2 KEY QUESTIONS TO BE ASKED IN EVERY TRADE

Whenever you see a higher time frame chart you should ask 2 questions --

1) What trend is the market in ??
2)where are major levels of structure that you should be paying attention to - in that direction ?

SO in the chart i have shown above, the answers are following

1) Trend is bearish
2) Major levels of support and resistance are drawn in Horizontal blue lines

How did i draw blue Horizontal blue lines ??
Those blue horizontal lines are levels of support / reistance which has been tested atleast 3 times

So i shall now proceed to tell you the story of SUNTV

So Now what is Next in SUNTV ???

) Trend is Down
2) Horizontal blue lines are areas of Support and resistance

So unless you do not get a daily close above 650 (which is an area of resistance) - do not attempt to go long.

If you are short - keep stop loss at 650 ON DAILY CLOSING BASIS

Your target should be level of previous support - which is 450 (100 points)

Presently Escorts is trading @ 550 - SL for shorts is @ 650 (On daily closing basis)

I REPEAT - STOP LOSS IS 650 ON DAILY CLOSING BASIS