3. There are four bearish candels with long wicks. Generally Long Wicks from north to south indicates Market Does not have enough steam to push upward.
4.This trade is little risky trade howwever there are chances of price hitting the target
5. RSI is moving downwards.
6. The overall trend is bullish in daily time frame. However in this setup we can take benifit of the retracement.
4.There is good risk reward ratio. There will be always be good risk reward ratios in the Ideas that 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: target reached
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Comments
Rajesh_P
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Very good setup Sir. Lot of things to learn from this setup.
imdbeststocktrader
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Thank you. Rajesh. Please let me know what have you learnt from this setup
Rajesh_P
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Always draw support and resistance levels.
Look to the left on the chart for support and resistance levels
Look at long wicks and trade accordingly.
Prices generally respects support and resistance levels
imdbeststocktrader
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Good Rajesh. Your observation is good. However there is a lot more to finding right setups than just S/R. Yesterday, I had shared three setup's, one trade is still active, one has hit the S/L with marginal loss and this trade has made lots of money today.
So what do you learn from these three setups apart from technical analysis.
Rajesh_P
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Sir, I am still learning technical analysis. Also Sir, there will be loses and winsin trading. I understand that. Always keep stoploss
imdbeststocktrader
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Absolutely correct, there will be Losses and wins. However your losses should be marginal in comparision to your wins. So cut your losses early and let your winners run and that is the reason why you will always see tight stop loss in my traders and the take profit will be at a good distance from strike price.. (Cutting your losses early is very important. I can speak to you for hours on this)
Rajesh_P
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Thank you Share for sharing your views. Please share more things that I need to learn.
imdbeststocktrader
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Sure Rajesh.
Sure will share more ideas and stratergies. Thank you for your support.