NSE:BANKNIFTY1!   BANKNIFTY INDEX FUTURES
"This is my trading journal, not a trade recommendation. I Will be Posting and updating the ideas regularly, as market progresses, only for educational purposes for me and others who want to benifit from my experince.

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Comment: TILL RED MEDIAN LINE
Comment: MOVING LOWER PARALLEL TO NEXT LOWER
Comment: observe oversold zone and upsloping micro trend line
Comment: i.e long till red median line
Comment: Possible Swing Pivots - deployed Three pitchforks to capture swings
Comment: STILL IN oversold zone but, lacking in downward strength.
Comment: Red median line done
Comment: PRICES Clearly in overslod zone of down slping pitchfork, have fullfilled 82% rule by hug of redmedian line of upsloping main pitchfork (longest duration) and have reversed from 5.5 reaction line after display of hagopian in last uplsoping pitchfork.
Comment: Prices hug red median line of downsloping pitchfork. next target upper parallel of down slpong pitchfork.
Comment: Long side Target 36000, while prices are in systematic selling phase. Will try selling april end series ITM Put (36000@2111 LTP) along with ATM (34000@895 LTP) as hedge. Will book sell side at target and keep hedge open.
Comment: Supply coming in early
Comment: Result of supply coming in early.
Comment: Target (27800) if present acceleration goes on
Comment:

Comments

Thank you for posting this. is your opinion still bearish on BNF for April?
Reply
@aitradingbotforme, BNF is towards oversold zone for quite some time. in last two days Market reversed from confluence of horizontal line and downsloping pitchfork. supply is very strong hence following the yellow pitchfork (the latest one). If prices jump out of upper parallel of latest pitchfork then follow the pitchfork drawn for systematic selling till its upper parallel. No one can predict market moves, but can take probablistic clues for short directional movement (based on mean reversion). Presently prices are at mean of year long pitchfork and are consolidating b/w two strong support and resistance lines(33400-32400). future direction can be in either direction, depends in which direction prices breakout. i will post another update if i find something w.r.t time and probable pivots. please see the chart below:
Reply
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