IBNC trade ideas
ICICI Bank-Double bottom formingAs promised,I have come with the Indian stock market analysis.In this chart,ICICI bank is forming a double bottom pattern in 15m time frame.The first half of the pattern is already formed,now we can catch the other half of the pattern.Also,there is a divergence on RSI,the volume indicator showed the strength to upper side.If the stock opens tomorrow with high volume green candles,a long intraday trade will be initiated for 1:8 r:r to the R1 level as shown on the chart.Levels and entry-exit points are marked on the chart,keep an eye on this.Happy trading.
ICICI Bank good shorting opportunity!!ICICI bank is a very good shorting opportunity with multiple confluences:
1) 2 consecutive breaks of structure to the downside making a LL & LH pattern twice.
2) Tapped into the volume imbalance
3) Broke trend line
With Bank nifty also at its trend line support with high probability of it breaking as it will be its 4th test(the higher the number of tests the higher probability of it breaking). ICICI bank will be a very good swing trade.
Note : All levels of stop loss & targets have been marked in the chart.
Triangle Breakout!!TRADING PSYCHOLOGY : The stock forms a triangle pattern when the tug of war between BULLS and BEARS is at the end stage where one is bound to give up.
AC line will act as resistance line.
BD line will act as support line.
when to trade : The candlestick has to break the support/resistance line with increasing volume to confirm the direction.
STOP LOSS: If the breakout is upwards then support line will act as stop loss.
If the breakout is downwards then resistance will act as stop loss.
PS : This is 15 minute candlestick chart so the targets are most likely to achieve in 1-2 days.
Hammer Pattern-Hammer candlesticks typically occur after a price decline. They have a small real body and a long lower shadow.
-The hammer candlestick occurs when sellers enter the market during a price decline. By the time of market close, buyers absorb selling pressure and push the market price near the opening price.
-The close can be above or below the opening price, although the close should be near the open for the real body of the candlestick to remain small.
-The lower shadow should be at least two times the height of the real body.
-Hammer candlesticks indicate a potential price reversal to the upside. The price must start moving up following the hammer; this is called confirmation.
Script = ICICI BANK
Time Frame = 1 hour
ICICIBANKICICIBANK:- Stock has formed an ascending triangle pattern keep an eye on it Good for short term, wait for breakout.
You can plan the trade as per your risk appetite now
Hello traders,
As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
will be posting more such ideas like this. Until that, like share and follow :)
check my other ideas to get to know about all the successful trades based on price action.
Thanks,
Ajay.
keep learning and keep earning.