NVK Setup – Intraday Trade Setup

NVK Setup is a intraday trade setup which is a popular trade setup among icharts members

The set up for Long trade:

Price is making a double bottom or even slightly lower low.

RSI is rising.

1st Entry – near the 2nd low seeing the RSI +ve div

2nd Entry – when price Trendline is broken

SL – 5-8 points below that double bottom lows

So the first entry is only having SL of 5-8 points and 2nd one maximum around 15 points.

Profit Booking – The target is always a new days high or when we get closer to that.

For Short trade set up – it is just reverse……

the trade should be ignored if otherwise

1) the double bottom/top should occur within max 1 hr.

2) the peak/trough in between shouldn’t be a day’s high/low.

3) In between the double bottom/top – there shouldn’t be RSI crossover of 50

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