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!