Wait For A Trade Come to You. Don't Rush, Don't Chase The Price

NSE:NIFTY   Nifty 50 Index
We should not buy the 1st dip in the morning today, Nifty trading around 9390 which is the previous swing high.
Nifty still has room to go towards 9260-9175. There is a Gap to be filled at that level.

Trading requires a clear trading plan and trade management. So here is a clear trading plan.

Entry Between 9200-9250
Stop-loss 100-125 Points away from Entry Price.
Target 9700
Risk/Reward 1:5

So it's wise to wait for 9260-9175 levels and go for a long position.
Remember, this long position will again be in the counter-trend.
The primary and intermediate trends are still down. And on the daily chart , we are having a counter-rally.

Also, don't forget it's May 2020. I know you may have heard many times SELL IN MAY AND GO AWAY. It is very much likely that nifty may resume the primary downtrend and continue to fall.

But that must not restrict us to take the calculated risk even in counter-trend. We already achieved 1:6 Risk/Reward or 588 points in the previous trade. That was also a calculated risk in counter-trend.

Wait For A Trade Comes to You. Don't Rush, Don't Chase The Price

No trade is also a good trade.

Comment: Nifty broke yesterday's low and now trading at 9270. Don't buy now wait for the gap to be filled at 9175-9250. We will buy closer to 9100 after the gap fill.
Comment: *We will buy closer to *9100 after the gap fill.

Made a Typo it's 9200
Comment: Entry is more appropriate and wise above 9260.

Comment: Wait for price to show some strength.
Trade active:
Trade closed: stop reached:
Trade closed: stop reached: Trade Closed. Stop-loss Triggered. From 9260 It went to 9440. On this trade not trade management is applied not even trailing stop-loss to cost.

We are in a counter rally, or counter-trend which is almost near to end. We are going back to 7500, but slowly.

Technical Analysis & Trading both are different Skills.