Simple Trade Setup | NIFTY | 21-01-2022 [INTRADAY]

Jan 20, 2022

NIFTY

Observations:

1) On 1 day time frame, we can see it closed just above 20DMA.
20DMA is placed at 17745.56.
And it is at 61.80% retracement level from top to down Fib Retracement.

Please refer below chart : 1day Time Frame.


2) On 1hr time frame, we can see range of 17600-17650 is very critical as it was working as support and resistance before.
If it trades above this range then we can see some up move. And below this range it will continue down journey.

Please refer below chart : 1hr Time Frame.


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Trade Setup for 21-01-2022

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.