BANK NIFTY WEEKLY GANN LEVELS CHART MONTHLY EXPIRY 25 JAN 2024
Bank Nifty weekly chart with Gann Levels is attached here. Gann has givena Gann Rule of 7-10 weeks in Gann Commodities Course. He said watch this move whenmarkets are near extreme highs. Bank Nifty satisfied all the conditions.
Weekly Trend is the est trend to follow for traders. The risk reward ratio is more than 1:10 in this time frame. But it meeds big pockets and patience. Beginners are intraday traders with limited capital which they blowoff in short time. Next lot of traders is daily timeframe who are also wiped off with gap up and gap downs happening. Traders also do lot hedging which is smartly advocated this days. Gann's time there was no hedging he traded the weekly time frame with the trend identification technique.
Trend identification on weekly timeframe is one week swings with higher high and higher low for uptrend and vice versa for downtrend (i.e. lower high and lower low ).
See chart above when the trend changed on it. 08 jan 2024 weekly candle was the on to watch with lower high and lower low. It gave a higher close showing false recovery on price action. 15 Jan 2024 was a bull trap which was confirmed first by falling the earlier weeks range and finally more confirmation on break of lows.
Confirmation on Gann levels was break of 75% range level which was the double bottom and false recovery. Current weekly candle is follow up candle of the downtrend.
Confirmation by break of 66.66% level of the range with target of 50% level achieved today.
Gann rule of 50% range comes to our rescue for trend identification. Trend decider level on weekly timeframe is 45370.70. Above it trend momentum on downside may slow down. The we need higher high and higher low on weekly timeframe for change of trend.
Below 50% of the range will confirm the downtrend further. Read this write for numerous times it sinks in your trading psyche and it will take your trading to the next level. You will become a Royal Trader in market with weekly timeframe trading. As we move to higher timeframe mistakes are minimized and lower timeframe you multifold your mistakes. Daily time frame may need 5 times more decision making if you trade each daily candle. Now you can imagine magnification of mistakes on time frames lower than daily. Its up to you decide pros and cons of the explanation given by me.
Happy Trading !!!
N.B. Not a Trading advice. With usual disclaimers as applicable within the reach of this beautiful platform.
Weekly Trend is the est trend to follow for traders. The risk reward ratio is more than 1:10 in this time frame. But it meeds big pockets and patience. Beginners are intraday traders with limited capital which they blowoff in short time. Next lot of traders is daily timeframe who are also wiped off with gap up and gap downs happening. Traders also do lot hedging which is smartly advocated this days. Gann's time there was no hedging he traded the weekly time frame with the trend identification technique.
Trend identification on weekly timeframe is one week swings with higher high and higher low for uptrend and vice versa for downtrend (i.e. lower high and lower low ).
See chart above when the trend changed on it. 08 jan 2024 weekly candle was the on to watch with lower high and lower low. It gave a higher close showing false recovery on price action. 15 Jan 2024 was a bull trap which was confirmed first by falling the earlier weeks range and finally more confirmation on break of lows.
Confirmation on Gann levels was break of 75% range level which was the double bottom and false recovery. Current weekly candle is follow up candle of the downtrend.
Confirmation by break of 66.66% level of the range with target of 50% level achieved today.
Gann rule of 50% range comes to our rescue for trend identification. Trend decider level on weekly timeframe is 45370.70. Above it trend momentum on downside may slow down. The we need higher high and higher low on weekly timeframe for change of trend.
Below 50% of the range will confirm the downtrend further. Read this write for numerous times it sinks in your trading psyche and it will take your trading to the next level. You will become a Royal Trader in market with weekly timeframe trading. As we move to higher timeframe mistakes are minimized and lower timeframe you multifold your mistakes. Daily time frame may need 5 times more decision making if you trade each daily candle. Now you can imagine magnification of mistakes on time frames lower than daily. Its up to you decide pros and cons of the explanation given by me.
Happy Trading !!!
N.B. Not a Trading advice. With usual disclaimers as applicable within the reach of this beautiful platform.