Following is my bar-by-bar trade analysis of Venkeys, currently sitting at 80%+ ROI.
a. Entered NSE:VENKEYS thanks to the range breakout + RSI 60 breach, indicating momentum. Stop placed at around gap filling (1650). 50DMA was ~9% away from LTP.
b. Price saw a strong move on the upside on the next day with a sizeable gap-up. 2,000 psych level held + very strong...
Fibonacci Channels are used to determine fibonacci support and resistance levels within an identified trend.
These channels can easily be drawn in both uptrends or downtrends to find potential areas where price action could change.
Uptrend
When drawing a Fibonacci Channel on an uptrend, a clearly identified trend needs to be established with higher lows ...
