Expiry day it is.
Nifty created an outside candle on 19th June. Fell in first half but recovered a bit in second half.
My outlook will stay bearish for now although Nifty is strong on daily timeframe. it remains weak on 1 hour chart.
Opening will be important and then need to play according to moving averages.
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Trading Day -
Taken 5 trades today - only one at SMA 20 and that made i to 1:2 and terminated at break-even. Didn't make it to 1:3 target.
Remaining traded were taken farther away from 20, although one of the trades was taken closer to 200 MA but came back to hit stop loss and and touched 20MA.
Key learning, no matter the candlestick pattern, DON'T TAKE TRADE AWAY FROM 20 MA.
One of the trades was taken at 20 MA but the price was making lower highs. So watch out for such scenarios also.
SO IN A NUTSHELL - TAKE TRADES ONLY WHEN MARKET IS IN HIGHER HIGH, HIGHER LOW OR LOWER HIGH, LOWER LOW PATTERN AND IS AT 20 MA.
LOST MONEY
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