Overall Context Nifty is bullish across daily, hourly and 15 mins timeframe. Do not want to short as a going in position. Will wait for price active to form but will look to take long trades.
Nifty has made a hanging man pattern on 18th June.
Although it remains overwhelmingly positive, it needs to be seen what effect hanging man pattern will have.
Nifty has made 79 positions range on 18th June and traded in that range all day. This range for tomorrow remains no trade zone and trade should be planned once this range is broken.
Needs to be seen what the price action says on 19th June. In general, definitely looks like a buy-on-dip market.
Also, taking Bon to doctor tomorrow so might not have a lot of time to trade in morning. Will see.
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Trading Day -
Wasn't a great day overall and lost around 2500 with 2 lots of Nifty. The hanging man pattern did play out and the market crashed in the morning but ten recovered in second half.
A few modifications to strategy - i would like to go for bigger profits rather than 1:2. So I will go with 1:3 risk to reward ratio. Although once 1:2 is achieved, i would make it cost neutral - means move the stop loss to breakeven.
Do not want to go with trailing stop loss thing for now as Nifty does pull back quite a bit before the SL stops the erosion in profit - so 1:3 is better - not all trades will reach here but whichever do will earn bigger profits.
LOST MONEY
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