Simple Trade Setup | BHEL | 21-10-2021 [ INTRADAY]

20 Okt 2021

BHEL

Observations:
1) On 1 day time frame, if we apply FIB RETRACEMENT then we can see that it has taken good reversal from 61.80% level range.
Breakout of 73.75 will give good up move. Safest buy trade entry on sustainable breakout of 76.25 level range.


Please refer below chart : 1day Time Frame.


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Trade Setup for Date 21-10-2021:

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.