AbhishekHSinghCMT
Long

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

NSE:BANKNIFTY   NIFTY BANK
804 views
13
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



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

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
Trade active: 13:41 Hrs 20th Jan2017

Last price@18887

Entering below 18875-18870 -likely will make new lows.
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
Trade active: 11:37 Hrs 23rd Jan2017

Last Price@18857

BN going below 18800 can retest day's low@18725 & slightly below.
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
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave

Comments

u said walking on wrong train is sometime good .....did u mean keep running loss is also good....?
Reply
@digi_anki, I guess you got it wrong- when you feel that you have taken a wrong train- will you jump out of the train immediately- either ways as you have taken a wrong train -you will have to take some losses & market can't be moving in one direction-it will give you exit close to your wrong entry where you can exit the trade. Take a pause- decide for future plan & later execute in a fresh manner.
Reply
Covered Bank Nifty shorts as wave 4 is more or less done....starting to add calls....expect 19500 to be crossed in Feb as the final 5th unfolds
Reply
Nice analysis and words written by you. Keep it up.

I am also a full time trader and trades only banknifty.

I would like to add one thing that- There is no person alive or in history who is hundred percent correct or who has never given a STOP LOSS in the business of speculation. Its a part of trading.

Your analysis is good and useful in daily trading. Keep doing your good work.
Reply
Thanks again for sharing this valuable lesson Abhishek. Emotion is the biggest enemy for traders, sadly.
Reply
@bbhalaji, Welcome
Reply
Abhishek ji, On top should not move immediately above 19050 levels means "we should not buy above 19050" ?
Reply
@Sathaiah, 19050 was strict stops for selling which I expected --selling is done 150 points approx we got from 19010 to 18870's
Reply
Sathaiah AbhishekHSinghCMT
@AbhishekHSinghCMT, I could not understood that statement so asked, thanks
Reply
Since ii was simple abc ivth would be complex as is evident now....
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out