This is a low prob setup with minimal confluence. I wouldn't risk too much. Just for experimentation and back in the game.
FOR: 1. Clear breakout and weekly close above ATH 2. Can come for a pullback R:R -> 1:1.5
Cons : Volume isin't in support of the confluence. Note: Need to wait for pullback and very good discount before entering the position. One for the watchlist
1. Very likely to reverse trend 2. Same selling action isin't happening at a key supply area. 3. Volume in good support Note to self : Fundamental study to be done.
Backtest XAUUSD 1. Rejection at previous sellers area 2. entry at cmp
AMARA RAJA - At a discount. Its a trade that is taken without confirmation. No official trend reversal made. Take at your own risk.
A potential 785 points move is on the cards. Most probably, tomorrow ( Friday ) , the price action may consolidate. I am expecting either massive gap up or gap down on Monday. From a macro point of view, the FII are net sellers and inflation hasn't peaked yet. The scope of soft landing are out of the cards and the FED chairman has hinted about a potential...
Long at CMP Break out from channel. Less selling pressure Keep stops below structural higher low
Potential for breakout Looks like Flag and pole structure
1. Break of the neckline - Inverted H&S 2. If swing fails, we can carry forward the position for long term as well :P
1. The channel looks like a case of long term order building to me. Scenario 1: If the seller at 760 can break the channel and close below, then the setup is invalid Scenario 2 : If the buying pressure can close above the seller at 760 at day level, then there is a solid case for longs. Note, the Price volume at 600 is the mode of the histogram, maybe a fair...
Wait for the pullback @ Discount. If the risk to reward isin't in favor, do not take positions.
1. Trend reversal at a long term demand area ( accumulated for a long time) 2. Can go longs at CMP.
Potential Longs. 1. Go long after it closes above 80 at week level 2. Keep stops at the structural levels 3. Check for fundamentals as it seems to break 11 years of consolidation ( Why the narrative for the rally ?? ) 4. Very Weak selling pressure at its long term monthly resistance - why is it the case ?? 5. Does the industry has sound fundamentals to go longs...
1. Breakout from the falling wedge. 2. Yet to do proper trend reversal 3. The selling that came at 163 at June 2022 till 135, couldn't repeat again due to the buying pressure. 4. Can go for longs for aggressive entries
Long. Confluence : 1. At the support of long term channel 2. Potential trend reversal 3. Weak sellers action Entry : At CMP SL : 565 TP : Subjective