Short AxisBank : Bearish Cypher & Double Top
Updated
Hey Guys,
As you can see from the chart we have a completed bearish cypher formation and price is staying above our usual entry level in Axisbank . We can take this trade now also, bcos it gives us the advantage of reduced risk reward, so even incase of loss we will be losing lesser compared to what we lose if we enter @ Usual entry level.
Moreover, you can also notice that there is double top formation and the bearish side confirmation with the downward move. If you check on RSI it is also showing bearish divergence which makes double top more valid to enter the trade.You can short based on Bearish cypher or doubletop as entry reason in Axisbank.
Am not sure how the market will open today, so if there is gap up below stops zone - Am planning to short Axisbank .
If gapdown happens below usual entry level I wont take this trade.
Hit Likes to Agree...
Thanks for your support ! Happy Trading !
As you can see from the chart we have a completed bearish cypher formation and price is staying above our usual entry level in Axisbank . We can take this trade now also, bcos it gives us the advantage of reduced risk reward, so even incase of loss we will be losing lesser compared to what we lose if we enter @ Usual entry level.
Moreover, you can also notice that there is double top formation and the bearish side confirmation with the downward move. If you check on RSI it is also showing bearish divergence which makes double top more valid to enter the trade.You can short based on Bearish cypher or doubletop as entry reason in Axisbank.
Am not sure how the market will open today, so if there is gap up below stops zone - Am planning to short Axisbank .
If gapdown happens below usual entry level I wont take this trade.
Hit Likes to Agree...
Thanks for your support ! Happy Trading !
Note
Short Orders filled @ much higher levels, risk reduced drastically !
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