1. As price did not go in long covering area so those who are positional long need not to cover their positions. In this fig I deleted that area.
A in white and a support in same color is visible in fig. Let us discuss the importance of these two lines.
2. Since price did not take out blue line , Infact nifty took resistance here for two hrs circled in green. Showing every level is so perfect to give trading idea. Either exit or entry , every trader should use for this purpose with sl.
3. If white support is taken out with condition of 15 min then long should be covered for intraday trader. On the contrary If is taken out in 15 min then positional long should be covered. Red arrow shows down move as range bound leg not trend reversal .
4.If Upper blue is taken out by gap up then pink zone upper end is target if momentum is good then can go to green line.
Follow conditions if you will relax them then get ready to pay in bad trades. New followers understand difference between breach and taken out. that is must to understand any condition. so visit 14 may post in my profile and read carefully that is written in detail. "Market has friendship with my analysis". Rest price will decide.
Price opened gap up bove blue line,,but considering the volatility i waited till 1st candle,,and it was a high wave candle which indicates confusion, so my plan was to go long above the candle high or short below the candle low.
Priced moved anove the high and took long with SL Of first candle low.