It is been observed that the price is moving in a forming lower highs and lower lows, indicating down trend in the . On Friday, the price resisted the upper channel and also the 50 day forming an important pattern, the indicating further weakness. Therefore, expecting the price to move towards the lower band of the channel in the days to come.
Conservative Traders: 8735-8740
Aggressive Traders: 8811-8820
Expected Levels: 8600. 8500. 8420.
PS: For beginners
How do I execute my trade?
Being a conservative trader I prefer to initiate my trades as close to the exit levels. I always try and let the price come to my levels, rather than just initiating a trade at the levels with which I might not be very comfortable. Following this process I miss out on a few trades, but no regrets as market is full of opportunities.
Also, I give equal emphasis on risk management as I give to , thereby helping me not only to protect my capital, but sometimes also convert my losing trades into profitable ones. There is more to the risk management part which I will share in my following posts.