1) Today, On Daily time frame it took perfect support from 10DMA and made bullish candle.
Please refer below chart : Daily time frame.
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Trade Setup for Date 22-09-2021:
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.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels. -------------------------------------
Points to consider.
a) If it opens flat to positive, between 17600-17575 then wait for 15min. If it breakout 17600 and come back to test support from 17575-17600 range and gets support then it will be quick buy trade with target of all above levels and strict SL of 17575. If it break down 17575 and comes up and faces resistance from 17575-17600 level then it will be quick short trade till below levels with Strict SL of 17600.
b) If it opens flat to negative 17500-17533 then wait for 15min. If it breakout 17533 and come back to test support from 17500-17533 range and gets support then it will be quick buy trade with target of all above level and strict SL of 17500. If it break down 15533 and comes up and faces resistance from 17500-17533 level then it will be quick short trade till below levels with Strict SL of 17533.
c) 17400-17440 is critical support zone. Immediate Support is 17500 and immediate resistance is 17600. Sustainable Breakout of 17600 will give easy move till 17650-17686. And breakdown of 17500 will lead to below level till 17440
d) If it open gap up above 15600 then goes down to take support from 17575-17600 range and if it gets support from it then it will be buy trade with SL of 17575. Also if it goes below 17575 and gets support from any below level then it will be quick buy trade with strict SL. One can short if it breaks 15600 but it will be quick short trade with SL.
e) If it breaks 17400 level then it will be short trade with strict SL 17440.
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 respsective level considering how price action works near that level.