This will be my personal trade Setup, This is not an advice of any kind to initiate trade according to this setup. This is for only for my learning purpose and maintaining my trading journal.
Head & Shoulder pattern on higher time frame of Nifty. If nifty respects this pattern then we can expect good move downward.
On Upside Resistance is at : 18660,18777.
On Downside support is at : 18550,18500, (If market respects pattern then 18400 last support.
From last week all indices are range bound and not good for directional trades setups.
For Trade Setup today:
1.) Will buy if break and sustain above 18660 for target of 18720, 18750.
2.) If price breaks down and sustains below 18550 ( Neckline of Head & Shoulders pattern ) then will short for target of 18502, 18460.
No trades if gaps and if there is no clear movement or there are overlapping candles.
Head & Shoulder pattern on higher time frame of Nifty. If nifty respects this pattern then we can expect good move downward.
On Upside Resistance is at : 18660,18777.
On Downside support is at : 18550,18500, (If market respects pattern then 18400 last support.
From last week all indices are range bound and not good for directional trades setups.
For Trade Setup today:
1.) Will buy if break and sustain above 18660 for target of 18720, 18750.
2.) If price breaks down and sustains below 18550 ( Neckline of Head & Shoulders pattern ) then will short for target of 18502, 18460.
No trades if gaps and if there is no clear movement or there are overlapping candles.