HDFC Bank posted good results. The Primary trend being down, I'm looking at the shorting opportunity when price rally upon a good result.
Entry: 950-960 ( Resistance - Wait for price to take a resistance - use 30 minutes or hourly to for conformation) Stop-loss: 990 ( Previous Swing High)
Target: 1:5 ( 800 )
Don't Jump The Gun at 9:15. Our patience will achieve more than our force.
Hdfcbank daily trend will turn up when closed above 990. (Bear Market Low 738 - Swing High 988 - HL 810 - HH ?? ) (738 - 988 - 810 - 988++ ??)
------------------------------------------------------------------------------------------------------------------------------------------------------- Entry: 950-960 ( Resistance - Wait for price to take a resistance - use 30 minutes or hourly to for conformation)
How to confirm whether it's respecting resistance or not?
There no magic formula. Just wait for a red candle, bar around 950-960 on 30 minutes or hourly.
One red candle doesn't confirm resistance. But it's a technique to enter a trade at our predefined resistance level. Keep things simple enough while trading.
Trade active
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HDFC Bank trading at 945 not crossing even day's open.
Opened at 951 and high made 960.95 in 1st 15 minutes of trading. So we can not get that level for a trade.
HDFC bank probably trading in resistance and time is now to open a trade.
Trade: Shorting HDFC Bank at 946 Shorting 880 PE @ 15 ( **April Series** )
Net Price 946+15 = 961
Stop-loss 990
( All levels are Spot Prices, so trade accordingly in Futures )