Nifty Trade Setup (31-May-2023)
Updated
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 also with range bound action all day nifty gained 40 points in last 1 hour. so what to expect tomorrow also monthly close volume is rising and only 250 points from Nifty's ATH. BNF already broked ATH and doing good in sustaining it.
Trade Setup for tomorrow:
1. If opens flat will wait for rising triangle to break up or down and will long or short according break side respectively.
2. If opens gap up above Triangle pattern will wait price to take support on that resistance or not if it takes support then will look for buy for target for Rising wedge trendline.
if it doesn't hold near resistance then will short for target of rising trendline support.
3.) If opens gap down will look for price to take support near last 2 days lows ( PDL) if it takes supports there then will look for long for target of todays high. if doesn't takes support near PDL then will look for short for target of gap filing which is at 18510.
also nifty is trying to consolidate like BNF To reach new highs and its good as it makes base for good support. Views are bullish on nifty to make new highs soon.
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 also with range bound action all day nifty gained 40 points in last 1 hour. so what to expect tomorrow also monthly close volume is rising and only 250 points from Nifty's ATH. BNF already broked ATH and doing good in sustaining it.
Trade Setup for tomorrow:
1. If opens flat will wait for rising triangle to break up or down and will long or short according break side respectively.
2. If opens gap up above Triangle pattern will wait price to take support on that resistance or not if it takes support then will look for buy for target for Rising wedge trendline.
if it doesn't hold near resistance then will short for target of rising trendline support.
3.) If opens gap down will look for price to take support near last 2 days lows ( PDL) if it takes supports there then will look for long for target of todays high. if doesn't takes support near PDL then will look for short for target of gap filing which is at 18510.
also nifty is trying to consolidate like BNF To reach new highs and its good as it makes base for good support. Views are bullish on nifty to make new highs soon.
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 :) .
Trade closed manually
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