Simple Trade Setup | COFORGE | 09-12-2021 [ INTRADAY]

Dec 8, 2021

COFORGE

I am posting this as one of the follower on Twitter requested for it.

Observations:

1) On 1day time frame,Today, Today it traded between 100DMA and 50DMA.

Breakout on either side will give a good move on that side.

100DMA is placed at 5180.30 level. So level range of 5180-5200 will work as support.
50DMA is placed at 5350.25 level. Which will work as immediate resistance.

Please refer below chart : 1 day Time Frame.


2) On 1 day time frame, we can see below levels as support and resistance.

Please refer below chart : 1 day Time Frame.


3) On 15min time frame, we can see that it has been trading in the resistance channel range now. If it gives sustainable breakout of this channel then it will be bullish.

Please refer below chart : 15min Time Frame.


4) Also on 15min time frame, we can see that it has formed the bullish flag and pole pattern since last 3 trading session.
If this pattern gets activated and gives flag breakout then we can see good bullish move.

Please refer below chart : 15min Time Frame.

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Trade Setup for Date: 09-12-2021

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.