NSE: BankNifty Intraday Chart 29-04-20

The day started with gap down only to take prices up and IRH was formed at PDH. Then was a bog period of low momentum which a common occurence in past few days. This ended in an explosive upmove. Buyers were seen coming at every dip and I had a long position but covered it at entry. BNF pulled back deep and then shot up. There were no good entry setups. Most setups would have resulted in chasing. Chasing is something i avoid, since it breaks discipline.

The pullback post my third entry was deep which is kind of a dummy move which flushes out the early long traders, entices the short traders. The covering of these short traders propels the upmove.

  1. Short Scalp trade – SPB entry.
  2. Long trend trade – CPB entry. Expecting a break of PDH/IRH.
  3. Long trend trade- CPB entry – New high created above PDH/IRH. expecataion was a breakout and test of 21000. Covered at entry.

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