First step of a successful trader is to build a Trade plan & review what he has done.
This Channel is my Journey in Stock market as a Trader.
This is my Trade Journal for Nifty & Bank Nifty . (education purpose for all )
Here, I will disclosed my Trade plan for trading day & review them, share my learnings.
with hope that this will add value to your trade setup...
(v of ED) would be complete above 14275 and maximum range is 14340-14391.
And if nifty decline from here below lower wedge line then we have check again for support range and breakeven point in 1hour chart.
Kindly look at the daily chart idea also. link is given below
As I gave you last week's trading plan for this week, the price moved the same as discussed last week. This is the snapshot of the plan discussed in my video. Link is given downside to see the detail of this picture.
Retracement from 13967-13864 is not even 23% of wave iii that is why there is a point of confusion if wave v is started from 13864 OR wave iv decline is still pending.
(1) If nifty decline from here then 13847-13722 is support range and 13722 is trend reversal point.
(2) If wave iv is completed at 13864 then 14184-14381 is wave v projection range.
In this daily chart it seems wave (1), (2), (3) and (4) is completed and wave (5) is in progress from 10790. 38% and 61% projection of wave (5) is already achieved so its in extended zone.
Maximum level 100% is coming at 15096 which is rare case.
From 10790 wave (i), (ii), (iii) and (iv) is completed and projection of wave (v) is coming at 14272-14977 range and...
Gaps indicates that wave (3) started from 13192 is running and wave (4) is pending.
from 13192 nifty not even retraced 23%.
So as of now 13784-13671 is retracement range for wave (4).
But if nifty trades below 13671 then we have to recheck our wave count.
Compare my last week's analysis from this current one and decide do I deserve to write the same title of this video or not. You all can go deep in our analysis just need o to be a hard worker and focused on your destination.
Nifty 15min chart suggest from 13402 wave 1, 2, 3 are completed at 13597, 13447, and 13773 respectively. If wave 4 also completed at 13658 then wave 5 projection range is 13800-13887 but if wave 4 is still running then 13696-13648 is support range in which wave 4 can complete and then 5 will start.
Nifty will be negative if trades below 13648.
In this 30min chart wave v started from 12790 is in progress in which wave (i), (ii), (iii) and (iv) is may be completed and wave (v) has started from 13402. 13704-13890 is projection range for wave (v).
13422-13325 is an immediate support range which was retracement range of wave (iv). Nifty negative only below 13325.