Reliance Short : Simple Trend Based setup (Hourly)
Updated
This trade setup is very simple one. I didnt use any advanced patterns or numerous fib levels.
We can easily notice Reliance is in bearish trend for sometime, so we are looking for opportunity to go along the trend.
Recent rise in prices towards our marked resistance zone ( based on Daily ) where we have Fib levels overlapping each other.
0.382 Fib level of previous swing & 0.786 of current swing overlap each other in marked resistance zone.
I will enter on Monday if Price meets my Limit orders.
Hit Likes if you agree / Comment your views & Opinions
Happy Weekend & Happy Trading !!
We can easily notice Reliance is in bearish trend for sometime, so we are looking for opportunity to go along the trend.
Recent rise in prices towards our marked resistance zone ( based on Daily ) where we have Fib levels overlapping each other.
0.382 Fib level of previous swing & 0.786 of current swing overlap each other in marked resistance zone.
I will enter on Monday if Price meets my Limit orders.
Hit Likes if you agree / Comment your views & Opinions
Happy Weekend & Happy Trading !!
Trade active
Got my orders filled around 978's, Lets see how trade goes..Note
Note : I trade in futures , but here mentioned Reliance stock price to keep inline with posted chartsNote
Though Nifty hit Stops, Reliance is doing a commendable job !Note
Take some profits of now (if your targets are here) and hold remaining positions till 930's
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