Thought Process that I went through while taking this trade
1.Trade in the direction of the larger time frame momentum unless "OB" or "OS".Execute the trade on lower time frame momentum reversals.since Weekly chart was Bearish Oriented and Daily was giving bullish view.Thought process was sell at critical resistance ,since i wanted to trade in the direction of weekly trend. Alternate approach, Buy for intra day basis for some pullback.
2. SAR 4970
3. On intra day basis , market was trading for a while at 4950
4.4950 was resistance.
5.Formation of Bearish Egulfing pattern confirm resistance.
6. 4980 /4800 was target
7.SAR and Bearish engulfing pattern help this trade.This trade qualify as 1 star trade , trade it with 1 lot only.
8.At the end of the day , i closed the trade at 4890 level.
9.However ,next day market was trading @4800.
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