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Price Action Trader
@PAVLeader
, 4 tweets, 3 min read Read on Twitter
In last 2 days #BANKNIFTY failed to sustain new highs & gave an hourly close below EMA21. While the overall trend is up, a pullback is evident. As counter trend trade, any rise till 30480 can be used to short for targets -
1. TL support
2. 29820
3. 29275
SL above 30700 spot
Since it is a counter trend trade, be watchful near these 3 target areas. If price fails to fall further, be quick to reverse your position for longs post price confirmation. It's going to be highly volatile in the coming days.
Here is 15M view of #BANKNIFTY spot chart. Bulls will try to defend every level they currently have hold on & bears wont allow them to easily cross 30390-30660 range. Every time bulls will take price up, they will meet bears in upper zone so its gonna be an interesting game.
Update on #BANKNIFTY spot chart. As expected bears shot all bulls down when bulls approached their zone. Bulls couldnt sustain that pressure & gave up finally. Result was that it broke 30157 key level & closed below it. 1st tgt of TL support met & now it may head for 30000-29820.
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Price Action Trader
@PAVLeader
Price action trading looks very simple especially for newbies who see it for the first time & think that its a piece of cake. We just need to short at supply zone & buy at demand zone. Let me warn you guys, it is not as simple as you think. Its very tricky & subjective.

1/n
Same chart seen by 2 people can be interpreted in 2 different ways. Everyone looks the same chart differently so unless you know what you are doing, dont trade price action. It doesn't come in 1 day, week, month or year.

2/n
You need to consistently learn the concepts, apply them on chart via manual chart screening 1000s of hours & then only you will be able to grab your piece of share from the market. Till that time - LEARN, LEARN & LEARN. No shortcuts guys so practice patience!

3/3
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Price Action Trader
@PAVLeader
What is a trade scanner? #LearnWithPAL
A scanner is nothing but a set of buy/sell rules which a trader defines after he/she manually backtest his/her ideas on charts. It is a method to translate your trading ideas into a rule so that you dont need to manually scan in future

1/n
There is nothing magical in it but lot of people ask me to share a magical scanner to get 100% solid signals which can change their life. This sort of thing doesn't exist at all. Its a myth to have a scanner giving 100% accurate results.

2/n
My scanner may or may not work for you because I built it based on my trade conditions & I look for something specific in a chart before I take a trade. Even if you get the scanner, you may not get the required conviction along with it.

3/n
Read 4 tweets
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Price Action Trader
@PAVLeader
#BANKNIFTY Future bar by bar commentary for today's move for learning purpose.

1/n
After a powerful reversal with massive volume & wide range bar yesterday #BNF closed above EMA21 & has made higher higher on 15M candles & didnt break the low of any previous candle.
2/n

This shows the strength in the move & shows the strong momentum upside. After so many days of downfall, bears were shorting on every rise & this was a perfect "Bear Trap" setup (yesterday it broke the day low only to reverse).
3/n
At yesterday close selling profit booking was witnessed but today's open didn't break the low of that candle as well. It shows we still have some steam left for upside.

Points below are aligned with the numbers marked on the chart for easy understanding -
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(1/n)
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1. New 20 period high should have been made today.

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(2/n)
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