RELIANCE : BET ON FNO AND SWING

6 天前

Technical Analysis of Reliance Industries on 1-Hour Chart

1. Overview of the Chart
   The chart represents Reliance Industries on the 1-hour timeframe, highlighting key concepts such as CHoCH (Change of Character), demand zones, and the golden retracement zone.
   
   Tools Used:Price Action: Key highs/lows, retracement zones.
   Demand Zones: Mitigated demand areas.
   Golden Retracement Zone: Optimal entry for Wave B based on Fibonacci levels.
   Swing Target: Projected target for Wave C.
   
2. Key Levels and Concepts ExplainedExtended Retracement Zone (Deep Retracement): ₹1,261.20 – ₹1,252.70
   
   This zone marks a potential support area for buyers after a correction in Wave A to B.
   Buying Tip: Look for reversal signs in this zone.
   Stop Loss: Below ₹1,252.70 to manage risk effectively.
   
   Golden Retracement Zone (Wave B): ₹1,241.30 – ₹1,261.20
   
   Located at the 61.8% Fibonacci retracement level, a high-probability area for a reversal upward.
   Buying Strategy:
   
   Enter within this zone if price shows bullish signs like engulfing patterns or pin bars.
   Stop Loss: Just below ₹1,241.30.
   Target: Swing high at ₹1,341 – ₹1,354 (Wave C).
   CHoCH Zones:
   
   Failed CHoCH: Price rejected near ₹1,273.75 and corrected lower.
   Demand Zone: Strong demand needs to emerge at ₹1,261.20 for a reversal upward.
   Tip: Look for bullish confirmation near demand zones or the golden retracement.
   
   Swing Target Zone: ₹1,341 – ₹1,354
   
   Represents the projected target for Wave C if the retracement zone holds.
   Partial Profit Tip: Book profits near ₹1,341 – ₹1,354 and trail stops for further upside.
   
3. Stop Loss StrategyStop Loss on Failure: Below ₹1,241.30.
   If price closes below this level, the bullish setup is invalid, and traders should exit to limit losses.
   []Buying Tips at Key Levels[]Primary Buy Zone: ₹1,241.30 – ₹1,261.20 (Golden Retracement)
   
   Look for bullish confirmation like pin bars, engulfing candles.
   Stop Loss: Below ₹1,241.30.
   Target: ₹1,341 – ₹1,354.
   Aggressive Buy Option: ₹1,261.20
   
   Scale into positions near mitigated demand with tight stop losses.
   
4. Key ObservationsWave Structure: Price is in Wave B (corrective phase), aiming for an upward Wave C.
   Demand Zone: Buyer defense at the golden retracement confirms bullish outlook.
   Risk Management: Always use stop losses to avoid significant drawdowns.
   
5. Summary of Key LevelsKey LevelsActions
   ₹1,241.30 – ₹1,261.20 Buy Zone (Golden Retracement)
   Below ₹1,241.30 Stop Loss
   ₹1,341 – ₹1,354 Swing Target Zone
   

By following this plan, traders can align with price structure, optimize risk-to-reward, and trade effectively.

前天

交易結束：達到停損點

Stop loss triggered in Reliance, but it can be buy again near 1188-1179 (wave C completion zone on larger time frame