SUNPHARHMA - 18 points Intraday move
INDUSIND - 31 POINTS INTRADAY MOVE
BANDHAN BANK - 7.8 POINTS INTRADAY MOVE
To get the above trades, You must know the following basics of technical analysis.
- Candlesticks
- Chart Patterns
- Trendlines.
CANDLE STICKS :-
- CHART PATTERNS
- TRENDLINES:-
Concepts to follow for drawing Trendlines
1. The trendline drawn connecting all the swing high and swing lows to form our triangle and channel price action pattern must take at least 2 touches. The more touches the better the outcome. Make sure the wicks are also contained inside the trendline to the maximum extent.
2. Treat Trendlines as Range, not as an absolute value of buying and selling. Just like support and resistance they are "ranges" Meaning it can be used as guidance.
3.Dont force any trendlines or to make patterns by drawing the trendlines according to your wish. Forcing any Trendline will cause terrible price action movements.
4. The inclination or declination angle for our triangle/channel pattern should not be more 70%, meaning if inclined more, it means it's already in a bullish uptrend, and chances of the breakout will be very less and vice versa for declination.
5.Trendlines are not always smooth. Just like the market. Don't worry if you are not able to touch every swing high and low. So try to draw with maximum touches if not leave them out. These are called Imperfect Trendlines.
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