32442 was level to watch and 15 min candle close below it triggered short trade after the 2nd candle. I generally trade this setup for 400 to 500 points. Target will be minimum 32000. If missed wait for retracement till 32315. Otherwise, take very small quantity. I am traveling hence missed giving it. The final target would be 31950.
Comment
⋅
Now it has retraced, short only if it closes below 32314.65 in 15 min
Comment
⋅
See how it has respected the level of 32314.65. and boom made low of 32044 after closing below 32314.65 in 15 min. That's why waiting for retracement is important. Although the target of 32000 missed by 44 points.
Am struggling to draw these resistance & support levels. They are very subjective, more people i follow more i get confused. Which time frame do you choose to arrive at these data points sir ? Do you look back at Hourly / Daily / Weekly graphs ?
vivekz_142
⋅
@SumanKumar29 Do you find my levels useful? See are 3 things long term Trend , positional trend and intraday. I look at daily , then go for hourly/ 30 min then 15 minutes. it's like filtering out. For scalping use 1 min with combination of 5 min. Except FIIs and God no one can decide what market will do in next 5 minutes. We can act what on what it shows. If you can't make support /resistance . Create demand and supply zone . if that too us difficult include a 'Simple pivot' lines indicator for start. Think how 90% of retail people will loose money in next 2-3 hrs of trade in intraday. It requires experience and study of psychology. It's all about human behaviour.
SumanKumar29
⋅
@vivekz_142, am able to draw support & resistance sir but confused with different time frames. Like on Friday i was able to draw 32,215 as good support for BNF in 3min time frame & bought PE only after it broke. Am focusing only on 50 points move. If you see 32,215 was tested twice before it broke down to go till 32,000. But it worries me when no one else notices that as same support point :P
SumanKumar29
⋅
@vivekz_142 having said that i completely understand these Support & Resistance lines are completely subjective !!
vivekz_142
⋅
@SumanKumar29 that too was a good trade for quick 100 points .. See always make your view(long or short) with 2-3 logics, not only one . 32215 became support for 1-3 hrs for Friday . You can also view this as being SL of longs on Friday. Combine analysis with volumes if at all big volume comes at some price level that is a crucial level. See things also depend on the day of the week . like Thursday is more about option chain . Friday about FIIs and DIIs and price action. Monday global cues, Tuesday is mostly volatile and Wednesdays are sideways to eat premiums.
SumanKumar29
⋅
@vivekz_142, Yes sir have noticed Wednesdays are mostly lackluster !!