AFTER A SIGNIFICANT RALLY DOJI APPEARS ( EVENING STAR). WITH SIGNIFICANT VOLUME, REVERSAL EXPECTED. THE MAY FALL. HERE WE NEED TO GO FOR A SHORT POSITION.
SELL BELLOW 10620, STOP LOSS : 10980, TARGET :10300, DURATION : 10 DAYS
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Ganesan: I have 2 questions to make my understanding clear.
1. Why not the entry price when the price goes below the current day candle?
2. Why the entry price before rally?
hi mr. rajkumar. after a price rally doji appears with some significant volume, the reversal pattern expected. if price started to go down we take entry price as previous low. this is not suitable for intraday.
with current day candle you can’t predict weather the price go below or go up. if price reaches previous low, you can predict, bearish trend going to happen. so you go for a short position.
2. After doji you see the bullish piercing pattern appears with high volume. here we talking about bearish, so we take entry price as previous bearish low. that’s why i took that as a entry price.
if you have more doubt on that chart. msg me 9884075559
Hi Ganesh, What would be a good time on weekdays to call you to discus on this topic?