This will be my trade setup for 22-May-2023.
In previous Session nifty took support at 18100 levels and formed like hammer like candle pattern on 1 D time frame.
on 15 TF price is forming LL and HH and there is upward 1st hurdle at 18226 which was near PDC and forming Rising triangle pattern.
For trading i will look for following reasons:
1.) If opens flat will wait for 15 min candle close if it breaks Triangle pattern on upside i will look for buying for target of 18250, 18270, 18280.
2.) If it breaks on downside will look for PE buying for target of 18140, 18130,18100.
3.) If gap up will wait for rejections from support or CPR and will trade accordingly.
4.) If opens Gap Down will see if it respecting triangle pattern and move upwards to the 18230 levels. if with gap down price doesn't sustain at open will look for buying PE trade.
Views are Slight bullish.
This will be my personal trade setup and will trade according to it, This is not and advice of any kind.
Hit like if you wish. :)
In previous Session nifty took support at 18100 levels and formed like hammer like candle pattern on 1 D time frame.
on 15 TF price is forming LL and HH and there is upward 1st hurdle at 18226 which was near PDC and forming Rising triangle pattern.
For trading i will look for following reasons:
1.) If opens flat will wait for 15 min candle close if it breaks Triangle pattern on upside i will look for buying for target of 18250, 18270, 18280.
2.) If it breaks on downside will look for PE buying for target of 18140, 18130,18100.
3.) If gap up will wait for rejections from support or CPR and will trade accordingly.
4.) If opens Gap Down will see if it respecting triangle pattern and move upwards to the 18230 levels. if with gap down price doesn't sustain at open will look for buying PE trade.
Views are Slight bullish.
This will be my personal trade setup and will trade according to it, This is not and advice of any kind.
Hit like if you wish. :)
Trade closed manually:
So today Nifty Made good setups also i traded once in morning Due to busy schedule at work.
Nifty opened up flat and 1st 15 min candle was Green/Bule ( On my chart)
then i bought CE at candle close above CPR 1st Resistance. and sold near resistance as price wasn't moving up as it was at open on 1 min TF. It was 30 Points move i was able to book profit at 20 points.
Mistakes i did :
1.) Entered trade late. there was FOMO.
2.) didn't closed position sooner as it was resistance near 18296 level.
Need to work on Trade Execution hope with time it will be better.
Nifty opened up flat and 1st 15 min candle was Green/Bule ( On my chart)
then i bought CE at candle close above CPR 1st Resistance. and sold near resistance as price wasn't moving up as it was at open on 1 min TF. It was 30 Points move i was able to book profit at 20 points.
Mistakes i did :
1.) Entered trade late. there was FOMO.
2.) didn't closed position sooner as it was resistance near 18296 level.
Need to work on Trade Execution hope with time it will be better.