Things didn't go as per plan and hence had a sober trading day.
The value of doing this analysis is to have a rational mind and clear plan.
Our psychology is the most important while trading and hence we should respect whenever the market goes against our plan.
Now for tomorrow -
Dow is showing no sign of weakness and respecting an upward trend line since 25th September
It can have a minor resistance at 28750-800
On the 15 min chart a clear uptrend is being formed, there has been a dip and a rise forming higher lows and higher highs (1hour time frame)
24000 is a crucial level, once it's taken over, 25k is up for being captured.
There are 2 patterns on the 1 hour chart.
1) Direct breakout of the resistance
2) Rejection from the resistance and a sidways market with support from 23600 and then a gradual breakout
Scenario's -
SGX Nifty is strong and expecting a gap up opening
For Gap Up -
Clear price action near the 24k resistance.
Breakout of the 15 min candle should be a must
For Flat or Gap Down -
Take support from the 23600 support and then rise. (Buying the dip)
Bias - Sideways to Positive.
Will only be interested in a negative market if 23600 is broken and a 15 min breakdown is given at this point.
Happy Trading!
The value of doing this analysis is to have a rational mind and clear plan.
Our psychology is the most important while trading and hence we should respect whenever the market goes against our plan.
Now for tomorrow -
Dow is showing no sign of weakness and respecting an upward trend line since 25th September
It can have a minor resistance at 28750-800
On the 15 min chart a clear uptrend is being formed, there has been a dip and a rise forming higher lows and higher highs (1hour time frame)
24000 is a crucial level, once it's taken over, 25k is up for being captured.
There are 2 patterns on the 1 hour chart.
1) Direct breakout of the resistance
2) Rejection from the resistance and a sidways market with support from 23600 and then a gradual breakout
Scenario's -
SGX Nifty is strong and expecting a gap up opening
For Gap Up -
Clear price action near the 24k resistance.
Breakout of the 15 min candle should be a must
For Flat or Gap Down -
Take support from the 23600 support and then rise. (Buying the dip)
Bias - Sideways to Positive.
Will only be interested in a negative market if 23600 is broken and a 15 min breakdown is given at this point.
Happy Trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.