Month: August 2017

I have mentioned a trade possibility of Tata Steel as there is a rising wedge + negative diversion. Today Some steel stocks has breakout on the upside like JSW steel.. So now there is another possibility builds up that it might break the upper trendline of the Rising wedge.

so now we have 2 possibilities –

Short – Below 628 Targets 615-605-595

Buy – Above 641 Targets 655-665-675 (Though resistance can be at the upper trendline of the wedge) – I prefer to trade when price breaks the wedge.

So keep an eye & Trade best possible setup on either side. Will keep update on Daily Basis on Tata Steel.

I’ll try to update during market hours !!

Chart is below for your reference.

Learning Here – Rising Wedge Trade Setup

Tata Steel has made a rising wedge on Daily chart with RSI 14 negative diversion. So if rising wedge breaks one can go short below 628 Target 615-605-595.

Daily Chart are hereby for your reference

 

Dabur on daily charts has made a H&S pattern. So fall below 296 with heavy volumes can take price to test last highs of 288-284-280 levels.

But as per H&S Pattern, Price should fall to 265-270 Levels.

Keep a Track !!

 

EURJPY TRADE SETUP –

How to see the Trade possibility ?

1. Trend –

Identification of the Trend – “UP or DOWN”
Price is making Higher Highs and Higher Lows –
Trend is “UP”
Price is making Lower Highs and Lower Lows –
Trend is “Down”

Now you have 2 possibilities –
(I) Contra Trade (Against The Trend) OR
(II) Ride with the Trend

2. Trendline/Channel Formation – Making Trend Lines.
Whether Price is Moving in a Channel?

3. Support & Resistance
Check whether Price is taking support at previous
resistance or taking resistance at Previous Support.
Trendline Support & Resistance of Channel.
You can use Fibonacci Ratios too.

4. Candlestick Pattern
Now Check at Support & Resistance which Candlestick
Pattern has been made so that we can take our trade
accordingly.

So Here, in EURJPY – Price is in up trend making higher highs and higher lows. Perfectly moving in a Blue Parallel channel and also has a rising wedge Pattern.
So now we have 2 Setups –

Contra Trade – If Trendline Breaks go short, Price can retest previous resistance at 125.50 levels

Ride with trend – Price currently at Channel (Lower Trendline) Support. Wait for some decent green candle to go long.

Earlier also price moved between the Fibonacci 23.6%-38.2% retracement and again price is testing the Fibonacci 23.6%-38.2% levels.

lets see where it will give the entry

SHORT TERM TRADE SETUP – “RELIANCE INDUSTRIES”

Reliance Industries has made a rising wedge Pattern and also has negative divergence on RSI (14). Bearish Engulfing Candlestick Pattern at the Top also confirms that Bears are getting active.

On Weekly Chart Price is perfectly moving into parallel Channel. Price has tested the Upper trend line of the Channel & Retraced back & made a shooting star candle.

So below Today’s low if prices closes on Monday then Price can correct upto 1575-1550-1500 levels

S&P 500 has started showing some weakness. Charts are indicating some retracement to the level of 2440.

Head & Shoulder Pattern formation clearly visible on Hourly Chart.

Line Chart showing negative diversion on Daily Time frame.

S&P 500 index perfectly moving in a channel and can test the lower trend line of the Channel.