Nifty Trade Plan August 16
Trade Plan – Probabilities and corresponding Plan!
Resistance / Supply zones - Marked in black
Support / Demand zones in green.
If the market opens flat –
1) It may again pick a supply at Friday’s high region and move down till Yesterday’s low region – demand 19350-19295. One may initiate shorts based on setup confirmation, ride till yesterday’s low region, and then continue further based on price action.
2) It may move beyond Friday’s high region and take a hit at the Trendline supply region 19510-19532. One may initiate shorts based on setup confirmation, ride till yesterday’s low region, and then continue further based on price action. One may look to go long only post a solid consolidation price action above Friday’s high zone.
3) It may directly move down to pick the demand at Yesterday’s low region, 19350-19295, and then consolidate or break yesterday’s low. One may look to sell this only post a consolidation price action at yesterday’s low region. One may look to buy the dip if there is a consolidation price action post the down move.
If the Market opens gap down –
1) Beyond yesterday’s low region, long unwinding may happen leading to a fall till 19235 - 19185 – next support zone. One may initiate shorts if aggressive if not wait for a small rise to short the market further. Or even wait for a reversal price action opportunity post-consolidation.
2) If the market opens between yesterday’s high and close with a decent gap down, will look to go long or short only based on consolidation price action post 10 AM. If the market consolidates and breaks yesterday’s low then one may initiate short. If the market consolidates and moves up, then can go long till yesterday’s high zone. Will ignore if yesterday’s low is broken immediately and wait for an opportunity as per 1.
If the Market opens a gap up –
1) One may initiate shorts based on setup confirmation as there are too many supply zones and ride till the demand zones are marked. One may go long only post a solid consolidation pattern at the Trendline region as there are too many supplies between 19462 – 19640.
Happy trading!
Recipe for a Successful Trader - Rules for Entry, Risk Management for Exit and SL, Discipline in all Aspects, Zero tolerance to Overtrading.
Resistance / Supply zones - Marked in black
Support / Demand zones in green.
If the market opens flat –
1) It may again pick a supply at Friday’s high region and move down till Yesterday’s low region – demand 19350-19295. One may initiate shorts based on setup confirmation, ride till yesterday’s low region, and then continue further based on price action.
2) It may move beyond Friday’s high region and take a hit at the Trendline supply region 19510-19532. One may initiate shorts based on setup confirmation, ride till yesterday’s low region, and then continue further based on price action. One may look to go long only post a solid consolidation price action above Friday’s high zone.
3) It may directly move down to pick the demand at Yesterday’s low region, 19350-19295, and then consolidate or break yesterday’s low. One may look to sell this only post a consolidation price action at yesterday’s low region. One may look to buy the dip if there is a consolidation price action post the down move.
If the Market opens gap down –
1) Beyond yesterday’s low region, long unwinding may happen leading to a fall till 19235 - 19185 – next support zone. One may initiate shorts if aggressive if not wait for a small rise to short the market further. Or even wait for a reversal price action opportunity post-consolidation.
2) If the market opens between yesterday’s high and close with a decent gap down, will look to go long or short only based on consolidation price action post 10 AM. If the market consolidates and breaks yesterday’s low then one may initiate short. If the market consolidates and moves up, then can go long till yesterday’s high zone. Will ignore if yesterday’s low is broken immediately and wait for an opportunity as per 1.
If the Market opens a gap up –
1) One may initiate shorts based on setup confirmation as there are too many supply zones and ride till the demand zones are marked. One may go long only post a solid consolidation pattern at the Trendline region as there are too many supplies between 19462 – 19640.
Happy trading!
Recipe for a Successful Trader - Rules for Entry, Risk Management for Exit and SL, Discipline in all Aspects, Zero tolerance to Overtrading.
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