Tata motors intraday trading setup on 3rd December 2024

Tata motors had a weak bullish setup. So, 791 was acting as a resistance for past few days. It tried to break the level yesterday but failed. Today also the setup was weak as the 10:30 candle was a gravestone doji. There was a round number of 800 also in the way of target. I have avoided this trade as the setup was missing two important things-a strong close and a no round number in the target direction. This setup gave the target but it is important to stick to the rules and take the best trades only.

Someone might ask that the price tried to break yesterday as well and the close was strong then could the trade have been taken yesterday? The rejection of the level is necessary for me to enter. A liquidity sweep or a U shaped recovery in 15 minute chart with strong close was necessary. Also, 800 level was still in the way. So, I would have avoided the trade yesterday as well.