subhagghosh

31th July, #banknifty short term trading stratergy

Long
NSE:BANKNIFTY   NIFTY BANK
Intraday Trading Strategy:- 31th July 2020.



I don't give much weightage to monthly expiry closing, as there are FNO adjustments and little of fundamental works.

Entry Point:- Watch ADX recovering from 13-15 range & DMI+ crossing DMI- & RSI Increasing for entering trades.

Once the condition is met enter the trade.

Target:- 22,200/22,340 SL 21,342

Risk/Reward Ratio: 3.24

The next post will be a detailed analysis of the #banknifty and this is just a trading setup to trade for the next 3 days.
Comment:
Trade active: The trade is still not activated, so will review it on Monday.

Comments

Please take the trade only when the RSI, ADX & My Custom Indicator turns bullish. Else if you might take premature trade, you might end up triggering the SL and then achieving the target.
+3 Reply
#banknifty:-We have to trade based on a larger context, we are still in range and until we clearly break the range, do make your mind for a directional trade.

For a time being, try to play the range.
+2 Reply
31st July 2020 @ 11:30 AM:- The setup is yet to activate, as the signals are yet not generated.
Reply
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