imdbeststocktrader
Short

PETRONET- Short- Hourly

BSE:PETRONET   PETRONET LNG LTD
56 2 6
1. There is a resistance zone (daily).

2. In past Price has reversed from this zone.

3. Price has not yet broken this zone and there are around 7 candels at the same price There is a high possiblity of price reaching to Target at 338.42. Price may go down futher however it will be safe to close the trade at 338.42

4.There is good risk reward ratio. There will be always be good risk reward ratios that I'll share.

5.Short is the call

6. Idea is published for education purposes only. Please feel free to ask questions, give constructive feedback and your views. Please hit on like, it's an incentive to me and motiviates me to share more setups.
Trade closed: stop reached: Trade did not turn out as expected. Price went down in the direction that I had analysed. However then there was a bullish candle and S/L was hit. Price is expected to move in the predicted direction.
Thanks for sharing ideas. Really appreciated.
It will be very nice if you please explain some on how to draw these patterns and learn gradually.
Reply
Hi gameofmoneys

No worries. Happy to help :)

First thing you need to learn is how to draw support and resistance lines. If you are unaware of support and resistance lines than you can look at many good videos available on youtube.

You can refer to the below chart and read the comments I have shared what I do to mark support and resistance areas.

Keep your trading simple. Don't use to many indicators. Indicators are good however they are not always reliable. Rely on price action and setups that repatedly happen in the market. Learn Naked Trading stratergies these stratergies doesn't use idicatiors. The stratergy only relies on price action. Backtesting is very important. You will have to back test your stratergy and when you are back testing don't cheat. You will learn a lot. soon I am going to start sharing charts that will help new traders to learn trading and how to identify good oppurtunites. Always have good risk reward ratios. If you look at all my setups the risk is minimum and the reward is always good. Don't make trading too complicated. If possible avoid indicators and keep it simple. Please comment if you have any further questions. I will be happy to help.

Reply
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