BANKNIFTY--Bull Trap or Bear Trap ??
Updated
The index price is still trading in a channel...
will this channel breakout.... or continue it's momentum towards downside....
we are at important zone...i.e 44500 zone...
today price comes almost near to this zone and showed a bullish momentum towards upside...
But we are still having some bullish gap left @44400 level...
if today's bullish momentum is a bull trap, tomorrow price will be bearish...
opens gap down fill the bottom side gap and moves up... or continue fall bottom levels, to grab the liquidity on buyside.
If this a bear trap...still those who are buying puts after a strong bullish momentum puts are available at cheaper price...price will opens again gap up and takes all the liquidity on put side..
fills bearish gap and again falls from that level...
so without confirmation, we cannot say anything ....as per the price movement it is in a channel.so we are taking any decision after breaking this channel...
Will see what happens in the upcoming session.
If this is helpful...please do follow and give a like.....
Thank you guys...those who are supporting me...
Have a nice weekend.
will this channel breakout.... or continue it's momentum towards downside....
we are at important zone...i.e 44500 zone...
today price comes almost near to this zone and showed a bullish momentum towards upside...
But we are still having some bullish gap left @44400 level...
if today's bullish momentum is a bull trap, tomorrow price will be bearish...
opens gap down fill the bottom side gap and moves up... or continue fall bottom levels, to grab the liquidity on buyside.
If this a bear trap...still those who are buying puts after a strong bullish momentum puts are available at cheaper price...price will opens again gap up and takes all the liquidity on put side..
fills bearish gap and again falls from that level...
so without confirmation, we cannot say anything ....as per the price movement it is in a channel.so we are taking any decision after breaking this channel...
Will see what happens in the upcoming session.
If this is helpful...please do follow and give a like.....
Thank you guys...those who are supporting me...
Have a nice weekend.
Note
yesterday price broken the small trendline strongly...we will wait for the retest to this area before long...if continuation bullish is observed will wait for a pulllback.Note
Price retracement is done...we will take long entry....after a break of today's high...keep in mind 45000 is a key resistance...Note
Risky traders enter long here...Note
If trendline has failed to move the price up...will be short side.....i will wait for short entry...Note
Keep your targets to day high....40500,40050 and 40100.Note
in higher time frame price action is still in range....Note
Price starts ranging...Note
Safe traders keep change your stop loss to day low...Risk ones keep with me until targets.Note
Bulls exhausted or bullish initiationNote
now this is the time to book some profits....that level is constantly...rejecting...safe ones exit few carry remaining...
Note
Note
I am moving my stoploss to day low....if price cannot break high sellers will take the price strongly downwards....keep safe.Trade closed: target reached
Target 1 of day high is doneTrade closed: target reached
Target 2 is also doneNote
price has broken the trendline and retested....so enter long...Targets on upside is done...Trade closed: target reached
Target 3 is also done...Note
safe traders exit their long, before strong sell off comes...Trade closed: target reached
All targets are done....Note
Bearish Gap is Filled...on upside.
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