prakashgp

NR7 + Inside bar at Bear Pennant resistance area

Short
NSE:YESBANK   YES BANK
YESBANK is currently at upper trendline resistance of bear pennant . bear pennant after a sharp downtrend usually results in continuation of the downtrend
Also a NR7 + Inside Bar candle formed on daily chart which on breakout on either side give sharp moves on that side most of the times. (Also beware that sometimes it can trap you)
In hourly chart the price has taken support of a short term trend line .

Strategy:
1) Short on proper break and retest of short term trend line support OR 2) Short on break of NR7 + Inside bar (and retest of previous level)
In case of (2) keep in mind there are multiple support levels immediately below breakout candle which can push the price back up. So it is better to wait for the price to pull back to previous level and observe price action on that level to initiate a short.
Also keep track of indexes. if they move sharp upside, setup can invalidate. Nothing is guaranteed in market
For stop loss use topmost blue line which is safe stop loss level to avoid traps
Trade closed: stop reached

Comments

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