Trading Challenge II : 300% in 5 months

SwagatN

Well-Known Member
Date 14 Sep 2018





Background = No clear trend in hourly. 618 - 620 marks the strong supply zone and 584-587 marks strong demand zone., An effort to rise was seen after 2B reversal near the demand zone resulting a strong rally. Bullish sentiment is seems to be weakening in last hour as spread narrows and close was well off the high on high volume. High activity shows the presence of smart money but narrow spread and mid close suggest that weakness had entered in to the market on an upbar.

5m chart shows a strong uptrend. Uptrend got accelerate as price went past above the overbought region and started trending above that. A reverse UT channel is drawn. Professional selling was seen near 610 during closing hour justifying the weakening of bullish sentiment from 60m chart.

Trade Plan = For price to go up, there need to be an effort through this supply zone and all the supply need to get absorbed above PDH. Watchout how price behaves around the red horizontal trading range,
 

TradeOptions

Well-Known Member
Last week I gave myself a challenge for trading and tracking just 1 symbol for 1 week. The week being a truncated one with one holiday and only 4 trading session here its time to review my goal.
>>> NEVER GIVE UP <<<
Thanks for sharing your insights bro. You are certainly getting better. Keep it up.
Good wishes for your trading. Best Regrads
 

SwagatN

Well-Known Member
Date 14 Sep 2018



BANKNIFTY daily chart shows some good information. Expecting today to be an upbar. But ultrahigh volume indicates lot of supply is still present in background. The floating supply need to get absorbed. A test of this demand zone (27K) in future date should be seen.



Bar 6 high and bar 7 low is to be watched during the open today. There is strength in the background. Any future test of 26.8K of lower region (oversold zone of the trend channel) could be a buying opportunity.



On 5m chart 26900 - 27000 marks the immediate demand and supply zone respectively.

Trade Plan = There is strength in background, but due to ultra high volume a future test can not be ruled out.
Look for LONG from hourly trend channel's oversold zone.
 

SwagatN

Well-Known Member
BANKNIFTY gap up to the hourly supply zone, no demand is seen. Took a SHORT from 5m overbought zone. Its counter trend looking at the 5m trend. So need to be cautious..
 

SwagatN

Well-Known Member
TATASTEEL pushing up through the supply zone. This effort should be giving result now.
BANKNIFTY continues it struggle. SL for SHORT is tightened..
 

SwagatN

Well-Known Member
TATASTEEL pushing up through the supply zone. This effort should be giving result now.
It could be an effort with no result. Above average volume indicates presence of big traders, A down bar closing at bottom indicates supply dominating demand above 620.. Weakness from 60m,

No actionis going on in BANKNIFTY
 

SwagatN

Well-Known Member
It could be an effort with no result. Above average volume indicates presence of big traders, A down bar closing at bottom indicates supply dominating demand above 620.. Weakness from 60m,

No actionis going on in BANKNIFTY
Wanted to SHORT TS below 618, Order did not fill, Will look for re-entry
 

VJAY

Well-Known Member
Though you mentioned your mistake ...still am wonder experienced like you still doing it again &again...

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