Nifty Bank IndexShort
PULL BACK IN BNF FIZZLED OUT OR MOVE INTO EXTENTION !!
COMPARING OF YESTERDAY TRADING PLAN WITH ACTUAL MOVE.
1. INFACT THERE IS NOTHING TO COMPARE WITH YESTERDAY STATEMENT EXCEPT ONE OR TWO POINTS. TODAY MARKET MOVED IN TIGHT RANGE . IT WAS EXPECTED BUT THAT MUCH TIGHT RANGE IS NOT. I WAS EXPECTING BNF TO COMPLETE ITS STRUCTURE TO GREEN END OF CHANNEL FROM WHERE PRICE WAS BROKEN DOWN SIDE. REASON SHOWED BUYING PRESSURE IN TWO CANDLES. BUT WHITE RESISTANCE GIVEN LAST FRIDAY CONVERTED INTO ZONE TODAY PROVED TO BE TOUGH FOR BULLS TO PENETRATE UPSIDE.
2. WHEN MARKET SPEND WHOLE DAY IN TIGHT RANGE THEN TO TRADE BOTH SIDE BECOMES DIFICULT FOR ANY TRADER . TODAY WAS THE SAME DAY FOR TRADING. NEITHER LONG NOR BULLS CAN CREATE PROFIT. BASICALLY THIS DAY IS MENT FOR OPTION WRITERS TO EAT ALL PREMIUM KEEPING MARKET IN TIGHT RANGE.
3. FIRST CANDLE CONFRIMED ME THE RANGE BOUND TRADE. SO I WAITED FOR BUYING SET UP. AROUND 11 , 11.30 I UPDATED IN BNF POST THAT IN ATERNOON A UPSIDE MOVE WILL BE SEEN IN MARKET. I WAITED FOR BUYING SET UP ON 4TH CANDLE I GOT IT. WHILE IT WAS HALF FORMED I GOT MY BUYING SETUP IN LOWER TIME FRAME. I TOOK LONG TRADE , HOPING TO COMPLETE PULL BACK STRUCTURE TO GREEN CHANNEL END. BUT 5 AND 6 CANDLE TRIED TO CROSS WHITE ZONE COULD NOT. WHILE IN HALF OF 6TH CANDLE I COVERED MY LONGS WITH SOME SMALL LOSS. THE PRICE WAS CONSTANTLY REJECTED IN THREE CANDLE MARKED IN CIRCLE.
TRADING PLAN FOR NEXT DAY.
1. AS YOU CAN SEE IN FIG. AFTER HAVING TWO BUYING PRESSURE CANDLE CREATED YESTERDAY. BNF COULD NOT BREACH WHITE ZONE. REJECTED THREE TIMES . SO I FEEL BNF HAS CHANGED ITS STRUCTURE TO DOWN SIDE . WE CAN SEE GAP DOWN OPENING TOMMOROW. SOMETIMES MARKET OPEN UP AND COULD NOT SUSTAIN FALL IMMEDIATELY. THAT CAN NOT BE RULED OUT. CHANCES TO FOLLOW WHITE STRUCTURE THAN RED. TARGET OF DOWN MOVE IS GREEN SUPPORT . INSPITE OF SUCH BUYING PRESSURE WHITE ZONE IS NOT TAKEN OUT SO DOWN. THIS IS GAME OF PROBABILITY I CAN BE WRONG ANY DAY , ANY TIME. BUT LIKE TO MAINTAIN MY STRIKE RATIO. REST MARKET WILL DECIDE.
YOGESH VATS
1. INFACT THERE IS NOTHING TO COMPARE WITH YESTERDAY STATEMENT EXCEPT ONE OR TWO POINTS. TODAY MARKET MOVED IN TIGHT RANGE . IT WAS EXPECTED BUT THAT MUCH TIGHT RANGE IS NOT. I WAS EXPECTING BNF TO COMPLETE ITS STRUCTURE TO GREEN END OF CHANNEL FROM WHERE PRICE WAS BROKEN DOWN SIDE. REASON SHOWED BUYING PRESSURE IN TWO CANDLES. BUT WHITE RESISTANCE GIVEN LAST FRIDAY CONVERTED INTO ZONE TODAY PROVED TO BE TOUGH FOR BULLS TO PENETRATE UPSIDE.
2. WHEN MARKET SPEND WHOLE DAY IN TIGHT RANGE THEN TO TRADE BOTH SIDE BECOMES DIFICULT FOR ANY TRADER . TODAY WAS THE SAME DAY FOR TRADING. NEITHER LONG NOR BULLS CAN CREATE PROFIT. BASICALLY THIS DAY IS MENT FOR OPTION WRITERS TO EAT ALL PREMIUM KEEPING MARKET IN TIGHT RANGE.
3. FIRST CANDLE CONFRIMED ME THE RANGE BOUND TRADE. SO I WAITED FOR BUYING SET UP. AROUND 11 , 11.30 I UPDATED IN BNF POST THAT IN ATERNOON A UPSIDE MOVE WILL BE SEEN IN MARKET. I WAITED FOR BUYING SET UP ON 4TH CANDLE I GOT IT. WHILE IT WAS HALF FORMED I GOT MY BUYING SETUP IN LOWER TIME FRAME. I TOOK LONG TRADE , HOPING TO COMPLETE PULL BACK STRUCTURE TO GREEN CHANNEL END. BUT 5 AND 6 CANDLE TRIED TO CROSS WHITE ZONE COULD NOT. WHILE IN HALF OF 6TH CANDLE I COVERED MY LONGS WITH SOME SMALL LOSS. THE PRICE WAS CONSTANTLY REJECTED IN THREE CANDLE MARKED IN CIRCLE.
TRADING PLAN FOR NEXT DAY.
1. AS YOU CAN SEE IN FIG. AFTER HAVING TWO BUYING PRESSURE CANDLE CREATED YESTERDAY. BNF COULD NOT BREACH WHITE ZONE. REJECTED THREE TIMES . SO I FEEL BNF HAS CHANGED ITS STRUCTURE TO DOWN SIDE . WE CAN SEE GAP DOWN OPENING TOMMOROW. SOMETIMES MARKET OPEN UP AND COULD NOT SUSTAIN FALL IMMEDIATELY. THAT CAN NOT BE RULED OUT. CHANCES TO FOLLOW WHITE STRUCTURE THAN RED. TARGET OF DOWN MOVE IS GREEN SUPPORT . INSPITE OF SUCH BUYING PRESSURE WHITE ZONE IS NOT TAKEN OUT SO DOWN. THIS IS GAME OF PROBABILITY I CAN BE WRONG ANY DAY , ANY TIME. BUT LIKE TO MAINTAIN MY STRIKE RATIO. REST MARKET WILL DECIDE.
YOGESH VATS
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