Simple Trade Setup | MCX | 06-09-2021

Sep 4, 2021

MCX

Observations:

1) On daily Time frame, it has given breakout of rounding bottom pattern. Breakout level range is 1585-1586. Nearest resistance level is 1600 level.

Please refer below chart : Daily time frame.


2)On Daily Time frame we can see that it has broken 100DMA and 200DMA with bullish candle.

Please refer below chart : Daily time frame.


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Trade Setup for Date 06-09-2021:

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.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Sep 6, 2021

Trade closed: target reached