Indian Oil | Intraday Short | Strategy | 01-Hour basis |

#IOC @ 72.25

This is an interesting study of #IOC chart on 1-hour basis:

- Period : MAY 2020 (12 trading days)
- Observe behaviour of candles in GREY and YELLOW
- On any GREY candle - the high point of one-hour remains higher for the entire day
- So an intraday SELL strategy can be initiated for a gain of maximum average of 2-3 points daily


- For protection a small SL can be placed upon higher level of 1st candle
- SL to be based on one's own capital (it can be 0.25 or 0.50)


- If you see YELLOW candle, this is the only day when TREND reversed
- But there is a SUCCESS on all other 11-days

Jai Hind!!

Trade closed manually:

- Entire sector is in the limelight after a news on BPCL
- Last week's higher highs pattern along with breakout led to a change in the trend.
- So positional trade can be on review

Sectoral tailwind