BANK NIFTY it was nr7 day.
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Friday's candle was nr 7 day candle.
1st hour candle was wide range candle (initial balance was wider)
and high and low of that candle could not be broken
through out the candle, indecisive trading with lot of volatilities.
I had presumed from the very beginning.
Only one trade was taken but stop loss was taken out after that it hit my target.
I had a conservative stop loss and was slightly deviated where it should have been actually placed.
Bank nifty turned up as if it intended to take out the stop loss then reversed to touch my target 34370
and from that zone it reversed again. I will try to explain that in lower time frame chart.
So what next? Most important FOMC meeting is ahead on Wednesday and Thursday in US.
It is most important meeting in the present scenario due to Ukraine and Russia war.
It has to be seen whether it postpones the proposed rate hike or not.
US market is likely to react to that as well our market too.
Technically Bank nifty must close above Thursday to continue further.
Let us see Friday's NR 7 day leads to immediate expansion on Monday or another one or narrow days follow.
I have seen many occasions when Bank nifty exhibiting two nr7 days and in one occasion three nr7 days consecutively.
Then we are going to get another expansion next week, Plan accordingly straddles or strangles.
wish you happy trading days ahead .
I will try to post the trading done for the day and logic behind that.
1st hour candle was wide range candle (initial balance was wider)
and high and low of that candle could not be broken
through out the candle, indecisive trading with lot of volatilities.
I had presumed from the very beginning.
Only one trade was taken but stop loss was taken out after that it hit my target.
I had a conservative stop loss and was slightly deviated where it should have been actually placed.
Bank nifty turned up as if it intended to take out the stop loss then reversed to touch my target 34370
and from that zone it reversed again. I will try to explain that in lower time frame chart.
So what next? Most important FOMC meeting is ahead on Wednesday and Thursday in US.
It is most important meeting in the present scenario due to Ukraine and Russia war.
It has to be seen whether it postpones the proposed rate hike or not.
US market is likely to react to that as well our market too.
Technically Bank nifty must close above Thursday to continue further.
Let us see Friday's NR 7 day leads to immediate expansion on Monday or another one or narrow days follow.
I have seen many occasions when Bank nifty exhibiting two nr7 days and in one occasion three nr7 days consecutively.
Then we are going to get another expansion next week, Plan accordingly straddles or strangles.
wish you happy trading days ahead .
I will try to post the trading done for the day and logic behind that.
Nota
Nota
It appears gap may likely to filled up.Nota
Nota
Watching market condition I had conservative target was not expecting much down fall on that day.
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