So, the day today started with a gap up and could not sustain. We got a big red candle on a 5mins chart.
Marked the high low and the mid of it.
Shorted at the 3rd candle and a rejection at the mid of the first big bear and a bearish engulfing candle.
Stoploss was the high of third candle and target was previous day high. A good risk reward.
9:45AM and the 7th...
Wanted to post a video on this but could not due to busy schedule!!! My trades are based on Chart patterns and simple Price action analysis!!!
Okay!! This is TCS 4Hrs sopt chart and we got a breakout from the downward sloping trendline...again failure and a retest making higher lows and now breaking out of the broadning pattern the orange lines and...
If we connect all 30 candles we are back at 18870 on BN spot which is highlt highlt oversold. Will covid 19 rising cases pull it more down or is the bottom done. Can BJP win West Bengal or will the pharma keep the index stable and up? Last but not the least scrapage policy is due and Auto news can get the positive sentiment back...hey hold on, what about the...
If we connect all 30 red candles from the highs, this is what we get. This shows the elephant has sat in the tub and the water is flooding.All the small retailers are chopped and will get chopped...Take care all!
Arjun saw the sparrow's eye in a lush green tree!!! Similarly, look at the probability of the possible formation.
Lines 1 and 2 suggests a broadening pattern saying the range can be massive now at these levels.
Lines 3 and 4 suggest a diamond on the top saying I can breakdown anytime.
Please do watch the price action carefully!!!