COMPARING OF MY YESTERDAY STATEMENTS WITH TODAYS MOVEMENT IN BANK NITY 1. YESTERDAY I SHARED THAT CARRYING LONGS FOR THIS DAY. SEE BNF OPENED ALMOST 400 PTS GAP UP. MY RULE IS SIMPLE WHEN I GET THIS OPENING IN FORM OF GAP UP OR DOWN I WAIT FOR 5 MIN CANDLE EITHER TAKING SUPPORT OR TAKING RESISTANCE . I BOOK MY PROIT . IN TODAYS CASE SEE CANDLE NO 1 TOOK RESISTANCE OF EMA AND FIRST 5 MIN CANDLE BREACHED MICRO SUPPOT OF WHITE DOTTED LINE. I DECIDED TO COVER MY LONGS. 2. SEE WHITE COLOR SUPPORT REMEMBER THE CONDITION OF YESTERDAY IF THIS SOLID WHITE LINE IS BREACHED I WILL COVER LONG AND WILL CHAMGE MY SENTIMENTS TO SHORT. SAME HAPPENED. I WAITED 3 RD CANDLE TO SEE MY SET UP FOR LONG TRADE. WHEN 4TH CANDLE TOOK SUPPORT AT WHITE SUPPORT I TOOK LONG. MARKET WAS MOVING UP ALMOST 1 HR AFTER TAKING LONG I WAS HAPPY BECAUSE WITH OPTION POSITIONS, I TOOK FUTURE TO CARRY NEXT DAY. WHEN 5TH CANDLE SHOWED ME WEEKNESS THERE I BOOKED MY OPTIONS BECAUSE MOMENTUM LOSS IS PREMIUM LOSS. BUT DID NOT COVER FUTUIRE. THAT I COVERED AFTER COMPLETING OF 5TH BEARISH CANDLE. WITH SOME LOSS . NOW I HAD TWO WINNING POSITIONS AND ONE WITH SMALL LOSS. NOW THE PSYCOLOGY CHANGES IN MY MIND AND EYES BECAUSE OF TWO REASONS. ONE AFTER TAKING GOOD SUPPORT BEARS TRAPED BULL AND COULD NOT TAKEN OUT WHITE MICRO RESISTANCE SECOND TIME FIRST IN MORNING WHEN GAP UP AND SECOND THIS ATTEMPT, IN THE MEAN WHILE BREACHED WHITE SUPPORT . THERE I SET MY PSYCHOLOGY TO REVERSE DIRECTION AND TOOK SHORTS IN OPTIONS. 6TH CANDLE MOVES GOOD GIVING HANSOME REWARD I COVERED BEORE IT FINISHED. 3. SEE LAST FEW DAY BNF GAVE ME ONE CHANCE TO TRADE BUT TODAY THREE. AS I ALWAYS SAY 1 TO 3 CHANCES ARE PROVIDED BY ANY INDEX IN THIS WORLD TO TRADE INTRADAY. ONE HAS TO TRAIN ONES MIND EYES WITH SWITCHING OF SENTIMENTS WITH PRICE ACTION. IT REQUIRES LOT OF PRACTICE OF MANY YEARS. TRADING PLAN OF 6TH MAY 2020 1. MARKET FLOWS WITH THE MAKING OF STRUCTURES SO IT CREATES MANY PSYCHOLOGICAL POINTS TO CHANGE ANY STRUCTURE . TILL ATERNOON I WAS EXPECTING TO FROM STRUCTURE FOR TRAPING OF BEARS SINCE LAST THREE DAYS BUT TODAY BY BREAKING WHITE SUPPORT, REJECTED THIS PERCEPTION. YESTERDAY I TOLD YOU IT HAS CONVERTED PULL BACK INTO DEEP RETRACEMENT .SO IT IS IN NO TRADING ZONE. STILL I CARRIED LONGS AND TOOK INTRA DAY LONG. JUST BECAUSE I HAVE BEEN SEEING THESE FORMATIONS FOR LAST MANY YEARS. I CAN PRE EMPT THE MOVE AND ACT ACCORDINGLY.STILL I FAIL IN SOME STRIKES . THAT IS WHAT TRADING IS. ALWAYS REMENBER WHEN ANY PULL BACK CONVERT INTO RETRACEMENT THEN CHANCES TO FOLLOW WITH TREND DECREASES. REVERSE GETS ACTIVATED. 2. TODAY FEW TRADERS DID NOT CLEAR LONGS ON BRECHING WHITE SUPPORT . THEY ARE STRUCK NOW. I WANT TO TELL THEM TREND IS REVERSED TO DOWN A GREEN COLOR SUPPORT DOWN IS VISIBLE BN WILL COME TO THIS.IF TAKES SUPPORT AND TAKES OUT RED DOTTED TREND LINE THEN CHANCES OF MORE DOWN ALL WILL DECREASE. BUT IT DOES NOT MEAN I WILL CHANGE MY SENTIMENTS TO LONG. FOR THIS I NEED MORE PSYCHOLOGIGAL POINTS IN CHARTS, HOW BNF WILL REACT ON THEM AND MAKE WHICH STRUCTURE. EVERY DAY I WRITE SO LONG JUST TO MAKE YOU AWARE OF FOLLOW CONDITIONS WHILE TRADING AND GET ACQUAINTED WITH HOW TRADING IS DONE . WHERE I WAIT FOR SET UP AND WHERE, I TAKE ENTRY AND EXIT. I F I WERE HOLDING LONGS I WOULD HAVE BOOKED LOSS RATHER TO CARRY THEM. GREEN SUPPORT HAS POTENTIAL TO CHANGE TREND WATCH IT CAREULLY. THIS SHOULD NOT BE TAKEN OUT FOR LONG. IT CAN BREACH BUT NOT TAKEN OUT. SELL ON RISE IS MARKET . REST MARKET WILL DECIDE. YOGESH VATS
Comment
⋅
see i circled this pullback in yellow . it took resistance by making a white zone, i gave white line that is now concerted into zone. one more things all lower band of blue and red channel is acting as resistance. here structure is incomplete . so for trade direction i need more clue to trade in which direction. if another attempt to test channels lower band and white zone upper end is done and that gets failed then i will short. on contrary if bnf takes support and that is tested two times then i will but with the target of upper end of white zone.
