last week I mentioned in this stock is quoting for your consideration " As soon as trend progress, my analysis moves with sentiments.
2. A dotted red color zone if not taken out in 2 hr time frame then this will become buy zone. on the contrary, if taken out then the trend will change to down.
3. If next session trading takes out last candle high in 2 hrs time frame then price can move to the white dotted line.". You can see price moved to the white dotted line target achieved. The red dotted zone remained intact and priced moved up. When this movement started I informed by highlighting the white circle pattern that is harami. What a move Hdfc gave to traders in the last ten days. Every bit of movement was covered in two analyses in a week. you can see fig below of the previous update and compare it with today's figure.
Trading plan of next week
1. I made one red dotted zone till this is not taken out in 4 hr time frame positional long will validate with the target of red channel upper band.
2. On the contrary if red dotted zone is taken out then short with the target of the yellow dotted zone. This zone might act as a halt for consolidation and the trend might resume to a red solid line down.
3. Upside if the price breaks the red channel band then the blue dotted line will act as tough resistance. So try to see a short set up. Positional long shorts use red and yellow dotted lines as a stop-loss point.
4. Taken out condition is as follows:-
Taken out condition works in the two-time frame combination for daily( 4 hr + 1 day) analysis. Similarly, work for lower time frames is also a two-time frame combination. For intraday trades 1 hr with 15 min. For taken out condition price has to complete in both time frames. Aggressive traders can take that side position in a lower time frame with the stop loss of breached candle low. In both the time frames given line is breached by a candle that candle high is to be breached by next candle and close should be above the previously breached candle. This is how taken out condition is being implemented.
The rest market will decide.
Disclaimer:- All positions should be taken with the consultation with your adviser. This all is for educational purposes.