Questions on the last trading day for Yes Bank:
A. Price opens in previous day's range and makes a high above PDH in the first candle. This forms a pivot and a break of this should be a long entry(on C5), correct?
Price doesn't break out above PDH. By candle 8(C8 on chart), do we say its a breakout failure since it closes below PDH? Does this also mean we can take a short below the break of C8? If not, do we wait for price to close below ERL (Callout 2) and then go short at Callout 3?
B. Or do we look at low of candle C1 and high of C5 and say price is moving sideways and stay out of trade?
Sorry for the long winded question.
Thank you
A. Price opens in previous day's range and makes a high above PDH in the first candle. This forms a pivot and a break of this should be a long entry(on C5), correct?
Price doesn't break out above PDH. By candle 8(C8 on chart), do we say its a breakout failure since it closes below PDH? Does this also mean we can take a short below the break of C8? If not, do we wait for price to close below ERL (Callout 2) and then go short at Callout 3?
B. Or do we look at low of candle C1 and high of C5 and say price is moving sideways and stay out of trade?
Sorry for the long winded question.
Thank you
We work on last day afternoon range. We avoid that.
Hope u r not mixing too many concept.
Keep it simple.