Simple Trade Setup | BANKNIFTY | 22-03-2022 [INTRADAY]

21 mar 2022

BANKNIFTY

Observations:

1) On 15min time frame, we can see a temporary short term channel.
And it already closed & traded below it in closing hour.
This channel will now work as resistance if it will be trading below it.

Also we can make a very short term resistance trendline from today's price action.

Please refer below chart : 15min Time Frame.


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Trade Setup for 22-03-2022

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.