Always follow your trade management rules before trading my ideas.
Trade safe, stay healthy.
Do hit the like button for better ideas in future.
In this particular trade the idea would be to look for a sell setup in the PRZ and go short. If first target is achieved early on the same day, 2/3rd of the position will be closed and the remaining 1/3rd would be kept with a stop below breakeven. Position will be closed before 3:30 pm (If first target is done in the late session whole position will be closed).
Next day if price opens above from where I closed my 1/3rd trade, I ll continue with the 1/3rd position again with previous day stop.
If the stock starts consolidating near the PRZ, I ll have to reconsider the plan. For risk management, I just mentioned the stop.
Some traders on Tradingview.in claim to have 80% success rate with these patterns, but if u ask me, it all depends on where the pattern is formed. The patterns would result in a higher success rate if PRZ is near an important S/R level.
By the way, counter trend ideas are not easy to digest.
But intra day trades if taken correctly may give handsome return, for instance, see my post on UBL.
Firstly, it's the patience which can provide a useful opportunity to initiate a trade, and secondly it's the exit strategy at levels which makes the day.
It's not necessary to keep a trade till EOD, just follow the price action.
but a player actual skill is tested in test( say it positional or long term), i prefer big risk reward rather than fun.
By the way intra day is not fun. It always keeps the trader on toes. I think it's the most difficult type of trading out of the three mentioned above. One needs real skills for this type.