Simple Trade Setup | BHEL | 18-10-2021 [ INTRADAY]

17 Eki 2021

BHEL

I am posting this on request from one of the follower.

Observations:
1) On 1 day time frame, 14-10-2021 candle is a profit booking candle. On 18-10-2021, if it breaks the low of this candle and keep trading below then it will continue the profit booking.
But if it trades above and takes support from low then it will be bullish again.

Major resistance is at 78 level. Breakout of it will lead it to next resistance of 80.50.

Please refer below chart : 1day Time Frame.


2) On 15 min time frame, if we apply FIB RETRACEMENT, then we can see that it is above 38.20% level of FIB RETRACEMENT.
Also we can see formation of bullish flag and pole pattern.

Please refer below chart : 15min Time Frame.


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Trade Setup for Date 18-10-2021:

Most of the levels will remains the same as per previous setup.

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.