Simple Trade Setup | NIFTY | 21-02-2022 [INTRADAY]

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NIFTY

Observations:

1) On 1day time frame, since last few days it is not able to close above 100EMA. 100EMA is immediate resistance range.

Please refer below chart : 1day Time Frame.


2) On 15 min time frame, we can see that it is trading in range and the range is getting squeeze and making descending triangle pattern. On the other point of view one can also see this pattern with bullish flag and pole pattern.

Please refer below chart : 15min Time Frame.


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Trade Setup for 21-02-2022

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.