BANKNIFTY 31jul Educational Post- Best to wait and let it settle
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How to find Support /Resistance of a INDEX in 15m time intervail
From the tool bar, draw Fibonnaci retracement at the All time high candle and draw it down to the next few available support levels.
As you draw, the retracement lines should touch on the underlying Horizontal Fibonacci levels (23.6%, 38.2%, 50%, 61.8%, etc.)
In this example, the INDEX level shown
The other reason to use this index as reference is because other index from the industry has reported excellent numbers and we all are looking for a good entry point for better risk/reward.
#Execution only after break and close above or below from resistance or support 15-minute candle.
#Stop Loss above or below from resistance or support 15-minute candle.
(S/R Levels Will be Flipped in The Situation of Gap up OR Gap down Open, Support Will Turn in Resistance and Resistance Will Turn in Support)
(This Analysis and idea is based only on support and resistance mechanism, Buy after resistance break and close above sell after support break and close below, Closing below resistance after trade will be stop loss likewise closing above support will be a stop loss after trade)
NOTE- Only for Education Purpose. This is not any kind of Trading advice I am giving by this analysis.
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From the tool bar, draw Fibonnaci retracement at the All time high candle and draw it down to the next few available support levels.
As you draw, the retracement lines should touch on the underlying Horizontal Fibonacci levels (23.6%, 38.2%, 50%, 61.8%, etc.)
In this example, the INDEX level shown
The other reason to use this index as reference is because other index from the industry has reported excellent numbers and we all are looking for a good entry point for better risk/reward.
#Execution only after break and close above or below from resistance or support 15-minute candle.
#Stop Loss above or below from resistance or support 15-minute candle.
(S/R Levels Will be Flipped in The Situation of Gap up OR Gap down Open, Support Will Turn in Resistance and Resistance Will Turn in Support)
(This Analysis and idea is based only on support and resistance mechanism, Buy after resistance break and close above sell after support break and close below, Closing below resistance after trade will be stop loss likewise closing above support will be a stop loss after trade)
NOTE- Only for Education Purpose. This is not any kind of Trading advice I am giving by this analysis.
Please Give A Like If You Like
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