Here's another case study I log to journal articles. The scrip in consideration is Auropharma. This stock opened with a huge Bearish candle taking off a minor support from the last one hour of previous session. Bears were very strong. Please refer the 5-minute chart of Auropharma share below.
The 2nd candle was a harami candle. Harami has bullish implications. But the 3rd candle nullified harami implications. Price fell all the way to a very strong confluence area formed by '-p', 's1', 'P', resistance turned support zone, and 200 MA.
So I waited for a short opportunity near pivot 'p'. Notice that the 3rd and 4th candles are hung on 'p'. The bearish mood created by open candle was still active. The short opportunity manifested and the trade had 2.5 Risk-Rewards ratio. The confluence area was fixed as target for the trade.
Once the trade was up and done, the scrip gave a pullback buy opportunity again. Till 13:35 P.M. the stock was range bound. At 13:40 P.M., the stock bulldozed the confluence area to tank down further. Price later plummeted to 's2' pivot and even below.