Simple Trade Setup | NIFTY | 17-01-2022 [INTRADAY]

16 בינו׳ 2022

NIFTY

Observations:

1) On 1hr time frame, we can see that it is in range since last 3 days. But it is giving closing with green candle on daily time frame.

This range is from 18155-18270.

Breakout on either side will give directional move.

Please refer below chart : 1hr Time Frame.


2) On 15min time frame, it is still trading in support channel. And not giving breakdown of this channel.

Please refer below chart : 15 min Time Frame.


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Trade Setup for 17-01-2022

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.