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DATE: 25th October, 2024
TRADE LOGIC: Trendline + Fractals Breakdown along with EMA confirmation
Timeframe: 15 mins
Indicators used:
1. William Fractals [Periods: 4]
2. Moving Average Exponential (EMA) [Length:9, color:brown]
3. Moving Average Exponential (EMA) [Length:15, color:purple]
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William Fractals is a free indicator used to determine the Support & Resistance area at frequent intervals (I used factor:4 on 15min timeframe to check for hourly support & resistance). You can change the values to check which suits you better. The bottom arrows indicate a support while the upper arrows indicate a resistance. I have made some changes which I have shared in images as reference.
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BPCL was moving in a triangular channel taking support from Lower Trendline and resistance from Upper Trendline. Once I saw the breakdown of the triangular channel along with the previous support of Fractals, trade initiated on a small pullback with the Stoploss at middle of previous candle. Trailed my stoploss until the formation of another support at the bottom.
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Stock given a good downside momentum from 316 to 307 (2.85%)
Good trade captured with a RR ratio- 1:4
š”š¢š§š: This is only for Educational Purpose and no further Trading recommendations on this stock. Indicators are just a confirmation for your direction but the actual movement depends on various factors. Please manage your Risk Reward Ratio to grow your wealth.
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