MARUTI - STRATEGY FOR SWING TRADERS!- LONG TERM INSIGHT!
HIGHLIGHTS:
1. Successfully hit 0.618 Fibonacci level(also the R1 of the pivot).
2. Currently hanging at the 0.382 Fib level.
3. Price closed under MA(26): 7059 - good bearish indication.
4. Hidden Bearish divergence on RSI.
5. Expecting a fall to the central pivot(6829).
6. If the pivot hold, then LONG positions can be opened till the 0.382 fib level or till the price reacts with the downtrend line.
7. Break down from the pivot will cause it to fall further towards 0.236 fib level or even the last important swing low. In that case, SHORT positions can be taken.
8. Overall trend is Bearish.
9. Always use a Stop loss.
Marked swing & pivot points, trend line and Fibonacci level can be used for trading.
Try to lookout for confluence of these parameters, don't trade solely using any one of these parameters.
P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal.
Invest your capital at your own risk.
1. Successfully hit 0.618 Fibonacci level(also the R1 of the pivot).
2. Currently hanging at the 0.382 Fib level.
3. Price closed under MA(26): 7059 - good bearish indication.
4. Hidden Bearish divergence on RSI.
5. Expecting a fall to the central pivot(6829).
6. If the pivot hold, then LONG positions can be opened till the 0.382 fib level or till the price reacts with the downtrend line.
7. Break down from the pivot will cause it to fall further towards 0.236 fib level or even the last important swing low. In that case, SHORT positions can be taken.
8. Overall trend is Bearish.
9. Always use a Stop loss.
Marked swing & pivot points, trend line and Fibonacci level can be used for trading.
Try to lookout for confluence of these parameters, don't trade solely using any one of these parameters.
P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal.
Invest your capital at your own risk.
Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Blog: tradingwick.in/
✅ Amorella: amorella.in/
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