Possible Trade Opportunities in BankNifty on 13-07-2023.
Dear Friends,
Hope you all are trading well. So far this week the Price Action has been working quite decent. Tomorrow being expiry it shall be a very exciting day. As per my understanding of price action, I have marked the possible important levels.
NOTE: If a candle has broken a particular resistance or support, don't immediately take a trade. Wait for the next candle to form and let that candle break the previous candle high or low. This way you can avoid traps and also fake breakouts. I personally see to it that my next candle is not touching the resistance or support line.
Also don't underestimate the power of EMA 20, the price always tends to return to 20 EMA. Hence if the price is very far from 20 EMA, it may come back to the EMA rather than going further away from EMA.
Do maintain a minimum 1:2 risk-reward ratio. If you have had 3 losses making trades back to back. Just shut the system and wait for opportunities the next day.
Hope the levels stand strong tomorrow.
Happy Trading!
Hope you all are trading well. So far this week the Price Action has been working quite decent. Tomorrow being expiry it shall be a very exciting day. As per my understanding of price action, I have marked the possible important levels.
NOTE: If a candle has broken a particular resistance or support, don't immediately take a trade. Wait for the next candle to form and let that candle break the previous candle high or low. This way you can avoid traps and also fake breakouts. I personally see to it that my next candle is not touching the resistance or support line.
Also don't underestimate the power of EMA 20, the price always tends to return to 20 EMA. Hence if the price is very far from 20 EMA, it may come back to the EMA rather than going further away from EMA.
Do maintain a minimum 1:2 risk-reward ratio. If you have had 3 losses making trades back to back. Just shut the system and wait for opportunities the next day.
Hope the levels stand strong tomorrow.
Happy Trading!
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