Setup success!
This is how our beautiful setup got executed perfectly, it has given A breakout just few minutes after I posted the setup, LOGIC behind the trade was that it was consolidating in perfec triangle patter where bulls & bears were fighting and bears won the fight as overall day was bearish and it was gapdown opening in morning.
ENTRY: The strength of bears was strong since very 1st candle, thus there was very leas chance of consolidation, thus we entered at level of 15800 (I TRADE WITH 5min CANDLE).
STOPLOSS: Our stoploss was (15823) level, LOGIC is that it was above recent swing in lower time frame.
TARGET-1: We booked our partial profit at the level of (15769), LOGIC behind this was that the length of base of triangle & T1 was same, NIFTY did not faced resistance at first, but layer that level acted as resistance.
TARGET-2: Our 2nd and final target was (15735), LOGIC behind T2 was alreay mentioned in afternoons post that it was 1st candles low and towdays low, and market reversed beautiful from that level, thus our StopLoss and Target should be pre-defined.
This was traded on time frame of (5 MINUTES), could not post that chart because of low picture resolution issue.
ENTRY: The strength of bears was strong since very 1st candle, thus there was very leas chance of consolidation, thus we entered at level of 15800 (I TRADE WITH 5min CANDLE).
STOPLOSS: Our stoploss was (15823) level, LOGIC is that it was above recent swing in lower time frame.
TARGET-1: We booked our partial profit at the level of (15769), LOGIC behind this was that the length of base of triangle & T1 was same, NIFTY did not faced resistance at first, but layer that level acted as resistance.
TARGET-2: Our 2nd and final target was (15735), LOGIC behind T2 was alreay mentioned in afternoons post that it was 1st candles low and towdays low, and market reversed beautiful from that level, thus our StopLoss and Target should be pre-defined.
This was traded on time frame of (5 MINUTES), could not post that chart because of low picture resolution issue.
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