1) On daily time frame, if we put FIB retracement then we can see that it stayed between 50% and 61.80% level of FIB RETRACEMENT.
Please refer below chart : 1 day Time Frame.
2) On 1hr time frame we can see that it is just above the upper trendline of parallel channel.
Please refer below chart : 1 hr Time Frame.
3) On 15min Time frame, we can see it has been trading in decending triangle pattern.
If it gives breakdown below then it will be bearish and if it gives breakout of the triangle wedge then it will be bullish.
Please refer below chart : 15min Time Frame. -------------------------------------
Trade Setup for Date 11-11-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
What about all entred guys like me i have already taken ce in BNF
Trading_hawk
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@shaikroshanit what CE you have taken and for which expiry?
shaikroshanit
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@Trading_hawk, bnf 39400ce at 124 already am in loss
Trading_hawk
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@shaikroshanit if it is from tomorrow expiry then only a good up move above 39500 can give you a minimum profit or exit on cost.
shaikroshanit
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@Trading_hawk, yes for tmrw expiry but need to way at least 1hr it seems
shaikroshanit
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@Trading_hawk, lost all capital bro BTW how u drawns all this do u have any videos?
Trading_hawk
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@shaikroshanit, Hi, don't worry it is part of trading without using SL. I am using different time frame chart to draw support, resistance levels. I have some books to read about trading, investing etc... but don't have any videos. I am also planning to start my own youtube channel soon. but will be in next year I guess. I am developing my teaching skills so that in that I can explain it better.
shaikroshanit
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@Trading_hawk, great I will wait for yur channel and can u pls let me know yur view for escort I took at 1530 based on today's candle expecting some positive mv in next week is this correct
Trading_hawk
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@shaikroshanit, Sure. I will soon check Escort and share my view.
Trading_hawk
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@shaikroshanit, For Escort, below is my view. It closed just above the 21 DMA. You can refer below chart. 1500-1520 will be immediate support.
For 50DMA it has been taking good support and it is working as major support. Please refer below chart.
But it closed below 10DMA. which is placed at 1537 level range. So range of 1535-1540 is immediate resistance. If it sustain above it then we can see an upmove till 1560 and 1580. Major breakout level is 1580. If it gives sustainable breakout of 1hr time frame then it will give bullish move. After this sustainable breakout I can see target of 1650 and 1680 in mid term holding. But if it is failed to hold above 1580 then it will be stuck between the range from 1400 - 1580 level range.