Simple Trade Setup | RELIANCE | 23-08-2021

21 thg 8, 2021

RELIANCE

Observations:
1) On 15min Time frame, it is trading in downward channel.

Please refer Chart below: 15 time frame.


2) On 1 Hour Time Frame, it is now back to its neckline after giving breakout of inverse head and shoulder.
As per theory it should now test this neckline and give bullish move upside.

Please refer Chart below: 1hour time frame.


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Trade Setup for Date 23-08-2021:

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) If it breaks out the parallel channel then it will give up move and if it breaks down the parallel channel then it will give down move.
If you know the scalping and experience trader then you can do in between the parallel channel with the levels and if you are a safe trader then better to wait until it gives the breakout or breakdown from the parallel channel and then take trade from the mentioned levels.

3) Everything is mentioned on the chart. I hope it is easy to understand.

4) All the levels will work as support, resistance, entry and target w.r.t price action working near that level tomorrow.



Hope I made it easy to understand it.

Do comment your doubt or suggestion.