Observations: 1) On One Hour Time Frame, it just broke the trendline and closed above it.
Please refer Chart below: One Hour time frame.
2) On Daily time frame, it took support from the critical Zone bottom level.
Please refer Chart below: Daily time frame.
------------------------------------- Trade Setup for Date 20-08-2021: 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 target w.r.t price action working near that level tomorrow.
Thank you. on 1 hour chart what moving average setting u used? if that crosses with volume we can confirm breakout?
Trading_hawk
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@RajaSekharVelisetti,
I am mainly using 21MA and 50 MA. But also need to check for levels 21MA will be for quick trade. 50MA breakout with 21MA staying above 50MA it will be good entry.
RS_V
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@Trading_hawk, Thank you. I noted it down. Can you please tell Oil India chart. it has been on the same level for days. 21ma > 50 ma. can we assume stock break out in upwards direction? am I correct?
Trading_hawk
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@RajaSekharVelisetti,
Oil India I will not trade until it close above 21DMA on daily time frame. It is facing resistance from it.
RS_V
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@Trading_hawk, Thanks so much for the reply. It helps me.
I am doing paper trade only. I have less capital, after doing some paper trades I put real money, it failed but able to get out with minimum loss. Back to dummy trades now until I understand properly.