This is pure educational post, and this post is not for analysing further movement.
Many viewers think why I am analysing Nifty on 15 min candlestick, well actually I analyze in multiple TF. If you're a nifty trader, then you need to realize the importance of even 5 min candlestick. One strong 5 min candlestick can be of 50/60 points of nifty. Imagine this one candle goes against you! It's pretty scary, right? This is the major reason to analyze on smaller TF and being as close to SL as possible. People who follow me know how close I am to the bottom/top of the trade.
The Gap up from yesterday's low surely made a bad day for PE buyers. Hence, I do not suggest going against the trade or trade only for intraday. When and why nifty will touch 14000 all the updates you will find on twitter/YouTube. Fortunately, I stay away from such predictions and I have no idea whether or not it will touch 14000 . What would I or you do even if you know Nifty will touch this or that level? You can't just enter and wait for the target, especially against the trend.
Then how do you trade? Well, will give simple tips, 1. If you're confused, stay away, 2.Your focus should be on entry and exit. 3. Top most priority to stop loss and risk management. For nifty- 4. stay with the major trend and major trend is bullish we all know. 5. Do no hold PE for the next day most of the time it will backfire 6. Hold CE for the next day only when you have bagged in good 70/80 points. So in case if opens gap down\flat you will still get out in breakeven at least. 7. Hold CE for the next day only when you're confident and have a clarity that correction has ended.
8. If you bagged in 70/100 pints nifty, then do not let this to run in a loss. If the market goes against you suddenly, get out. You will get another chance. 9. Try to trade after 10 Am after market becomes little stable. 10. Chill out if you miss the opportunity. 11. The most important, do not take a fresh long position at ATH.
I dont trade nifty, but I appreciate the effort you put into explaining your post and responding to users questions. Thank you for making the TradingView community better :)
what is ATH? loved these points but couldn't find if there's education related to how to determine the candle moment results for a better understanding. I lost 5k in in overnight CE 14600 position in last two days, booked it yesterday and used the same capital to buy a closer 14400 CE(which was in 2k loss as of yesterday EOD too) with a strong conviction of bullish moment today, which thankfully did work, i couldn't hold the CE until now, but was successfully able to recover the loss and exit around 14440. if i had hold it until now, i would have made another 5 K over my recovered loss but i am content in not losing anything while i didnt made anything. :)
yogi_sharma_elliottician
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@Investingsoul, All time high is ATH. Many things and understanding comes with experience and practice. Slowly make money, you don't need to recover everything in a day. :)
Good Morning Sir. Throw some light on Gann Levels and Banknifty also kindly. Shaping up as trader becomes easy with honest people. " I DO NOT KNOW" is the right essence for trading. Believing others is sure way of Failure. Experience speaks. Thank you.
yogi_sharma_elliottician
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@DRalluru Thank you sir,will come up with banknifty next.