ICICI Bank - Beautiful Parallel channel on 1hr

٣٠ مايو ٢٠٢١

🔰 MY thought process :
⭐After a good breakout and reversal on the D chart now this beauty is moving towards ATMs
⭐I see a good 1hr channel pattern here opening upwards
⭐A very decent trading setup would be activated when it touches the 1hr support zones ( the lower line of the channel I made) and makes a bullish candlestick pattern :)
⭐Trade type: swing
⭐Pattern: parallel channel
⭐Buying on support and selling on resistance will be the setup type :)
⭐Risk will be minimal, SL below your entry candle, reward: top of the channel ( in this case it can also Touch ATM where some profit booking will take place )
⭐When not to trade this pattern: if it gives a close below the trendline don't trade leave the setup and trade :)

🔰Am I taking this trade now: No---Reason: Already in the trades of Naukri and PPL as posted last time :) also took a small position in Coal India today as posted guys :)
Also keeping an eye on JSW steel too seems bullish to me :), All the analysis already posted :)

🔰 {Some info}
➼My name is Apoorv and I am a 2nd year Engineering student, I want to pursue trading as my career, and thus whatsoever setups or trades I potentially see on my charting platform, I post it here and share them with you all.
➼I hope you will love my simple analysis style.
➼Feel free to suggest your view on this as learning is earning here :)
➼I take my trades on my Zerodha account :)
➼These charts are my and only my work, my thought process, just from an educational point of view and no calls.

<<<<<<Thank You Have a Nice Trading Day>>>>>>