AbhishekHSinghCMT
Long

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

NSE:BANKNIFTY   NIFTY BANK
774 15 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
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
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.
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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
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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.
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Thanks again for sharing this valuable lesson Abhishek. Emotion is the biggest enemy for traders, sadly.
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@bbhalaji, Welcome
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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
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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....
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