21st Jun 2022 Banknifty Review

  Trade logic of 21st 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 market open with Red candle and started moving downside but can't break the Camarilla R3 and taking support at camarilla R3

• After taking support at camarilla R3 and started moving upside.
• Today one resistance line are near to 1st 5 min candle high at 09.50 AM candle break the 1st 5 min candle high and Resistance line also

• Next candle open and close above the resistance line. So it's called perfect 1st 5min candle high and resistance breakout pattern
• Entry point is opening of 10.00 Am candle

• I fixed my stop loss below the 09.50 AM candle 

• And Target was next Resistance it's cover the 1:2 Ratio 

2nd Trade: 

• After Bank nifty up side movement more than 800+ points it's almost reach my next resistance line of 33615

• But before hitting the line market was try to reveal and going up on particular zone for 4 to 5 candle 

• So it's form small zone and breakout can happen any side. 

• At 13.40 Pm one strong red candle break the zone

• So it's called zone breakout at down side

• It's  risk trade so i fix my stop loss above the 33615 Resistance line

• And Target was 33218 support line because it's cover 1:2 ratio
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