I am posting this on request from one of the follower.
Observations: 1) On 1 day time frame, 14-10-2021 candle is a profit booking candle. On 18-10-2021, if it breaks the low of this candle and keep trading below then it will continue the profit booking. But if it trades above and takes support from low then it will be bullish again.
Major resistance is at 78 level. Breakout of it will lead it to next resistance of 80.50.
Please refer below chart : 1day Time Frame.
2) On 15 min time frame, if we apply FIB RETRACEMENT, then we can see that it is above 38.20% level of FIB RETRACEMENT. Also we can see formation of bullish flag and pole pattern.
Please refer below chart : 15min Time Frame.
-------------------------------------
Trade Setup for Date 18-10-2021:
Most of the levels will remains the same as per previous setup.
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.
Hey @Trading_hawk ..I am holding bhel 85ce Oct and in huge loss..please suggest should I exit today or wait for this week to recover some points...please help🙏
I can't predict what will happen in thesedays but overall momentum is bullish.
I would like to know your reason to take this position. better to hold in this week. Since you have far OTM so time decay will be there. Only good sustainable bullish move can save you.
interestingOra30169
⋅
@Trading_hawk, someone suggested me and I took entry ..it's still in ban period should I wait to come out from ban as you said only good move can save me
Trading_hawk
⋅
@interestingOra30169, uff never take trade immediately on someone's advise without having your own study.
@Trading_hawk, 22k loss 🥺🥺 bought at 2.80 85ce..now it's 0.90
Trading_hawk
⋅
@interestingOra30169, OMG. to give good up move it has to break two major resistance 75 and 80 level. then I can see good up move. At this moment profit booking is going on. Major support is at 70. As far as it is above it then it has a chance to move up again.
Helping beginners like us.