Simple Trade Setup | AXISBANK | 22-10-2021 [INTRADAY]

21. Okt. 2021

AXISBANK
Observations:

1) On 1hr time frame we can see that it took support from the middle trendline of parallel channel.
The same channel was already represented in my previous ideas.

Now this middle trendline will work as supprot and the upper trendline will work as resistance.

Please refer below chart : 1hr Time Frame.


2) On 15 min time frame, it has made double bottom pattern. And now it is just below the breakout neckline zone.

Please refer below chart : 15min Time Frame.

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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.