Chetan_alpha

Chetan_alpha

The combination of a supply zone and channel resistance may pose challenges for Coal India's upward momentum. Traders should keep a close eye on the price action and look for potential signs of a breakout or reversal.

Chetan_alpha

In the daily timeframe, Nifty 50 is currently showing two chart patterns - a support level and a channel. As the price approaches the channel resistance, traders may want to keep a close eye on the potential for a breakout or reversal. Additionally, a W pattern has formed near the support level, which could suggest a potential bullish reversal.

Chetan_alpha

The resistance observed in Reliance's 4-hour channels may suggest a temporary slowdown in its upward trend, though its long-term outlook remains strong

Chetan_alpha

Axis Bank is approaching a resistance level, it may indicate a potential reversal or a consolidation phase. Traders should closely monitor the price action at this resistance level to determine whether there is a possibility of a breakout or a rejection. If the price breaks above the resistance level, it could be a bullish signal, and traders may look for buying...

Chetan_alpha

After a prolonged period of rejection, ICICI Bank has finally broken out, indicating a potential shift in the market sentiment towards bullishness. Given this setup, there could be a buying opportunity on a possible retest of the breakout level, which may offer a favorable risk-reward ratio for traders.

Chetan_alpha

HDFC Bank has been consolidating for a while now, which suggests that there is a possibility of a significant move in the near future. Consolidation periods often precede strong price movements, and traders who are patient and can identify a potential breakout or breakdown from the consolidation pattern may be able to capture a significant price move. Therefore,...

Chetan_alpha

When a stock takes resistance at the same level multiple times, it could indicate the existence of a strong resistance level that may be difficult for the stock to break through. In the case of ICICI Bank, taking resistance at the same level six times is a noteworthy observation, as it suggests that there is a significant selling pressure at that particular...

Chetan_alpha

The breakout of a cup and handle pattern on HDFC Bank, one of the major constituents of the BankNifty index, is a positive signal for the stock and could potentially contribute to bullish sentiment for the banking sector and the BankNifty index as a whole. If HDFC Bank continues to exhibit strong bullish momentum and moves towards its next resistance level, it...

Chetan_alpha

In the first scenario, if BankNifty manages to break through a key resistance level, it may present a potential buying opportunity for traders who are looking to capitalize on the bullish momentum. These traders may wait for a retest of the resistance-turned-support level before entering into a long position, as this can provide a favorable risk-reward ratio. In...

Chetan_alpha

Reliance Industries Limited (RIL) looks attractive for a swing trade based on its current technical setup. The stock has been trading in an uptrend, with higher highs and higher lows, since December 2021, indicating a bullish sentiment. In addition, RIL's relative strength index (RSI) is currently above 50, indicating positive momentum. Furthermore, the moving...

Chetan_alpha

"Bearish signals on the EUR/USD chart! 📉🐻 This order block highlights a potential price reversal, with key support levels to watch. Keep an eye on this pair for potential trading opportunities."

Chetan_alpha

"Banking stocks have been on a rollercoaster ride lately, but this chart shows a potential buying opportunity. 📉📈 Stay alert and keep an eye on these key support and resistance levels."

Chetan_alpha

What is an order block? Order block is a market behavior that reveals the pile-up of orders by large entities. In forex, the order blocks are used by the banks to split their big orders into small chunks so that they get their orders filled at better prices without disturbing the market equilibrium

Chetan_alpha Updated 

he right way to make use of order blocks is to consider them as a high-probability trade setup alongside your key trading strategy. Order blocks are not usually formed; hence, they cannot be used as a single strategy. If you use order blocks as a trade setup, you can find really high-probability trade entries, and you can use them to reap additional profits...

Chetan_alpha

The term "supply zone" in the context of currency trading refers to a price level where there is a significant amount of supply (i.e. selling pressure) in the market. In other words, it is a price level at which traders are willing to sell a large amount of a currency, causing the price to potentially drop. In the case of the EUR/USD currency pair, a supply zone...

Chetan_alpha

How to identify demand zone ? First of all look at the chart. Look at the left hand side of previous low where the previous strong rally started. Find out the origin or start point of the strong rally. Draw two parallel lines: 1st line at low and 2nd line at nearest close.

Chetan_alpha Updated 

The right way to make use of order blocks is to consider them as a high-probability trade setup alongside your key trading strategy. Order blocks are not usually formed; hence, they cannot be used as a single strategy. If you use order blocks as a trade setup, you can find really high-probability trade entries, and you can use them to reap additional profits...

Chetan_alpha

The 3 things we look at before entering are: 1. Look at the overall market structure ( Higher Highs and Higher Lows or Lower Highs and Lower Lows. Bearish or Bullish ). 2. Look for supply or Demand zones according to the higher timeframe trend ( So if the higher timeframe trend is a down trend then you would look for supply zones and if you are in a bullish...