10th Jun 2022 Bank nifty

 Trade logic of 10th Jun 2022 Bank nifty

Chart Setup: 

· I use only Bank nifty indices (Spot) chart i never use the bank nifty options chart (or) bank nifty Futures chart

 · I use only 5 min time frame i never use other time frame like 3 min, 1 min or Higher time frame 15 min & 30 min

· To mark the 1st 5 min candle high and low 

All above 3 points are set after that only i planned for trading 

Indicator : 

· I use the Camarilla Pivot point indicator "R3" & "S3" (Only the Resistance 3 & Support 3) 

1st trade:

• Today at 09.25 am one strong red candle break the 1st 5 min candle low and next candle open and close blow the 1st 5 min low but 09.30 am candle is Green candle so it's not perfect breakout

• At 09.40 am candle try to break the 1st 5 min candle low and failed end with red candle and next candle also red open and close below 1st 5 min candle low it's proper rejection pattern

• So entry candle is 09.50 Am candle 

• Stop loss was above the 09.40 am candle 

• Target was important support marked in pink line (Shared in telegram group at live market hour)

• But stop loss hit immediately

• After stop loss market have enough power to break the 1st 5 min candle low

• Once again market reject from 1st 5 min candle low at 10.45 AM

• Next candle also red open and close below the 1st 5 min candle low

• Once again proper rejection pattern happen

• Stop loss was above the 10.20 am candle because this is last time our stop loss hit candle 

•  Target same support 

Reason for Why Target mentioned line is treated as important support line

• On 26th May 2022 Market made a huge high from this place after that 1st time candle are facing this support line 1st time so high possibility for act strong support

• 1st once strong red candle break the support line but next candle onwards market reverse and started moving upside. 

• Shared screenshot in Telegram group at live market 

Refer chart