please confirm
imdbeststocktrader
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Hi Nifty_Star,
Thank you for your input. Much appreciated.
I am looking at short term trade get in and get out max within 3-4 days. You are right there can be an upside till 360. My call was on resistance area around 344. I'll keep an eye on monthly. This is a 4 hour chart. Erroneously. I may have mentoned daily. Apologies for any confusion.
Nifty_Star
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360 price reached by script, after reaching 1st target of 331. Therefore long term chart is most crucial for avoiding noise and making risk reward decisions.