Simple Trade Setup | ITC | 04-05-2022 [INTRADAY]

May 3, 2022

ITC

Observations:

1) On 1hr time frame, we can see formation of triangle pattern.
I have drawn resistance channel and support channel.

Please refer below chart : 1hr time frame.


2) On 1 day time frame, we can see 265 will be crucial level.

Please refer below chart : 1day time frame.

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Trade Setup for 04-05-2022

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.