Market opens within previous days range and just near to PDC(7823) . First candle was a spin candle with high volume of above one lakh which shows a high degree of indecision in the trader. Next candle was a bearish low range closed candle and indicates the BOF of PDC. Prices moved in downtrend without a pullback to PDC and did not give opportunity to enter short at weak pullback to PDC. Prices moved to 7765 and made a IRL at 7765 at Point B. Prices bounced back to test the BRN - 7800 at point C. BO Occurs at BRN and there was an opportunity to enter on pullback of BOF of BRN which I did not took as I was away from screen. Prices again went down to IRL-7765. Prices failed to go lower than the IRL and FTC signal occurs. Long Entry opportunity occurs when prices went above candle E. I did not took the trade as still I was not on screen. Prices went till Point F and did not touch the BRN-7800. Prices again went down and stopped at Point E and resisted to go beyond the point E. This gave me a confidence that bulls are resisting the prices to go down beyond the point E. I entered at 7791 when prices went above point F and was expecting a BO of BRN-7800. Although the entry was late as my SL was below point D i.e. 7765 which was a very wide SL and if prices would have come down then my accounts were in big red. Prices make a good move upside thereafter and a strong up-move occurs in terms of BO of BRN. My Target was the point A (IRH-7830. I exited trade at 7833 when spin candle with big tails appears which shows the weakness in the up-move. I left the screen thereafter as I will have to move for some urgent work.
Happy Trading!
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