wait for break out of upper trend line... also after getting a confirmation bullish candle with small rejection the go for long..
This post I have created for education purpose for the beginners. This is simple analysis without using any indicator. One should use 30 min timeframe for intraday only just to see what's happening on big timeframe. 30 min TF is not good for intraday and I wouldn't suggest this to anyone. My stoploss would be below the breakout candle also because it is below...
IF GAP DOWN : IGNORE IF WEAK MOMENTUM , IF STRONG STEP2; LOOK FOR BREAKOUT CANDLE AND LOOK FOR R1 AND R2 IF GAP UP: FOLLOW STEP 2 . TAKE CALL ON YOUR OWN RISK
STRATEGIES DEPLOYED 1. PIVOT RESISTANCE 2. FIBO CONFIRMATION 4.SUPPLY AND DEMAND 5. CANDLE STICK STRATEGY LOOK FOR RESISTANCE AS TARGET AND FIBO REVERSAL FOR ENTRY POINTS
READ THE CHART FOR DETAILED STUDY
PLEASE READ THE CHART FOR STUDIES
PLEASE SHARE YOUR VALUABLE COMMENTS. CHART IS FOR ONLY INFORMATIONAL PURPOSE.
BAJAJ FINANCE has beautifully formed a inverse Head and Shoulder pattern on hourly chart which is further supported by Wolfe Wave. If stock goes above its previous day's high then it may go up with good momentum.