Trade Setup for 19 May 2023

This will be my pre-market analysis of nifty for 19-may-2023:

Today bears took hold of price and moved price down to 18120 level. On 15 min and 45 min chart from price action we can see Head & Shoulders pattern and if this pattern succeed then it nifty may fall to 18000 level. My view is bearish but patterns can fail so will trade according to price action on tomorrow. Following will be my trade setup.

With Head & Shoulder pattern there descending triangle pattern on 15 min TF

1. If market opens flat and break the triangle on upside after retest of descending trend line i will look for buying opportunity for the targets of 18200, 18250 and 18270.

2. if market gap down then will look for nearby support from levels 18100 or 18000 .

3. if market opens gap up i will look for rejections as nifty have lot of hurdles on upside and it's still sell on rise.


This will be my setup for tomorrow. This is not an advice of any kind. Always follow your own setups and learn from mistakes.

I started publishing these setups as my lack many things like keeping trading journal and i hope with this i can get better.

Comment:

i didn't trade nifty but as for my pre-market analysis trades placed according to the setups would work good as market opened flat and broke support and fall for 18060 level and that was exactly horizontal support i placed at 18056 :) 4 points missed and other setup would have buying at this support, 3rd setup could be buying after it broke declining trend line.

so many setups and when they give work according to your setup planned gives you satisfaction even if you don't trade :) although this only works on trending days like this ...xD.