1) On 15 min time frame we can see that it is trading in parallel channel now. Upper line will work as resistance and bottom line will work as support. Middle line will work as support and resistance.
Please refer below chart : 15min Time Frame. -------------------------------------
Trade Setup for Date 12-10-2021:
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.
Hi @Ashhh4321, If you know the price action, then you can easily judge it near respective level.
If you are beginner then you can take trade on safe levels only.
These levels are for intraday. So everyday is a new price action.
Let me give you one example. Let's consider that tomorrow it opens at between 38200 to 38225, then as per rules we will wait for 15-20 min to avoid early morning trading noise, and we judge the price action, if it break 38358 level and sustain above it then one can take buy trade and all above levels will work as target. And One can keep SL as per own capacity.
Hope I explained it. Do let me know, if you have still doubt. I will try my best to make it easy for you.
BTW are your beginner ?
Ashhh4321
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@Trading_hawk, no I am not a beginner I trade well but I need some edge in my trading so I am open to ideas and strategies. Yes I understood. What about the below levels that you have mentioned ? Are they unsafe to trade ?
Trading_hawk
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@Ashhh4321, For long trade below 38358 are safe but to play momentum 38358 level breakout is safe. Below levels you can take trade as I have already mentioned it.
Ashhh4321
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@Trading_hawk, okay I will try combining your analysis with mine. Let’s see what’s the win ratio becomes. Thank you
@Trading_hawk, I am holding 38200 CE. What do you think looking at the market now ?
Ashhh4321
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@Trading_hawk, all other sectors are weak but banknifty is still holding itself
Trading_hawk
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@Ashhh4321 Hi I just watched your comment. I'm not trading BN yet. will go for safe long as per level. better to book profit and then take fresh safe long trade.
Trading_hawk
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@Ashhh4321 if you see the first 15min candle then you can see that it is trading between that one candle only. breakout on either high or low of that candle will give momentum on that side