29th Jun Banknifty

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 Trade logic of 29th 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 GAP DOWN open with Red candle
  • 2nd candle try to break the 1st 5min candle low but failed and end with Green candle
  • Next candle 09.25Am candle also green open and close above the 1st 5min candle low it's a perfect Rejection pattern
  • So i decided to Enter into Banknifty PE option
  • Entry time is 09.30AM candle
  • Stop loss was below the low of 09.20AM candle
  • Target was 1st 5min candle High



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