Simple Trade Setup | IRCTC | 20-01-2022 [INTRADAY]

Observations:

1) On 1 day time frame, we can see that it bounce from 50DMA. 50DMA is immediate support.

Please refer below chart : 1day Time Frame.

2) On 15min time frame, we can see that if had came out from the channel resistance and today it tested this channel and bounce from it. Now this channel will work as support.

Please refer below chart : 15 min Time Frame.

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Trade Setup for 20-01-2022

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

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.