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As a general rule Low risk traders should never use closing basis stop loss.They should rather act every time these important levels are crossed by error margin(read the instructions given above).
As expected it was a huge volatile week. I asked to avoid carry forward positional trade on last Monday and those who followed it must have avoided the gap down opening. Anyway Nifty found support exactly near to Gann support 10310 and a huge rally followed from there. So buy on dips advice was perfect and also see how the red colored role reversal level 10370 has acted. Buy on dips trend remains intact.
Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit(partial/full) booking levels . Trend following and maximising profit is an ART which is taught to all Gann students at ART OF TRADING
1)10750- 10630-10580-10500-10370-10310 are support levels. You can plan to buy near all these levels and keep 30 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 10850-10940-11050-11180 -11465 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 10750-10630-10580-10500- 10370-10260-10210-10125-9967
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 10850-10900-11050-11180-11465
In spite of huge volatility Bank nifty found support exactly near Gann support 25600 and a good rally followed from there.27050 remains an important Gann resistance level .Trend remains buy on dips. Any close below 25600 will indicate weakness and good strength will be indicated once it closes above 27100.
Follow the trade setups given below and additionally monitor the role reversal levels.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels .Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1) 26650-26200-25900 -25600-25300-25150-24500 are support levels. You can plan to buy near all these levels and keep 50 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 27050-27220-27550 -27900-28200-28400 are resistance levels. Go short if trades near these levels and keep 50 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE 25900 -25600-25300-25150-24500
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 27050- 27220-27550-27900-28200-28400
1236 support has worked superbly.Trend remains buy on dips. Now next important level to watch is 1266. Any close above this level will indicate good strength.
.Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels . Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1)1236-1225-1215-1195-1180 are support levels. You can plan to buy near all these levels and keep 5 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 1266-1284-1297-1310-1325 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1236-1225-1215-1195- 1180-1153-1120-1045
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1266- 1284-1297-1310-1325
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