Bank Nifty Trade Setup (23-May-2023)
As posted yesterday price is consolidating between 700-800 Points near ATH Level.
From price action Its moving in Lower Highs and Higher lows forming symmetrical triangle pattern breaking this pattern on either side can give 200-250 points for the levels of horizontal resistance also ATH on upside and horizontal support at 43550 levels.
For tomorrow Setup i will look for following :
1.) If Opens flat will wait for break of this triangle pattern and on which ever side it break will trade accordingly for target of Support or Resistance levels.
2.) If opens gap up will check if it retest this pattern and if sustain the Gap i will look for buying for target of ATH which will also be partial booking or full booking as per my time for it.
3.) If opens gap down will follow the same check if it retest triangle pattern if doesn't sustain will buy PE for target of support level. if price sustain above triangle lower trendline i will look for buying with first target of Triangle upper trendline.
This will be my personal trade Setup, This is not an advice of any kind to trade for anyone.
Hit like to keep me motivated for keeping my trading journal. also one can comment how i can make it better or any improvements i can make in my trading setups.
From price action Its moving in Lower Highs and Higher lows forming symmetrical triangle pattern breaking this pattern on either side can give 200-250 points for the levels of horizontal resistance also ATH on upside and horizontal support at 43550 levels.
For tomorrow Setup i will look for following :
1.) If Opens flat will wait for break of this triangle pattern and on which ever side it break will trade accordingly for target of Support or Resistance levels.
2.) If opens gap up will check if it retest this pattern and if sustain the Gap i will look for buying for target of ATH which will also be partial booking or full booking as per my time for it.
3.) If opens gap down will follow the same check if it retest triangle pattern if doesn't sustain will buy PE for target of support level. if price sustain above triangle lower trendline i will look for buying with first target of Triangle upper trendline.
This will be my personal trade Setup, This is not an advice of any kind to trade for anyone.
Hit like to keep me motivated for keeping my trading journal. also one can comment how i can make it better or any improvements i can make in my trading setups.
Comment:
Opened Gap Up near triangle resistance will wait for 15 min candle close or there is no clarity in trend on 5 min TF will wait for price action to form then
Trade active:
Bought CE Buy after it retested the trendline at resistance for target of ATH. added small stoploss
Comment:
BNF Still sustaining above resistance level when will close this position after 1:1 R:R
Trade closed manually
Comment:
Today i took two trades in BNF one was ended in profit and in other stop loss hit.
I entered 1st trade when BNF was holding well near triangle resistance and it retested few times and i entered trade after it retested and moved near today's high.
1st Trade : Entered Near Support but didn't closed my position near today's high.
and price moved down and stop loss got hit.
2nd trade : Entered near support again and closed this time near Today's high.
Mistakes:
I made mistake only in 1st trade entry was ok but didn't exited the trade as i was bullish on price action coz of breakout of triangle pattern and as price was taking it as support and keep consolidating near it.
If there wasn't any stop loss then loss would be more. which won't be covered by 2nd trade i took.
i didn't followed market after 11:30 am and good move came near last 45 minutes.
I entered 1st trade when BNF was holding well near triangle resistance and it retested few times and i entered trade after it retested and moved near today's high.
1st Trade : Entered Near Support but didn't closed my position near today's high.
and price moved down and stop loss got hit.
2nd trade : Entered near support again and closed this time near Today's high.
Mistakes:
I made mistake only in 1st trade entry was ok but didn't exited the trade as i was bullish on price action coz of breakout of triangle pattern and as price was taking it as support and keep consolidating near it.
If there wasn't any stop loss then loss would be more. which won't be covered by 2nd trade i took.
i didn't followed market after 11:30 am and good move came near last 45 minutes.