HDFCBANK SHORT HIGH RISK REWARD RSI &ELLIOT NEGATIVE DIVERGENCE

HDFCBANK is showing a negative divergence at RSI & ELLIOT.
RSI is at highly overbought zone .
Trend Reversal Candle stick pattern has formed in INTRADAY CHARTS in almost all TF.

One can short at Cmp of1680

TGT- 1620&1590

SL- 1702

Risk Reward 1:3

So its worth taking!

Trade active

Comment:

Note: Do your own study before making any position and trade according to your Risk Appetite.

Trade closed manually:

Exit at cost as i have exited this trade and i dont like the trade setup as Future is in discount and Expiry is near so we have to unnecessary pay 9 Rs premium. Thats why AVOID or EXIT!

Trade closed manually

Comment:

Trade Setup was right, as it made a high of 1716 but wasn't able to close above 1702 mark then corrected and made a low of 1645.

Reason to close the trade was that future was at 8Rs discount so unnecessary we have to pay that discount as Expiry was near.