16th Jun Banknifty

 Trade logic of 16th 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:

• At 09.45 AM one red candle break the 1st 5min Candle low and next candle also red open and close below the 1st 5min candle low so it's perfect breakout pattern at downside

• So entry candle is 09.55 am 

• Today is Expiry day so i select the IN THE MONEY banknifty PE option

• Stop loss was above the 1st 5 min candle low

• And Targets are Camarilla R3 and camarilla S3 

2nd Trade : 

• At 01.20 Pm one strong Red candle broke the multiple support and next candle also red open and close below the support lines so perfect breakout pattern

• Stop loss was above the multiple support line

• Target is next support 32402