Simple Trade Setup | HDFCBANK | 29-12-2021 [INTRADAY]

Dec 28, 2021

HDFCBANK

Observations:

1) On 1 day time frame, it closed just above 10DMA and still trading below 200DMA.

Please refer below chart : 1 day Time Frame.


2) Also on daily time frame, it made doji candle.
If it trades above today's high then it will be quick buy trade.
And if it trades below today's low then it will be quick short.

Please refer below chart : 1 day Time Frame.


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Trade Setup for Date: 29-12-2021

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.

Dec 29, 2021

Note

Still in range.

Dec 29, 2021

Note

Not willing to go above 1460

Dec 31, 2021

Trade closed: target reached

finally it came out from the range and gave good move.