Trading_hawk

Simple Trade Setup | RELIANCE | 23-08-2021

NSE:RELIANCE   RELIANCE INDS
NSE:RELIANCE

Observations:
1) On 15min Time frame, it is trading in downward channel .

Please refer Chart below: 15 time frame.

2) On 1 Hour Time Frame, it is now back to its neckline after giving breakout of inverse head and shoulder.
As per theory it should now test this neckline and give bullish move upside.

Please refer Chart below: 1hour time frame.

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Trade Setup for Date 23-08-2021:

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) If it breaks out the parallel channel then it will give up move and if it breaks down the parallel channel then it will give down move.
If you know the scalping and experience trader then you can do in between the parallel channel with the levels and if you are a safe trader then better to wait until it gives the breakout or breakdown from the parallel channel and then take trade from the mentioned levels.

3) Everything is mentioned on the chart. I hope it is easy to understand.

4) All the levels will work as support, resistance, entry and target w.r.t price action working near that level tomorrow.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Comments

Is it a buy trade or short. Broke 2160...
Reply
Trading_hawk saurabhbakliwal1001
@saurabhbakliwal1001, better to avoid trade now.

Let's see if it again break out 2160 level or not.
Short trade only below 2154 level breakdown with 15min candle
Reply


Hope you are in buy trade.
Trail your SL.
Reply
Still in the channel.

Better to wait for breakout for new buy trade.
Reply
For new buy trade entry only above breakout of channel and 2160 level.

Reply