Plan vs. Actual Performance (23-Dec-2024):
In today's session, Bank Nifty opened near the 51,097-51,272 resistance/support zone, as anticipated in the plan.
In today's session, Bank Nifty opened near the 51,097-51,272 resistance/support zone, as anticipated in the plan.
- []Prices respected the Opening Resistance/Support zone, consolidating within this range initially (yellow trend indicating sideways movement).
[]A breakout above 51,272 was short-lived, and prices struggled to sustain higher levels, aligning with the plan's cautionary note about rejection patterns. - The range-bound behavior observed in the chart perfectly matches the yellow zone prediction in the plan, highlighting indecision in the market before testing key levels.
No significant bullish or bearish breakout was sustained, demonstrating the market's hesitancy near the projected levels.
Key Takeaway: The trading plan's highlighted zones (resistance and support) provided reliable levels for observing price action and market trends, with the sideways movement being accurately forecasted.
The chart for the 24th of December 2024 provides a detailed plan for different opening scenarios, including gap up, flat, and gap down openings. This plan will help traders navigate the market effectively.
Trading Plan for 24-Dec-2024Gap Up Opening (200+ points)- [] If the market opens above 51,593.00, look for a bullish trend continuation towards the next resistance level at 51,719.00. [] Monitor price action around 51,719.00. If the price sustains above this level, the next target would be 51,962.00.
- Place a stop loss below 51,593.00 to manage risk.
- [] If the market opens around the previous close of 51,287.25, observe the price action within the no trade zone (51,306.90 to 51,353.00). [] A breakout above 51,353.00 could signal a bullish trend towards 51,420.95. [] A breakdown below 51,306.90 could indicate a bearish trend towards 51,267.00. [] Manage risk by placing stop losses just outside the no trade zone.
- [] If the market opens below 51,073.00, look for a bearish trend continuation towards the next support level at 51,010.00. [] Monitor price action around 51,010.00. If the price sustains below this level, the next target would be 50,781.00.
- Place a stop loss above 51,073.00 to manage risk.
- [] Always use stop losses to limit potential losses. [] Avoid over-leveraging; trade within your risk tolerance. [] Diversify your trades to spread risk. [] Keep an eye on implied volatility and time decay when trading options.
- Regularly review and adjust your trading plan based on market conditions.
The trading plan for the 24th of December 2024 outlines strategies for different opening scenarios, including gap up, flat, and gap down openings. By following the plan and adhering to risk management principles, traders can navigate the market effectively. Remember, the yellow trend indicates sideways movement, the green trend indicates a bullish trend, and the red trend indicates a bearish trend.
Disclaimer
I am not a SEBI registered analyst. This plan is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult with a professional before making any trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.