FINNIFTY Expiry Day Trade Setup (30-May-2023)
This will be my personal trade Setup, This is not an advice of any kind to initiate trade according to this setup. This is for only for my learning purpose and maintaining my trading journal.
So with gap up today and from days price action forming like pennant or bull flag. Breaking this pattern could give good move if price opens flat only.
For trade setup:
1.) If open flat will look for break of this pattern on either side if breaks on upside target will be Today's High (19615) then 19630. On Break of downside target will be 19431 then 19392.
2.) If opens gap up then will wait for price action to form and will trade only if it forms some pattern or if there is good setup.
3.) If open gap down setup will be same as point 2.
As on expiry due to theta decay and because of some gamma moves premium values erode fast and they won't gain. so will only trade solid setup with small stop.
Hit like to keep me motivated for keeping my trading journal as it only take less then few seconds to hit like but it gives me motivation for preparing for my session. Also one can comment on how I can make this trade journal better any improvements I need in it :) .
So with gap up today and from days price action forming like pennant or bull flag. Breaking this pattern could give good move if price opens flat only.
For trade setup:
1.) If open flat will look for break of this pattern on either side if breaks on upside target will be Today's High (19615) then 19630. On Break of downside target will be 19431 then 19392.
2.) If opens gap up then will wait for price action to form and will trade only if it forms some pattern or if there is good setup.
3.) If open gap down setup will be same as point 2.
As on expiry due to theta decay and because of some gamma moves premium values erode fast and they won't gain. so will only trade solid setup with small stop.
Hit like to keep me motivated for keeping my trading journal as it only take less then few seconds to hit like but it gives me motivation for preparing for my session. Also one can comment on how I can make this trade journal better any improvements I need in it :) .
Trade closed: stop reached:
Today was only able to trade finnifty but stop hit reason for trade :
Broked triangle but due to sideways market in first hours stop hit as i traded after 30 minutes.
good move comes after 3 pm.
Mistakes:
1. FOMO ( as it was expiry i didn't expected market to give much move and entered trade if i missed out)
What should i have done? :
Should have patience as good move came also broked triangle pattern at 3 pm.
Broked triangle but due to sideways market in first hours stop hit as i traded after 30 minutes.
good move comes after 3 pm.
Mistakes:
1. FOMO ( as it was expiry i didn't expected market to give much move and entered trade if i missed out)
What should i have done? :
Should have patience as good move came also broked triangle pattern at 3 pm.