This will be my trade setup for 22-May-2023
In Previous few sessions price is in consolidation between 800 Points. Missing ATH by 0.10 points :)
Following will be trade setup for tomorrow :
From Price action price is moving upwards and making HH and HL and with Resistance placed at ATH (44151.80) and making it a Ascending Triangle pattern respecting Rising Trendline.
1.) If opens flat and sustain opening price will look for buying CE for 1st Target of just Below ATH.
2.) If opens gap up near about ATH will look if price sustain if not then will look for PE Buy for take of 43850, 43730.
3.) If opens Gap Down near 1st support of 43900 levels and if respects support will look for CE Buy for target of ATH. and if price doesn't hold near support will look for PE Buy for target of Trendline support (43630).
I will trade keeping above points in mind. This is not an Advise of any kind to trade based on above.
views are bullish to neutral ( Consolidation ) to big move above ATH. :)
Hit Like to keep me motivated for keeping my daily trade Journal :)
In Previous few sessions price is in consolidation between 800 Points. Missing ATH by 0.10 points :)
Following will be trade setup for tomorrow :
From Price action price is moving upwards and making HH and HL and with Resistance placed at ATH (44151.80) and making it a Ascending Triangle pattern respecting Rising Trendline.
1.) If opens flat and sustain opening price will look for buying CE for 1st Target of just Below ATH.
2.) If opens gap up near about ATH will look if price sustain if not then will look for PE Buy for take of 43850, 43730.
3.) If opens Gap Down near 1st support of 43900 levels and if respects support will look for CE Buy for target of ATH. and if price doesn't hold near support will look for PE Buy for target of Trendline support (43630).
I will trade keeping above points in mind. This is not an Advise of any kind to trade based on above.
views are bullish to neutral ( Consolidation ) to big move above ATH. :)
Hit Like to keep me motivated for keeping my daily trade Journal :)
Trade closed manually:
Today Bank Nifty formed good setups only traded once in last 1 hour.
Today market opened flat at resistance level around 43950 levels and tried retested it but price wasn't able to hold near resistance and again went down tested Trendline where it took support i missed both these setups to buy PE near resistance and Buy CE Near trendline but still was able to trade in last 1 hour for 50 points move.
Reason for trade :
Price action was forming symmetrical Triangle pattern on 5 min TF and used 3 min TF to place trade.
On 3 Min TF price tested triangle trendline and i placed CE Trade and next candle was 50 points move up although it was so fast then moved my stoploss to profit 20 points profit which was good thing as price moved down on next candle taking back all the 50 points in BNF.
Mistake i did although it was profitable trade but should have closed the position keeping this in mind :
1.) As Price wasn't able to move up as it did on breakout and next candle on 1 min TF was narrow spread and even waited for next candle close which was Red candle.
Today market opened flat at resistance level around 43950 levels and tried retested it but price wasn't able to hold near resistance and again went down tested Trendline where it took support i missed both these setups to buy PE near resistance and Buy CE Near trendline but still was able to trade in last 1 hour for 50 points move.
Reason for trade :
Price action was forming symmetrical Triangle pattern on 5 min TF and used 3 min TF to place trade.
On 3 Min TF price tested triangle trendline and i placed CE Trade and next candle was 50 points move up although it was so fast then moved my stoploss to profit 20 points profit which was good thing as price moved down on next candle taking back all the 50 points in BNF.
Mistake i did although it was profitable trade but should have closed the position keeping this in mind :
1.) As Price wasn't able to move up as it did on breakout and next candle on 1 min TF was narrow spread and even waited for next candle close which was Red candle.