17th Jun 2022 Banknifty Review

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 Trade logic of 17th 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:

  • Yesterday market crashed at down side more than 1000 points, so i marked the high and low as a Support and Resistance so 32544 is important Resistance
  • 32544 Resistance and 1st 5 min candle high are very near by 
  • At 11.55 Am One Green candle break the 1st 5min candle High and Resistance 32544 Resistance line also 
  • Next Candle 12.00 PM candle also Green open and close above the 32544 resistance line so it's perfect Breakout pattern at Upside
  • Stop loss was below the 1st 5min candle high
  • Target was next Resistance 32872 (1:2 Ratio)



How to Draw a Support  and Resistance line to watch the video 

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