SID trade ideas
SBI bank Ready for Correction and enter into 4th wave. according to Gann Theory SBI 1 unit of price/day = the motion of the earth around the sun such as we can see in the chart. it shows price and time balancing from 22 may 2020 to 05 Feb. 2021. and 2nd wave is so consolidate it indicate 4th wave will be sharp.
SBIN { 30 M short }Stock gapped and IB formed , Good to short now if breaks
Rest is as per charts
Note :-
Entry - At the break of mentioned candle's low/high
Stop Loss -
In a Short Trade, I always use Previous Candle High ( PCH ) as a stop loss while entering the trade. Sometime I might use 15 M tf SL & trade in 30M tf which I'll mention. Vice Versa for long trades
Trailing Stop Loss ( TSL ) - Mostly I trail stop loss by PCH as price falls . I exit as PCH breaks & vice versa
Use of PSAR as TSL :- TSL get's hit in trend following due to noise, In such cases I use PSAR to be in trend & exit if PSAR direction change
You can use any one of above mentioned or your own way to manage risk
Time Frame :- I take ~ 90% of my intraday trades in 15m tf. Where my analysis might come from higher frames like W , D or 1hr chart pattern which will be mentioned.
Target :- I do set target line based on support / resistance slightly above/ below it . Please pay attention to it
HOW TO INVEST IN SBI ? and WHY SBI IS NOT FOR TRADERS? COMPLETE PRICE ACTION :
SBI IS ONLY FOR INVESTORS WHO WISH TO INVEST AND FORGET.
AFTER 1 YEAR/2 YEARS YOU CAN SELL AND TAKE OUT PROFITS .
BUY WHEN THE PRICE HITS - SUPPORT LIN E +RSI BELOW 30
SELL WHEN THE PRICE HITS - RESISTANCE LINE OF THE CHANNEL + RSI ABOVE 75
USE ALONG WITH USE RSI- TEAMGAPUP FOR EXTRA CONFIRMATION.
Do the same only when both the conditions are meet.
May be if this year if there is no break out .You can use the same logic above.
Lets see if this could be a 12th year to follow the same channel
why its not for traders ?
Because it hardly takes 1year to 2 year to travel to the opposite direction,where day traders cannot be benefitted
SBI 13/01/2021 updated after 1St TP achievedHi
this analyze is base on my preview video analyze of the same ticker
www.tradingview.com
as we can see our first target was 300 to 310 Rs which we had achieved and now we are crossing the 161.8% fib projection which is also called as extension zone in Fibonacci jargon and it gets interpreted that once we touch this zoon after crossing the 127% of the same fib, then we can expect the trend to reach the 261.8% of the same fib projection which I have specified with the TP Zone Box (350Rs)
we may have a renege and consolidation period as we are breaking trough a tough resistance zone which i have specified with the red box.
or a little bit correction to 127% of fib but the ultimate target is to cross the resistance zone and hitting our target price of 350Rs
please comment your opinions
Bearish Head & Shoulder Pattern in SBIN for coming sessionsThis analysis is purely for intraday or STBT trades.
Red lines or bars represents resistance. Green bars/lines represents support. Yellow horizontal bar represent the current price level
State Bank of India appears to forming the right shoulder of "Bearish Head & Shoulder Pattern" in Hourly as well as 5 minutes Time frame.
The neckline seems to be near 192 level. If that level is broken with volume and price sustains below that level.. then the support of 185 level may be seen quickly.
Advice would be to see the price action at the current level (yellow horizontal bar in the chart). if that level is broken with volume then price will go down to complete the neck line.