Simple Trade Setup | IGL | 04-10-2021 [INTRADAY]

3 Okt 2021

IGL

Observations:
1) On Daily time frame it has closed above 200DMA which is placed at 529.62 level.

Please refer below chart : Daily Time Frame.


2) On Daily time frame, it made morning star candlestick pattern.

For positional long trade for short/mid term, one can take positon on breakout of 535 level for target of 558,571,590 with SL of 520.

Please refer below chart : Daily Time Frame.


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Trade Setup for Date 04-10-2021:

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 respsective level considering how price action works near that level.