Simple Trade Setup | BANKNIFTY | 30-05-2022 [INTRADAY]

٢٩ مايو ٢٠٢٢

BANKNIFTY

Observations:
1) On 5min Time frame, we can see a temporary support trendline which was formed on Friday session.

Please refer below chart : 5min time frame.


2) On 1hr time frame, we can see it has alraedy gave breakout of the resistance trendline.

Please refer below chart : 1 hr time frame.


3) In case if we apply Fib Retracement, on 1day time frame for recent up move then we can see that it already gave closing above 50% retracement level.

Please refer below chart : 1 day time frame.



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Trade Setup for 30-05-2022

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.