1. Let's compare my previous statements on 25th June 2020, with today's real move. I mentioned in point no. 1 of trade plan is quoting for your consideration "If price takes out red support line with white in 30 min time frame then short can be initiated with the target of green-blue lower end of this zone. Tomorrow can be trending down day if next condition in point no. 2 gets failed .'" You can see white was taken out but red support was not. This how is how conditions are manifested with the formations os structures keeping in mind with choosing perfect . Sice price could not take out red support. so obviously it has to move up. Same happened. To make you better understand the statement with real move I set the previous post fig. You should compare both figs with the highlighted statement.
2. Trading is simple and full of logic else you know the unique language. People make it complex by adding indicators and many more automatic setups still can not earn consistently. Because they themselves do not believe in hard work and not ready to burn night oil . But they want money from market. How ridiculous approach for the market. I try my level best to make trading easy for new traders and struggling traders who can not earn profit consistently. If you follow my charts with conditions and read the books I recommended with lots of hrs practice, You can stand in this market your own. Previous losses can be recovered . Just put your sincere efforts. I suggest every trader to share good and bad trades. Why so that I can correct their flaws in trading and others can learn reading questions and replies to correct their trading style. Hard work is yours and the results will be yours.
Trading Plan for Next Session.
1. I made three green circles to show you the red color support reacting so perfectly that it helps to understand the price movements correctly.
trading in upside will be easy. For this side, the condition is of the upper green line. If taken out in 15 min time frame then the price will move to the red dotted line . in case this line is taken out in 15 min then blue upper line is the target. Green arrow showing this condition from the green upper line.
2. Those who are new and not aware of taken out condition please follow below para:-
Taken out condition works in the two-time frame combination for daily( 4 hr + 1 day) analysis. Similarly, work for lower time frames is also a two-time frame combination. For intraday trades 1 hr with 15 min. For taken out condition price has to complete in both time frames. Aggressive traders can take that side position in a lower time frame with the stop loss of breached candle low. In both the time frames given line is breached by a candle that candle high is to be breached by next candle and close should be above the previously breached candle. This is how taken out condition is being implemented.
3. Downside condition will implement when price takes out blue support line on 15 min chart and then 1 hr . Then downtrend will resume. Red arrow showing from where the condition has to be applied. The rest market will decide.
Disclaimer:- All trading positions should be taken from consulting your financial planner. This study is for educational purposes only.
Since in today's movement price for the last three sessions remained rangebound. So I feel there is no requirement of making any post today. All conditions will remain the same. Follow them strictly. Why I tell you to wait for the condition to validate is because of volatility which does not let you make a profit on either side. That you all have been witnessing for the last three sessions.
Looks like the price is moving around the Green line. Good that I have not made huge loss on this entry.
The importance this position is having patience to hold the position till the end of the day to minimize the loss.
I'm posting this to help others
Looks like it just taken out. Now can we enter long to target red dotted line ?