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  • Intraday Trading Using Daily Supports and Resistances

Intraday Trading Using Daily Supports and Resistances

  • Posted by Trading Campus
  • Date March 29, 2020
  • Comments 33 comments

We all know that Break of support leads to a drastic fall and break of resistance leads  to a sharp rise in price. But most of the times when we try to trade it on higher timeframes, price has already gone up or down increasing using your Risk. Then, what time frame is best to trade Daily supports and resistances?

In todays fast paced algo trading generation, you should be able to spot the entry on a lower timeframe to gain higher edge. At the same time, you must also take care of risk while entering in lower timeframe.

Summing it up, we will mark supports and resistances on higher time frames and enter it in lower time frame. It’s up to you to trade it intraday or positional.

One such support and resistance system is “Inside Candle Setup”. An inside bar is formed when one complete candle is inside its prior candle.

 

Above two images are examples of “Inside Candle”. The second candle is completely inside the first candle. When the high of first candle gets broken, it is considered as bullish and bearish if the first candle’s low gets broken.

Bearish Setup : A retest and break of first candle’s low of inside candle setup in intraday session will lead to a bearish rally

Bullish Setup : A retest and break of first candle’s high of inside candle setup in intraday session will lead to a bullish rally

 

 

As seen in the above two images, an inside candle appeared on Sep 16 2019. On Sep 17 2019 in  intraday session, a retest of the support happened and a 5 minute candle broke the support. After that the index fell until 10800 later that day.

 

 

As seen in the above two images, on 17 Aug 2018, inside candle setup was seen. On 20 Aug 2018, in intraday session retest of resistance happened and when a 5 minute candle broke the resistance stock rallied up to 1236 from 1216 later on that day.

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Company Summary

Bajaj Electricals Limited is engaged in engineering and projects; power distribution, illumination and consumer durables businesses.

It has a range of domestic and kitchen appliances comprising water heaters, room heaters, coolers, irons, mixers, induction cookers, toasters, kettles, microwave, rice cookers, gas stoves, non-electrical kitchen aids and pressure cookers.

It offers ceiling, table, pedestal, wall, fresh air and industrial fans, and lighting solutions, such as light sources, light emitting diode-based lighting products, domestic luminaires, torches and lanterns.

Key Highlights of Company Business

Segments and Products

The Company's business segments consist of

  1. Lighting;
  2. Consumer Durables;
  3. Engineering & Projects,

The Lighting segment includes lamps, tubes and luminaries.

The Consumer Durables segment includes appliances and fans.

The Engineering & Projects segment includes transmission line towers, telecommunications towers, highmast, poles and special projects.

The Others segment includes diecasting and wind energy.

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