I have been busy and could not trade for last few days. Hence, could not share my views.
Nifty has given good rally and is seen travelling in an uptrend channel. A correction seems due which will also be a retesting of the trendline breakout since Oct 2021. There is no good risk reward in long trade, hence I will short the market near 21500 with a stop loss of 20-30 points and target near 20350 (or wherever Nifty touches the Oct 2021 trendline).
Thank you and hope for the best!
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INSIGHTS:
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As usual, I will keep sharing my insights which are based on my personal experience in trading.
1. Please stop watching foreign markets, it won't help but will corrupt your viewpoint and ultimately you will either lose an opportunity or make a loss.
2. Market will not keep taking SL again and again, it has to decide a trend after some time. But if it takes 2-3 SL, just stop and wait for another opportunity.
3. In case you have 2-3 SL hits, immediately stop looking at market, leave your computer, watch some movies or go some place with family or do any other leisure activities, but just get the market out of your head, believe me it helps a lot.
4. If there is a SL, DO NOT THINK TWICE, JUST EXIT, IT IS JUST 20-30 POINTS, you will be getting 100 - 300 points in another trade if you simply take SL this time without thinking twice. But if you show ego to market or think that let me watch for some time, you will definitely regret it. Sometimes you may be right, but that will be just pure luck and gambling.
5. Trade with long term view point, even if you are initiating an intraday, have a weekly viewpoint, so that you will have conviction to either carry forward or just exit if you are not convinced.
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Nifty has given good rally and is seen travelling in an uptrend channel. A correction seems due which will also be a retesting of the trendline breakout since Oct 2021. There is no good risk reward in long trade, hence I will short the market near 21500 with a stop loss of 20-30 points and target near 20350 (or wherever Nifty touches the Oct 2021 trendline).
Thank you and hope for the best!
-------------------------------------------------------
INSIGHTS:
-------------------------------------------------------
As usual, I will keep sharing my insights which are based on my personal experience in trading.
1. Please stop watching foreign markets, it won't help but will corrupt your viewpoint and ultimately you will either lose an opportunity or make a loss.
2. Market will not keep taking SL again and again, it has to decide a trend after some time. But if it takes 2-3 SL, just stop and wait for another opportunity.
3. In case you have 2-3 SL hits, immediately stop looking at market, leave your computer, watch some movies or go some place with family or do any other leisure activities, but just get the market out of your head, believe me it helps a lot.
4. If there is a SL, DO NOT THINK TWICE, JUST EXIT, IT IS JUST 20-30 POINTS, you will be getting 100 - 300 points in another trade if you simply take SL this time without thinking twice. But if you show ego to market or think that let me watch for some time, you will definitely regret it. Sometimes you may be right, but that will be just pure luck and gambling.
5. Trade with long term view point, even if you are initiating an intraday, have a weekly viewpoint, so that you will have conviction to either carry forward or just exit if you are not convinced.
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Comment:
Will continue the same setup next week as well, no need for any other setup as long as SL or target does not hit.
Comment:
Price still in range and no SL hit (although booked last week position in loss). Hence, the same setup will continue for next week as well. No need for any new setup. Thank you!
Comment:
No SL or target hit yet, price travelling in same channel, hence I will continue the same setup next week as well.
Comment:
Closed in profit last week and will continue the same setup. We cannot go bullish unless the channel is broken upward. So, will short when it touches channel top. No need for new setup. Thank you!
Comment:
Closed in profit last week, since there is no change in setup, I will continue to make bearish position again when Nifty touches channel high. Thank you!
Comment:
Those following me must extend the channel line so that you may clearly see selling from channel top and plan your next trade accordingly. Have conviction with the setup, be ready for SL and be very patient for the target. And remember, if ain't broke, it needs no fixing. Thus, I am not moving to another setup just for the sake of it & will continue the same setup till the pattern changes. Thank you!
Comment:
1 SL & 3 profits till now, will wait for 22600 (channel top) or below 21400 (channel mid) to add short for next week. If you wait for perfect entry, you must also wait for target.
Comment:
Being a bit busy with family affairs, I could not post updates.
--> Below 21400 trade hit SL, so will wait for 22600 to start fresh short. No any other trades recommended. Wait patiently like a tiger and pounce for a great feast. Some misses are always on the card, but those misses don't kill a tiget.
Thank you!
--> Below 21400 trade hit SL, so will wait for 22600 to start fresh short. No any other trades recommended. Wait patiently like a tiger and pounce for a great feast. Some misses are always on the card, but those misses don't kill a tiget.
Thank you!
Trade closed manually:
Just closing this very long thread, the setup remains the same. I am posting a new chart, so that it will be much clearer. Thank you!