This will be my trade setup for 22-May-2023.
In previous Session nifty took support at 18100 levels and formed like hammer like candle pattern on 1 D time frame.
on 15 TF price is forming LL and HH and there is upward 1st hurdle at 18226 which was near PDC and forming Rising triangle pattern.
For trading i will look for following reasons:
1.) If opens flat will wait for 15 min candle close if it breaks Triangle pattern on upside i will look for buying for target of 18250, 18270, 18280.
2.) If it breaks on downside will look for PE buying for target of 18140, 18130,18100.
3.) If gap up will wait for rejections from support or CPR and will trade accordingly.
4.) If opens Gap Down will see if it respecting triangle pattern and move upwards to the 18230 levels. if with gap down price doesn't sustain at open will look for buying PE trade.
Views are Slight bullish.
This will be my personal trade setup and will trade according to it, This is not and advice of any kind.
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