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.
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.
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