Educational Intraday pullback trading in hindsight
Pullback trading is one of the safest from of trading. It can be used in swing trading, retracement after breakout etc. Pullback trading with pivot levels is a high probability setup.
Reliance looked bearish on 27th August. It made a intraday swing low at CPR TC. Drew Fibonacci levels from swing high (day high) to swing low (CPR TC). Wicks were visible at fibonacci 50 percent and 61 percent levels indicating resistances. Short sell at 38 percent levels with SL at day high and hold the trade for end of the day.
Ideal setup - Price should make swing high and swing low.Wait for retracement from pivot levels (or towards pivot levels ) near fibonacci levels with retracing volumes on lower side. Notice price action and volumes inside fibonacci levels. Enter when trend continuation in confirmed with candle stick spread and volume.
Note: fibonacci levels confluencing with pivot levels indicate high probability trades. Watch www.youtube.com/watch?v=bHCOTdJw... for more insights into intraday pull back trading.
Reliance looked bearish on 27th August. It made a intraday swing low at CPR TC. Drew Fibonacci levels from swing high (day high) to swing low (CPR TC). Wicks were visible at fibonacci 50 percent and 61 percent levels indicating resistances. Short sell at 38 percent levels with SL at day high and hold the trade for end of the day.
Ideal setup - Price should make swing high and swing low.Wait for retracement from pivot levels (or towards pivot levels ) near fibonacci levels with retracing volumes on lower side. Notice price action and volumes inside fibonacci levels. Enter when trend continuation in confirmed with candle stick spread and volume.
Note: fibonacci levels confluencing with pivot levels indicate high probability trades. Watch www.youtube.com/watch?v=bHCOTdJw... for more insights into intraday pull back trading.
Comment:
BATAINDIA intraday 31-08-2020 is also a relevant pullback trading structure.