Trading Challenge II : 300% in 5 months

[SwagatN]

Trading Plan for 07 Sep 2018

Background : Background shows weakness, Hourly chart marks lower swing high lower swing low and a down trend channel. Price is trading near the
over-bought region of the channel. Hourly chart shows buying climax with up-thrust and no demand bar. So expect lower price.

5m chart marks a trading range between 607 - 601. Strong supply is seen near 607 near the range top in yesterday's closing session. Price is marked down since on strong volume. Price is heading towards the range bottom where bag holding was seen yesterday.

Need to see how price reacts to any demand near 600/602 in today's session.

 

[primitivetrader]

You have drawn your hourly trend channel wrongly. There is no buying climax in hourly and no bag holding on 5 mob

 

[SwagatN]

You have drawn your hourly trend channel wrongly. There is no buying climax in hourly and no bag holding on 5 mob

They are right IMO. I will explain later..

 

[SwagatN]

Not sure if i would have taken a short below 9:30 5m bar low, theoretically that's a no demand bar, followed by a hidden upthrust. But above average volume kept me sceptical.. So just let it go. Will observe subsequent price action. and add notes to me learning...

 

[SwagatN]

Not sure if i would have taken a short below 9:30 5m bar low, theoretically that's a no demand bar, followed by a hidden upthrust. But above average volume kept me sceptical.. So just let it go. Will observe subsequent price action. and add notes to me learning...

Looks like avoiding that setup was a right decision. A potential bottom reversal is being seen on 5m

 

[SwagatN]

Looks like lot of struggle is being made by bears to mark price down below 600, and strong buying interest is there. on hourly no bullish volume was seen as well on any downbar following the upthrust..Price is holding on to its gain. So guessing price might go up to re-test the previews day high (supply zone)

 

[SwagatN]

ON strong demand price has gone up to the trade range top near 608. The following reaction was on weak volume. Initiated LONG

 

[SwagatN]

ON strong demand price has gone up to the trade range top near 608. The following reaction was on weak volume. Initiated LONG

Price struggles to go up, probable all the floating supply are not removed yet..

 

[SwagatN]

Price struggles to go up, probable all the floating supply are not removed yet..

Exited LONG, will wait for better opportunity

 

[SwagatN]

Exited LONG, will wait for better opportunity

LOL, perhaps I turned put to be a weak holder.. 5m is showing a potential shake out.