Sell below 506 with the stoploss of 509. Targets are 502 and 499.
Intraday calls depend on the market opening. Analyse and follow your trading plan always. This trade is valid for 28th April 2017 only.
Analysis is based on triangle formation and levels.
During the initial trading session, I saw triangle breakouts on the short side of the triangle on 5 minute chart, supported with market dept which showed higher sellers than buyers.
As a learner I would like to ask few questions
1) Can I predict direction of the trend using market dept. No of sellers Vs no of Buyers ?
2) Can you make trade decisions based on lower time frame charts, although analysis is based on higher time frames?
3) Is there any way to predict false breakouts from triangle formations? I was thinking of judging the direction of trend based on closing price of the candle (instead of the price fluctuations) in the same time frame chart that you made your drawings.