Sir, I agree that, to understand your points, requires lots of knowledge. But please remember, people with lots of knowledge do not (by majority) refer to charts here. Majority of person who refer charts here are either beginners or with less experience. It will be of great help, if your points are simple and they could understand it. But I some situations, people don't like to show things in a simple manner. They think that, the more they present it complex, others will thinks that it is really complex. A true person, always presents his point in a simple manner, so that even a layman could understand. Apologies my intention is not to blame your work, but it could reach many, if it is simple. Thanks.....
yvatsji
⋅
@asnathan123, Dear Asnathan, I would like to take your attention on many charts available on trading view. Can you forward any chart having that much of explanation which I try to provide in my charts plus details in an elaborate manner. Either I will learn from that chart or you will see the truth. One more thing can you send any chart on this platform where the publisher is imparting his trade regularly with marking in chart and showing entry candle by candle with complete logic of entry and exit. How sentiments are changed how to react with trading plan shared one day prior the move. And then comparing what said and what happened. If you please provide any publisher doing this, I will learn from that post to present things in simple ways. If you can not provide then try to learn the the basics language of stock market that will help to understand you the chart more comfortable. Had you asked any detail about the chart point. Then I would understand that your bacis are clear. And that particular point you dud not understand. See I can guide people how to learn this language but can not teach. That you have to read yourself. I can guide you about the books to understand this stock language but hard work has to be done by you. So once think over this post points and then decide.
Your well wisher
Yogesh vats
asnathan123
⋅
@yvatsji, Dear Sir, many thanks....you are correct, as a beginner, I am not able to ask the right question. Without much knowledge, I expected it to be clear......I am following your posts and will surely learn. Really appreciate your hard work and your thought to share with others.....hats off. Sometimes it is very much difficult to understand for me......I will put more efforts to learn. Please don't take anything personal. My Apologies......Thnks
yvatsji
⋅
@asnathan123, your real and egoless person. I really appreciate your thinking. You understood my reply in right prospective. That is commendable. I welcome genuine critics. As I feel to grow in life we need them. So nothing personal. Any help in learning this art is always welcome. 🙏
Deepen007
⋅
Sir what's your opinion on nifty . Today i was tracking nifty and bank nifty. I wanted to make short position in bank nifty as it broke levels mentioned by you in your earlier post. But by mistake i short nifty 50 and nw im worried as I can't take any more huge loss in case tomorrow gap up opening. Even dow jones is up today.
I m thinking to square off tomorrow at market price or wait and see of nifty gives bearish signal or bullish. Please give your opinion sir.
yvatsji
⋅
@deependramgr, IT HAPPENS WHILE PUNCHING ORDERS. THAT WHY ALWAYS CONROM YOUR ORDER AND EXIT SAME. TODAY I DID NOT CARRY ANY POSITION BECAUSE I WAS NOT SURE ABOUT OPENING. FOR DJI I POSSTED YESTERDAY AND TOLD ABOUT UP JOURNEY. SEE NITY POST YOU WILL GET YOUR ANSWER IN DETAIL. CHANCES OF FLAT TO UP OPENING.