1)On daily time frame, yesterday 06-09-2021, it closed with bearish candle just above 50DMA and today 07-09-2021, it took support from 50 DMA and made bullish candle. Only one negative thing is that it couldn't closed above yesterday's high.
Please refer below chart : Daily time frame.
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Trade Setup for Date 08-09-2021:
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.
@Trading_hawk, perfect .. but how to get assured in trades as it has made broken 1700 also to make a low of 1695. I did not trade in it due to caution.
Low of 1695 was made in first 5min candle. Now if you avoid first 15-20 min then if you follow 5min time frame then you can judge price action from 5th or 6th candle. so 5th/6th candle will be your entry which is almost above 1710 and you have to keep SL of 1695.
One who are experienced can also take early entry from 2nd candle only with SL of day's Low made which is below support level of 1700.
Also, it has not broken 1700 in first candle. A candle body should have to be below 1700 and then followup red candle should be there to confirm the breakdown of 1700 level. A candle wick below 1700 level doesn't mean breakout/breakdown of a level.