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 today market was sideways with 60 points movement only. Market for only scalpers not for trend followers it was expected as there was big gap up opening and when there is big gap opening do expect sideways price action.
As posted yesterday that from price action on 1 Day TF price is moving in rising wedge and today it opened above both horizontal resistances mentioned on chart.
(Unable to post yesterday chart i.e. 29-May-2023 due to basic member)
Now as gap opening and positive global markets and positive earnings from major companies. This gap might act as good support zone which become flip zone (Resistance turned to Support)
Not Expecting any gap downs but still to need as backup plan i will always try to plan my trade setup based on if price opens flat, gap up or gap down.
For tomorrow this will be my trade setup:
1.) If opens flat and will wait for break of the Resistance zone of 60 points which formed today with resistance at 18641 and support at 18580. if it breaks one above then i will look for buying opportunities for target of rising wedge trendline 18670 to 18680.
2.) If opens gap up the will wait to form price action or any rejections from rising wedge trendline for target for todays resistance (18641)
3.) If open gap down and today's support of 18580 becomes resistance then will look for shorting for target of 18560,18510.
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 today market was sideways with 60 points movement only. Market for only scalpers not for trend followers it was expected as there was big gap up opening and when there is big gap opening do expect sideways price action.
As posted yesterday that from price action on 1 Day TF price is moving in rising wedge and today it opened above both horizontal resistances mentioned on chart.
(Unable to post yesterday chart i.e. 29-May-2023 due to basic member)
Now as gap opening and positive global markets and positive earnings from major companies. This gap might act as good support zone which become flip zone (Resistance turned to Support)
Not Expecting any gap downs but still to need as backup plan i will always try to plan my trade setup based on if price opens flat, gap up or gap down.
For tomorrow this will be my trade setup:
1.) If opens flat and will wait for break of the Resistance zone of 60 points which formed today with resistance at 18641 and support at 18580. if it breaks one above then i will look for buying opportunities for target of rising wedge trendline 18670 to 18680.
2.) If opens gap up the will wait to form price action or any rejections from rising wedge trendline for target for todays resistance (18641)
3.) If open gap down and today's support of 18580 becomes resistance then will look for shorting for target of 18560,18510.
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 :) .
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