This Will be my Trading Setup of BNF For 19-May-2023:
Today with Gap up opening at resistance nifty was unable to sustain at ATH and keep miss touching ATH and it was sell at high for today's and previous session. Also BNF is still respecting Rising Trendline and today also it took support at trendline. For tomorrow i will trade according to following setup.
1.) If opens gap up and as today will look for rejections from resistance levels which is 43900 and 44100 levels for the targets of PDL or PDC
2.) If opens flat as i will look for if it takes support at PDC i.e 18-May Close and at trend line i will look for buying opportunity for the target of 43900 and 43950.
3. ) If it opens gap down then will wait for price to action to form and nearby support Levels if BNF will take Support or even broke it.
This will be trade setup for tomorrow. This is not an advice of any kind to trade based on someone else analysis. always follow your trade setup and learn from your own mistakes.
This is part of my trading journal which i hope will follow and don't quit :)
Today with Gap up opening at resistance nifty was unable to sustain at ATH and keep miss touching ATH and it was sell at high for today's and previous session. Also BNF is still respecting Rising Trendline and today also it took support at trendline. For tomorrow i will trade according to following setup.
1.) If opens gap up and as today will look for rejections from resistance levels which is 43900 and 44100 levels for the targets of PDL or PDC
2.) If opens flat as i will look for if it takes support at PDC i.e 18-May Close and at trend line i will look for buying opportunity for the target of 43900 and 43950.
3. ) If it opens gap down then will wait for price to action to form and nearby support Levels if BNF will take Support or even broke it.
This will be trade setup for tomorrow. This is not an advice of any kind to trade based on someone else analysis. always follow your trade setup and learn from your own mistakes.
This is part of my trading journal which i hope will follow and don't quit :)
1.) This was the Trade i took in morning when i had free time
i planned my trade in my pre-market analysis that price is respecting rising trendline but today with gap up it didn't sustain the gap and trend line got broke but i wanted to be sure and if it retest that trendline but it didn't and next confirmation was horizontal support which also broke with 2 wide spread candles on 5 mintue chart. I entered the trade.
and with this i got 40 to 45 points with this trade i exited my position and didn't waited for next candle because there was nearby Support of CPR S1 level and that's where it took support on 17th may when trend line broked that day. i closed my position when it formed Hammer like formation at support and next candle was wide spread bull candle with good volume on 1 min chart.
Mistakes and things to remember:
1st execution was bad as the trade i took in my busy schedule , could have place placed trade when broked the trendline as also it rejected the CPR .
2nd morning 30 minutes are good to trade in this time of market movement but you need free time but due to work it gets difficult. so i should wait for other setups to form when i get free time otherwise i shouldn't trade in morning.
3rd thing to remember follow price action on multiple chart even 1 minute matter with there is good signal like Hammer, bullish engulfing at support or Shooting star or bearish engulfing at resistance. if there is good profit closing position is good thing then to have feeling of regretting it later.
cannot post my chart position as i don't have pro membership.