Bank NIFTY Day Trading

[abir]

Hi,

I have been using this strategy for sometime with BANK NIFTY with very good success. Here it is.

1) Wait for a doji or pinbar to form in 30 minute chart.

2) switch to 5 minute chart

3) Go long when a bull bar closes above the Doji close or pinbar body with stop loss as the Doji or pinbar low.

4) Go short when bear bar closes below the Doji close or pinbar body with stop loss as the Doji or pinbar high.

5) Minimum target is 50. or You can wait till a reversal pattern forms in 5 minute chart. or 30 minute swing high or low can be the target.

Please follow the below cautions
a ) Don't take position if the 30 minute chart does not tell which way market is heading.
b ) Wait for Doji or pins to form after long bars. This will greatly improve your success.
c ) If you miss an opportunity, patiently wait for the next one.
d ) I have observed trading against the direction after Doji or Pinbar gives better profit because Doji or pins can trigger violent reversal.

More charts to come.

 

[abir]

Fine Tuning Entry.

 

[abir]

Hi Asmit,

I would not take positional Short on NIFTY until the gap between aug 29 and sep 2 is filled on daily basis. Gaps provide strong support and resistance. I will wait for a bear candle to close below 4900 to initiate positional short on NIFTY.

Thanks

 

[abir]

Shorted NIFTY SEP at 4963 stop loss 4980 Target 4800 if the position survives today.

Reason for positional short : Very Strong reversal pattern in dayly chart.

 

[abir]

My fear about the gap has been proved justified. Stop loss triggered for positional short. After this bought NIFTY SEP 4999 and sold 5040. It is clearly intraday trade.

Lesson for short now: No positional short until the gap is filled.

 

[abir]

Could not upload any image. So added my entry strategy in image share.

http://www.image-share.com/ijpg-921-77.html
http://www.image-share.com/ijpg-921-78.html

 

[veekay304]

Could not upload any image. So added my entry strategy in image share.

http://www.image-share.com/ijpg-921-77.html
http://www.image-share.com/ijpg-921-78.html

you set your target on previous pivot-high for long..?? (Resistance)

 

[abir]

It can be trendline, immediate swing high / low in 30 min chart or it can be fib level.
It's like looking at the chart you know clearly "yes that's where price is going". For intraday target, I consider 30 min chart and for delivery daily chart. If target is met, it's good otherwise whatever profit or stoploss. But for stop loss always 5 min chart.