Nifty Trade Setup (23-May-2023)
Updated
So nifty moved 100 points and gained almost 60 points on first 15 minute candle with flat opening.
After first 15 minute gains nifty took support and moved range bound for 60 points up and down.
according to price action its still moving in rising Triangle Pattern and following will be my trade setup :
1.) If market opens Flat and if price breaks on upside for target of 18374, 18400, 18430 and 18450.
2.) If open Gap up will wait for price to sustain at that level or any rejections from the Targets.
3.) If open gap down near by support placed at 18270, 18230 and 18212. if price takes support on these levels will look for buying CE for 18330 .
4.) On Triangle Bearkout or Breakdown same levels will be targets on upside according to 1, on downside breakdown according to point 3.
Views are bullish and Gap up opening:
Reason strong buying in Adani Stocks.
After first 15 minute gains nifty took support and moved range bound for 60 points up and down.
according to price action its still moving in rising Triangle Pattern and following will be my trade setup :
1.) If market opens Flat and if price breaks on upside for target of 18374, 18400, 18430 and 18450.
2.) If open Gap up will wait for price to sustain at that level or any rejections from the Targets.
3.) If open gap down near by support placed at 18270, 18230 and 18212. if price takes support on these levels will look for buying CE for 18330 .
4.) On Triangle Bearkout or Breakdown same levels will be targets on upside according to 1, on downside breakdown according to point 3.
Views are bullish and Gap up opening:
Reason strong buying in Adani Stocks.
Note
As Expected and as per view market opened Gap Up if it sustains will look for buying CE after 15 min candle closeNote
Bought CE Option after it retested today's resistanceNote
target 18432Note
Moved stop loss to breakeven.Note
Nifty Must Sustain this gap and current level resistance to reach target.Note
Will close my Position with R:R 1:1Trade closed manually
Closed because i need to be somewhere closed with 1:1 R:R Have a nice day
Note
Today as expected and posted in analysis Nifty opened Gap up and i entered in trade when it sustained 30 minutes even with gap up opening. I closed my trade near today's high. Reason for closing the trade :
1. Price wasn't breaking today's high and price action went flat. and one candle was going up second was going down. as insiders were moving the price.
Mistakes:
none
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