Thought Process that I went through while taking this trade
1.Trade in the direction of the larger time frame momentum unless "OB" or "OS".Execute the trade on lower time frame momentum reversals.since Weekly chart was Bearish Oriented and Daily was giving bullish view.Thought process was sell at critical resistance ,since i wanted to trade in the direction of weekly trend. Alternate approach, Buy for intra day basis for some pullback.
2. SAR 4970
3. On intra day basis , market was trading for a while at 4950
4.4950 was resistance.
5.Formation of Bearish Egulfing pattern confirm resistance.
6. 4980 /4800 was target
7.SAR and Bearish engulfing pattern help this trade.This trade qualify as 1 star trade , trade it with 1 lot only.
8.At the end of the day , i closed the trade at 4890 level.
9.However ,next day market was trading @4800.
Thought Process that I went through while taking this trade
1.Trade in the direction of the larger time frame momentum unless "OB" or "OS".Execute the trade on lower time frame momentum reversals.since Weekly chart was Bearish Oriented and Daily was giving bullish view.Thought process was sell at critical resistance ,since i wanted to trade in the direction of weekly trend. Alternate approach, Buy for intra day basis for some pullback.
2. SAR above 5000
3. On intra day basis , market was trading for a while at 4800
4.PUTS -HIGHEST OPEN INTEREST 4800
5.Max price target of typical correction is 78.6% RETRACEMENT OF PREVIOUS TREND
6. Formation of Tweezer bottom confirm support.
8. 4890 /4950 was two target.
9.Since nothing was in favor like SAR ,Stochastics etc. However intra day Hr SAR , Open Interest ,Tweezer bottom pattern confirming support. These trade qualify as 1 star trade , trade it with 1 lot only.
10. At the end of the day , i closed the trade at 4900 level . When trading against the trend , dont hold intra day position overnight.
Thought Process that I went through while taking this trade
1.Trade in the direction of the larger time frame momentum unless "OB" or "OS".Execute the trade on lower time frame momentum reversals.since Weekly chart was Bearish Oriented and Daily was giving bullish view.Thought process was sell at critical resistance ,since i wanted to trade in the direction of weekly trend. Alternate approach, Buy for intra day basis for some pullback.
2. SAR above 5200
3. On intra day basis , market was trading for a while at 5000
4.Trendline support exists at 4980 -5000 level.
5. Formation of bullish engulfing pattern at 4980 confirmed support.
6.Finally ,Hr SAR 5035 was hit , with stoploss 5020 (intra day swing) /4980 (bullish engulfing pattern) => risk was within my risk range of 30 points.
so , i choose 5020 as stoploss.
7. First target was 5080 level -> Fibonacci cluster
8. Second target would be defined if market closes above 5152 (complex correction low).
9.Since nothing was in favor like SAR ,Stochastics etc. However intra day Hr SAR , Trendline support ,Bullish engulfing pattern confirming support. These trade qualify as 1 star trade , trade it with 1 lot only.
10. At the end of the day , i closed the trade at 5100 level . When trading against the trend , dont hold intra day position overnight.
Thought Process that I went through while taking this trade
1.Trade in the direction of the larger time frame momentum unless "OB" or "OS".Execute the trade on lower time frame momentum reversals.since Weekly chart was Bearish Oriented and Daily was giving bullish view.
Thought process was sell at critical resistance ,since i wanted to trade in the direction of weekly trend.
2.SAR 5250
3. On intra day basis , market was trading for a while above 5250
4. 5271 and 5303 are 61.8 and 78.6 are fib pullback level
5. Formation of bearish engulfing pattern and Tweezer top at 5270 level gave us confirmation of some sort of resistance.
6.Finally , SAR 250 was hit , with stop loss above Tweezer tops (5270) => risk was within my risk range of 30 points.
7. First target was 5180 level -> bcoz of important support
8. Second target would be defined if market closes below 5152 (complex correction low).
9. Since almost everything went in our favor => these trade qualify as 3 star trade. I trade it with 2 lots of Nifty Future.
