I am trying to identify when I trading with positive approach to the market.
- Well prepared before the market Opens :Reviewing previous day's market action, Analysing NIFTY Chart for S&R ranges, Significant levels ( Chart based pivots),Volume action,Price wrt 20DEMA,50DEMA,200DSMA.
- Waiting for the right spot : Patience to let the opportunity present itself, waiting for good prices. I have learned not to fade intraday highs unless there is good volume and market made a identifiable top on the chart ( Lower highs, Lower lows, at least one candle in my time frame ) . Taking into account the time of the day ( most important for intraday traders)
- Establishing Stoploss levels : I am most comfortable when I have logical stops to execute against ( ATP, Open, Chart based pivots, Volume spikes, Signals of traders caught in one direction)
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