Weekly Time-frame: After making bearish pin bar last week, this week ended with strong bearish candle. (Short bias)
Daily Time-frame: Few days ago, prices made a lower high then broke the upward trend-line which signify possible trend change. For further confirmation, analysed intra-day time frame i.e. 4H.
4H Time-frame: After breaking upward trend-line on daily time-frame, prices broke the immediate support level with the momentum and made a lower low which confirms Down-trend. Then made a lower high which took resistance from same level (above support level) and also from 50 EMA.
Conclusion: This price action on every time-frame confirms short bias so one can initiate a short trade with stop-loss above recent lower high keeping own risk to reward ratio in mind.
Trade fechado manualmente
⋅
Position closed with some profit as broader market turned very bullish. Currently, on daily time-frame this stock broke the down trend-line and resistance on upside. So, one can enter a long trade on pull back.