Bank Nifty Trade Setup (31-May-2023)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.
Today was range bound day also but at last one hour there was good move once it broke the descending triangle giving 100 points move (Which i missed 😂 )
BNF Must break this Resistance to move higher although its good it's holding support and didn't went yesterday's low so making good foundation as to build good home good foundations are must. BNF Consolidated for 800 points before and broke that which became flip zone and now that zone is working as BNF Foundation to rise higher and with gap up it's still holding that gap good.
So tomorrow's also monthly close and volume is rising in both indices which is good thing so expecting move higher tomorrow. (Just Hope no gap up)
Trade setup for tomorrow :
1.) If opens flat and breaks today 15 min TF closing candle above today's high i will long for target of 446000. if it doesn't hold today's high then will look for short for target of today's low. ( trading in parallel channel again)
2.) if opens gap up then will look rejections from 44600 level for target of today's high. ( If it doesn't hold near gap up) also if there is gap up will trade only after price action is formed.
3.) If opens gap down then will look for support near PDL for target of Today's High. if it doesn't hold support near PDL then will short for target of 44150 (flip zone )
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 :) .
