SIEMENS
Observations:
1) On 1hr time frame, we can clearly see it came out from the falling channel and now it gave closed in range of 2345-2360. which is working as resistance and support.
Breakout of this range will give good upmove.
Please refer below chart : 1hr Time Frame.
2) On 15min time frame, we can see that it has made inverse head and shoulder pattern and gave breakout of it. On wider picture we can also see rounding bottom pattern.
Neckline is the same range 2345-2360.
Please refer below chart : 15min Time Frame.
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Trade Setup for 13-01-2022
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.
