Bank Nifty - My trading Setup
I always follow the KIS (Keep It Simple) principle in my trading. I simply trade what my chart says.
Bank Nifty has been trading in an upward rising channel. So, which side to choose (bullish/bearish) is self explanatory.
But, let me just put it out for you. As you may see on the chart that the upper channel line is acting as a good resistance and the lower channel line is acting as a good support. I wait for the price to touch either the upper line or the lower line. I sell CE once it takes a U turn from upper line and similarly I sell PE once it deflects from lower channel line.
The center line acts as a neutral but important zone. A reversal from this line means CE selling and a strong crossing above it means PE selling.
Trades can be taken based on how the move behaves on a 15min time frame.
But this is not a HOLY GRAIL and is not that easy as it seems. Markets are supreme and need not follow what we think or have decided. Hence, always be alert and change/cut your position accordingly and do no hesitate from taking a loss.
Disclaimer: Do not simply dive into trading acc to what has been told above, do your own due diligence, put your own brain to it and then decide your levels/positions/setup. The idea behind sharing this was to impart knowledge/perspective to look at charts and not a recommendation.
Happy Trading!! :)
Bank Nifty has been trading in an upward rising channel. So, which side to choose (bullish/bearish) is self explanatory.
But, let me just put it out for you. As you may see on the chart that the upper channel line is acting as a good resistance and the lower channel line is acting as a good support. I wait for the price to touch either the upper line or the lower line. I sell CE once it takes a U turn from upper line and similarly I sell PE once it deflects from lower channel line.
The center line acts as a neutral but important zone. A reversal from this line means CE selling and a strong crossing above it means PE selling.
Trades can be taken based on how the move behaves on a 15min time frame.
But this is not a HOLY GRAIL and is not that easy as it seems. Markets are supreme and need not follow what we think or have decided. Hence, always be alert and change/cut your position accordingly and do no hesitate from taking a loss.
Disclaimer: Do not simply dive into trading acc to what has been told above, do your own due diligence, put your own brain to it and then decide your levels/positions/setup. The idea behind sharing this was to impart knowledge/perspective to look at charts and not a recommendation.
Happy Trading!! :)
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