Trade 0003 - 1 STAR TRADE

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.