Simple Trade Setup | M&M | 22-10-2021 [INTRADAY]

21 Okt 2021

M_M

I am posting this as one of the follower from twitter requested for it.

Observations:

1) On 1 day time frame, it closed just below 10DMA.

Please refer below chart : 1day Time Frame.


2) On 15min time frame we can see RSI made higher lows, while price was making flat lows. We can see a quick upmove in which we can take a quick/intraday long trade.
If opens gap up then avoid.

Please refer below chart : 15min Time Frame.


3) Further on 15min time frame we can see that it has critical supprot range of 890 to 895 level.
Also it has been taking resistance from the resistance trendline.


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Trade Setup for Date 22-10-2021:

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.