How to IDENTIFY #trade #setup for #BankNiftyOptions , #nifty50 or #index in #fno ?
1/N1. Is trend nearing Day’s High/Low? 2. Is trend nearing Yesterday’s High/Low/Close? 3. What is the #OI today for #demand and #supply ? 4. Did u mark #supply #demand zones? Continue...
2/N5. Is it nearing and #support / #Resistance ? 6. What candle sticks / patterns are in making? 7. Is it making Higher High HH/ Higher Low HL/ Lower High LH/ Lower Low LL? 8. Plot / Identify if any chart #pattern ? 9. Is it following any #trend line ? Continue...
3/N10. How many times, Candle tried to cross/ touch the #trend line? 11. Is any #MovingAverage #EMA (10,20,50,200) crossing over each other? 12. Is the trend above or below lower #EMA for Intraday trade? 13. Is the trend nearing any #EMA? Continue...
4/N14. What’s the #Volume? 15. What's the #RSI > Normal, High or #divergence? 16. What’s the market trend #BULLISH / #bearish ? 17. What’s #IndiaVix? 18. What’s #PCR Put Call Ratio now? 19. What would be #Entry/Exit Criteria? 20. What #timeframe to choose?Continue...
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5/NStep 1: Things to mark on #Chart for whole day: a) Identify S/R zones i) Mark Day’s High and Low. ii) Mark Yesterday’s High, Low and Close. iii) Mark based on #OI data. iv) Draw #trend lines based on Candle trends/HH/HL/LH/LL, using above 3 information. Continue...
6/NStep 2: Things to do/check just before taking trade: b) Check if i) Any Candle Stick patterns forming? ii) Is #Trend making any new HH/HL/LH/LL? iii) Is Trend following any Trend line? iv) Is Trend nearing #support or #Resistance zones? Continue...
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7/N v) Is the Trend above or below #EMA (10,20,50,200)? vi) Is the Trend nearing any #EMA (10,20,50,200)? vii) How many times Candles tried to cross/touch the #trend lines/S/R zones. Continue...
8/NStep 3 : Taking trade and TimeFrame: a) What to do: i) Start with marking S/R zones with 60/15/5min #TimeFrame. ii) If Down📷 or taking short position, draw #short using #TradingView tool , keeping #stop loss minimum and #RiskRewardRatio 1:1 or 1:2. Continue...
9/N iii) If its UpTrend or taking long position, draw #LongPosition using #TradingView tool , keeping #StopLoss minimum and #RiskRewardRatio 1:1 or 1:2. iv) You can take trade on the first confirmation #Candle . Continue...
10/N v) You can book #profits part wise, generally 50-90% on achieving 1:1 or 1:2 and trail the rest or book full. vi) Generally if the #trend is clear , #Traders opt for 5 min time frame, else 1 Min. Continue...
11/N Step 4 : Points to monitor on Regular basis: a) Keep regular eye on: i) #OI data for OI chng and levels. ii) #PCR : for #CALL (>1) , for #PUT (<1). iii) #IndiaVix values - around 11.5 (<1% chng - low Volatility) , (>2% High Volatility). iv) Any Market news Continue...
12/N v) #Volumes of Candle Stick - volumes reflect #trend /candles strength. vi) #RSI - Normal/High/Divergence. vii) #market Trend - #nifty50 viii) #EMA #Crossovers Will explain in detail in further posts and videos. Till then Like 📷 Share & 📷#FollowRohitKeShares
12/N v) #Volumes of Candle Stick - volumes reflect #trend /candles strength. vi) #RSI - Normal/High/Divergence. vii) #market Trend - #nifty50 viii) #EMA #Crossovers Will explain in detail in further posts and videos.
Till then Like 📷 Share & 📷#FollowRohitKeShares on Tweeterhttps://twitter.com/nftPoacherWazir