Simple Trade Setup | BANKNIFTY | 11-10-2021 [ INTRADAY]

BANKNIFTY

Observations:

1) On daily time frame, if we put FIB retracement then we can see that it stayed between 50% and 61.80% level of FIB RETRACEMENT.

Please refer below chart : 1 day Time Frame.

2) On 1hr time frame we can see that it is just above the upper trendline of parallel channel.

Please refer below chart : 1 hr Time Frame.

3) On 15min Time frame, we can see it has been trading in decending triangle pattern.

If it gives breakdown below then it will be bearish and if it gives breakout of the triangle wedge then it will be bullish.

Please refer below chart : 15min Time Frame.

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Trade Setup for Date 11-11-2021:


1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.

Trade active:

Ultimate target reached on downside.