yvatsji

UNDERSTANDING TRADING LANGUAGE IS KEY TO SUCESS SEE HOW?

Long
NSE:BANKNIFTY   NIFTY BANK
HOW I TRADED WITH YESTERDAY PLAN SHARED ONE DAY ADVANCE.
1. AS I DISCLOSED YESTERDAY CARRIED LONGS. SO HOW MARKET REACTED TOADY ? INFACT IT OPENED WITH GAP ABOVE DOTTED GREEN LINE ALMOST 450 PTS UP. SINCE THE PRICE WAS UP FROM DOTTED GREEN LINE I WAITED TO SEE WHETHER THIS WOULD ACT AS SUPPORT OR NOT. FEW MINUTES LATER I FOUND PRICE BREACHED IT WITHOUT DELAY BOOKED MY POSITIONS. REASON IS PRETTY CLEAR WITHOUT SUPPORT, PRICE WILL NOT MOVE UP. EVERY DAY I SHARE MY PLANING FOR NEXT DAY AND HOW I REACT WITH MOVEMENT OF MARKET WITH LOGICS SOTHAT STRUGGLING TRADERS CAN LEARN FROM ACTUAL TRADING PSYCHOLOGY .
2. THERE IS PINK CIRCLE WHICH INDICATES MARKET SPENT THREE HRS ABOVE THE WHITE ZONE WHICH EARLIER ACTED AS RESISTANCE NOW ACTING AS SUPPORT. THIS GIVES ME CONFIDENCE TO GO LONG. AFTER WAIT OF THREE HRS 4TH CANDLE TOOK EXACT SUPPORT OF GREEN DOTTED LINE I TOOK MY SECOND LONG WITH SL OF 2ND CANDLE LOW.AND BOOKED AT 6TH CANDLE . AS YOU CAN SEE IT IS NOT BULLISH CANDLE RATHER INDECISIVE TRAPING BOTH SIDES. IN DAY TRADING MARKET USUALLY PROVIDES 1 TO 3 CHANCES FOR TRADING .I OBSERVED THIS IN LAST 14 YEARS. SO THAT WAS THE END OF TODAY TRADING .BNF FOLLOWED RED STRUCTURE SO I FOLLOWED SAME. TRADING HAS A LANGUAGE WHICH PEOPLE DO NOT TRY TO UNDERSTAND AS IT REQUIRES LOT OF TIME ,HARD WORK AND DEDICATION WITH PATIENCE .
PLAN FOR 29-4-20
1. TO DAY I DID NOT CARRY ANY POSITIONS. IN RED COLOR TRENDLINE BNF IS MOVING IN IMPULSIVE WAVE. TILL THEN GREEN COLOR TREND LINE IS NOT BREACHED PRICE WILL MIOVE UP. I SHOWED TWO STRUCTURES IN WHITE COLOR FOR CORRECTION. AFTER BREACHING TREND LINE PRICE DO NOT COME BACK IN 15 MIN THEN CAN TAKE ANY OF TWO STRUCTURES. ALL LONGS SHOULD BE SQUARED OFF. CORRECTIVE STRUCTURES MEANS RANGE BOUND TRADES LET BNF MAKE LOWER RANGE THEN DECIDE DIRECTION. IN CORRECTIVE PHASE MARKET TAKE BACK ALL EARNED IN IMPULSE WITH COMPOUND INTREST .SO NEEDS GOOD EXPERTIES TO TRADE THEM.
2. A RED COLOR SMALL LINE IS FOR TWO HRS TRADING IN FIRST TWO HRS IT IS BREACHED AND PRICE DO NOT COME BACK IN 30 MINS.THEN TREND CHANGES TO RANGE BOUND. IF MARKET OPENS DOWN AND BELOW RED SMALL LINE AND DO NOT RECOVER IN 30 MINS THEN TREND CHANGES TO RANGE BOIND. BLUE COLOR LINE IS THE LAST LIMIT OF RANGE BOUND TRADES IF TAKEN OUT THEN DOWN TREND WILL START. SO I HAVE THESE SITUATIONS IN MY MIND I WILL ACT ACCORDINGLY.
3. FOR UP MOVE RED COLOR ZONE IS SECOND TARGET TO COVER LONGS. FIRST IS GREEN COLOR CHANNEL UPPER BAND. REST MARKET WILL DECIDE.
YOGESH VATS