Hello tradingview army I'm back with another post , I hope everyone is doing good and taking care of themselves
Today we are going to analyse the structure of Minda Industries a large cap stock from auto tech sector .In above chart we can see that this stock is trading in downward sloping channel from past 1 month, making structure of lower high and higher low currently 6th leg of LH-LL is in formation
Minda is currently trading in stage 3/1 , with volume falling drastically while price is making lower low this is sign of accumulation .. if we look left to the chart we can clearly see that volumes were rising when price was making new high, so we can say that this entire structure is shakeout type structure where weak hands are getting exchanged with strong hands.
This types of structure are very strong in nature when you confluence them with volume, demand and supply there probability of success increases
so how do we trade this ?
minda have strong demand zone and fibo zone which together we call confluence zone , so if we get any reversal sign at this level we can execute long trade here, reversal signs like bullish engulfing, bullish pin bar, rejection from demand zone .if you are low risk high reward trader then you can execute this method
now let's talk about how breakout trader can execute this trade
wait for stock to move above hourly supply zone with HH-HL structure you can buy at breakout or wait for price to pullback near breakout level after breaking it.
so that all from my side , we will meet in next post till then good bye and take care 😇
NOTE :- Investing and trading in financial market is risky ,I'm not liable for any of your losses.
Today we are going to analyse the structure of Minda Industries a large cap stock from auto tech sector .In above chart we can see that this stock is trading in downward sloping channel from past 1 month, making structure of lower high and higher low currently 6th leg of LH-LL is in formation
Minda is currently trading in stage 3/1 , with volume falling drastically while price is making lower low this is sign of accumulation .. if we look left to the chart we can clearly see that volumes were rising when price was making new high, so we can say that this entire structure is shakeout type structure where weak hands are getting exchanged with strong hands.
This types of structure are very strong in nature when you confluence them with volume, demand and supply there probability of success increases
so how do we trade this ?
minda have strong demand zone and fibo zone which together we call confluence zone , so if we get any reversal sign at this level we can execute long trade here, reversal signs like bullish engulfing, bullish pin bar, rejection from demand zone .if you are low risk high reward trader then you can execute this method
now let's talk about how breakout trader can execute this trade
wait for stock to move above hourly supply zone with HH-HL structure you can buy at breakout or wait for price to pullback near breakout level after breaking it.
so that all from my side , we will meet in next post till then good bye and take care 😇
NOTE :- Investing and trading in financial market is risky ,I'm not liable for any of your losses.