Buy above 509 with the stoploss of 506. Targets are 514 and 518. 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 support/resistance levels.
Comment
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Caution : Triangle formation gives false breakout sometimes. Analyse well before taking trade!
Trade active
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Trade closed: target reached
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Trade closed on first target.
Comments
paruchurusk
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Dear all, I am Sai, I am quite new to trading. I took vanathi's call on axis bank for day trade on 28 th april. Well, you might have know the call itself is amazing with perfect targets and proven results. However, I ended up on short side of the trade because of my decisions. My fault !!
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.
Best Wishes,
SK
vanathi
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@paruchurusk, Since you are a new trader, dont use 5 mins chart. When you have doubt about market direction, wait for 15 to 30 mins, then decide about your position. In axis bank if you have waited for 15 to 30 mins, you should have known the market direction.
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.
Best Wishes,
SK