Bought NSE:MAPMYINDIA on a breakout but the closing of the candle was weak representing supply. The stock later plummeted and formed a wide range bearish candle so I had to trim some positions. If the stock sets up again, I will increase my exposure. My SL remains at the bottom of the consolidation zone.✅
The Price is currently sustaining at Year 2017 High. If we talk about the current market structure, the overall context remains bearish. The bearish : bullish candles printed on the chart is 4:1 and even the pullbacks are significantly weaker which tells us that the current support level might be taken out and we can slip down by 30% more to test the level of...
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HTF Trend - Bearish Idea - Price is moving in a range and the bounces should be sold off when the Risk Reward Is Favorable (Positional Trade)
Price is extremely bullish Idea - Breakout traders can go long once level of 136.736 is taken out while Pullback traders should wait for the retracement to go long. Major Pivot - 136.500 Caution - The trend is a bit overextended.
Major Pivot Breach suggests Trend Shift from Bullish to Bearish. The nature of pullbacks must be carefully observed. Idea - Look for shorts - sell trades as the price retraces back to a PREMIUM ZONE.
The pair is in a Long term Down trend. The pullbacks on the upside should be identified as short selling opportunity.