DIVIS LAB




Following observations can be made in the above chart :

1. Like I mentioned in the previous post, I will re entry if price goes below 3400 and we can see the strong support shown by the buyers when price approached that zone.

2. So our stop loss was correct and making an exit at that was our correct move.

3. Also, today's low stands at 3367 and when price is struggling to beat that then it is signal that there will be no downtrend and such signals should be identified. Around 2pm, another support zone formed which is another signal for us to exit if we had not fixed stop loss.

4. We can also observe price got stuck in range bound zone between 3398-3465.

5. It is important that we change our stop loss and target with changing market in order to make consistent profits and if not that, atleast minimum losses.

UPL


Following observations can be made in the above chart:

1. Rally until 11am supported our view of downward rally as the price made new low's multiple times.

2. Post that we saw some support in the zone plotted above which could be considered as sellers reconsolidating their strength to go strong again and that is supported by rejection at the 1st support line, hence I held on to my position.

3. Not very long, at around 11:45, price tried to go below the low earlier formed, but there is resistance again which is a signal that I identified that there could be reversal of trend and made an exit and also because there is no point in holding the position for just another 2 points.

4. We can also observe that price did not respect the first support line like it did in the first time. So ppl who did not observe the first signal should have observed this second signal.

5. Post that, price got struck in a range bound.

6. It is important to exit on identification of certain powerful signals. If price does not respect our support/resistance lines where we made an exit, then we can take re-entry. Rigidly holding on to any trade with the pure expectation that it will go our way without any logic/strategy is not the right mindset in order to be successful. Discipline and consistency in pursuing and learning new things about market will make us successful sooner or later and for long term.


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