Note this is not a trading idea now but a post analysis of trading plan discussed in my previous update.
We are looking at a 15 minute chart here, to see Nifty behavior in detail, corelate the movement with our previous analysis and see how useful Chart Analysis can be...
The red zone can be found in my the previous analysis also...
Refer to my previous update here in the link below... which was given, When Nifty was at 17301
We were not sure if Nifty would really come up, so we did not play for the up swing as Risk::Reward ratio was not favorable.
Rather we waited and waited patiently on the sidelines.... Not trying to time the market but playing as per levels. Levels where Risk::Reward ratio is favorable...
When Nifty came close to 20 day EMA yesterday, (20 day EMA @ 17508 and Nifty made a high of 17489) we just executed our plan to go short as discussed in my previous post as we knew our risk is very low and reward potential is high. After the initial jump & dump, Nifty struggled to get past 17417, a level already highlighted in the previous post.
Trading is not about trying to capture every move. Look at it as a game of Chess where you let the market make it's move and when it is done, you play yours.
Keep patience while you trade and it will reward you...