Bank Nifty- Real Time Lesson I learnt in market@19thJan2017

Jan 19, 2017

Medium Term Trend is still upside

Biggest mistake which trader does is to make frequent trades-thinking that they will miss a good move- if not hurried - In that process, we end up making broker rich- Hope all agree with me.

Until yesterday & infact today till morning I had a bullish bias, but frequent trades which I did today of changing sides from bull to bear was my biggest mistake.

In the morning 19080 once hit & jumping into sell trade near 19085 with stops@19115 (Thanks, I had stops of 19115) -was a frequent change of the side because my bias changed easily & forgot to confirm-which I always do while trading rather than taking trades frequently.

Real Life Lesson
Whenever you feel that you got into wrong train- will you jump out of running train!- ask yourself- so it is with trading as well. Patience- become captain cool (So, I admire M.S.DHONI) - Get out at the next near by station & take a pause -decide which is the right direction-think about new plan & then execute.
From the highs of 19202- the move happened was down to 18981- then pushed up to high@19277-later sharp fall to 19045-day’s low@19thJan2017- Looks irregular corrective move & so my bias was positive for last 2 days & still have positive bias which will confirm once BN starts moving decisively above 19185 –current day’s high.

Trading Strategy
A decisive move above 19185 – Shall be looking for new highs beyond 19277.

Previous Analysis

Jan 20, 2017

Trade active

12:12 Hrs 20th Jan2017

Last price@19001

Going below 18980 shall be slip to 18840-18860 zone -next cluster zone downside -keep in mind on top should not move immediately above 19050 levels

Jan 20, 2017

Trade active

13:28 Hrs 20th Jan2017

Last price@18907

Day's Low@18867

Bounces back close from the cluster zone of 18840-18860

Image

Jan 20, 2017

Trade active

13:41 Hrs 20th Jan2017

Last price@18887

Entering below 18875-18870 -likely will make new lows.

Jan 20, 2017

Trade active

14:02 Hrs 20th Jan2017

Last price@18868

Avoid Selling Likely there is a strong support zone in 18840-18860 which can hold BN. We will book all Intraday -wait at the sidelines for a new fish

Jan 23, 2017

Trade active

11:37 Hrs 23rd Jan2017

Last Price@18857

BN going below 18800 can retest day's low@18725 & slightly below.

Jan 23, 2017

Trade active

13:08 Hrs 23rd Jan2017

Last Price@18780

We will exit here as BN down move looks doubtful as Nifty looks to hold in the zone 8350-8360