Intraday Real Trade: Price Volume Analysis
Updated
Hi guys, what a day. I had to wait till afternoon for the short opprtunities. The patience really paid. I had three nice trades and I would like to share one special trade in UPL.
Price Volume Analysis
It opened with a gap down and made a spike low (see A). Later it broke that low and formed two more spikes with larger volumes, clear indication of some buying power. Buyer had a nice rally to retest day's high but soon seller came back (see B). After that, the stock struggled nearly 2 hours to breach the day's high. At this point I was expecting the break of high where price action gets into the gap zone and make some bearish signal (a fake breakout), that would have been my trigger for short entry. Unfortunately that didn't happened. But the overall market was breaking down and UPL, a weak stock, was standing still. That was alarming. It made a small last attempt to go higher but failed. Some people would call it triple top, well that's in intraday so not that important. But failures are important.
The Trigger
And then came the trigger which is not visible in this chart but is there in the 5min. chart or lower (will be posted in the update). It was a huge spiking volume with no real progress on 5min chart (the candle closed green with a very small range). It alerted me that if the price heads lower, that would mean that sellers will surely take control (of course the overall downtrend gave additional fire to the idea). The triggered forced me to take the short trade at 745.80. It was a quick sell-off afterwards, which took it to my conservative target of 739.20. It was a nice 1% down move caught later in the day. I could have made more but time constraint kept me conservative. Its always good to combine intraday trades with your swing trades.
I hope I was able to throw some light upon the chosen topic.
Your likes are important, so keep hitting.
Trade safe
Learn from wins & losses to better plan for the future
Regards
Bravo
Price Volume Analysis
It opened with a gap down and made a spike low (see A). Later it broke that low and formed two more spikes with larger volumes, clear indication of some buying power. Buyer had a nice rally to retest day's high but soon seller came back (see B). After that, the stock struggled nearly 2 hours to breach the day's high. At this point I was expecting the break of high where price action gets into the gap zone and make some bearish signal (a fake breakout), that would have been my trigger for short entry. Unfortunately that didn't happened. But the overall market was breaking down and UPL, a weak stock, was standing still. That was alarming. It made a small last attempt to go higher but failed. Some people would call it triple top, well that's in intraday so not that important. But failures are important.
The Trigger
And then came the trigger which is not visible in this chart but is there in the 5min. chart or lower (will be posted in the update). It was a huge spiking volume with no real progress on 5min chart (the candle closed green with a very small range). It alerted me that if the price heads lower, that would mean that sellers will surely take control (of course the overall downtrend gave additional fire to the idea). The triggered forced me to take the short trade at 745.80. It was a quick sell-off afterwards, which took it to my conservative target of 739.20. It was a nice 1% down move caught later in the day. I could have made more but time constraint kept me conservative. Its always good to combine intraday trades with your swing trades.
I hope I was able to throw some light upon the chosen topic.
Your likes are important, so keep hitting.
Trade safe
Learn from wins & losses to better plan for the future
Regards
Bravo
Note
Note
You can observe that it was highest volume of the day.
Happy weekend.
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
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