A Strategy For Consistent Trading

Welcome to journeyoftrading. I’m using only Candlestick patterns, support and resistance, trend lines, and pivot points. These indicators are enough for a trading strategy. This strategy includes proper entry and exit and stoploss with trading psychology.  

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Live chart analysis video uploaded for below youtube link 

https://youtube.com/@journeyoftrading2024?si=-7rHkIf3g1U8ZWS7

Now we are going to do chart analysis for the bank Nifty chart on July 9, 2024.Today, the market is open, with a little bit of a gap. Every day, the market opens and closes differently. But we are using strategy same. Today also market take a four support with trend line. The opening candle is a longer hammer. This opening mentioned strong buying. Every trader expects that the market will go up because of the long hammer.

Suddenly, the market mentioned the Evening star candle. This candle, when the market is going down at that time, is a strong candle for sellers. Today, the market is totally sideways. The maximum number of traders take the entry from a longer hammer. But the market cannot find a direction. It’s an up-or-down trend.

Today I got trend line support. The trend line is an additional confirmation of entry. Today I got two entries for points. Both are call options (CE). I will explain them one-by-one below.

Types of Entry Points

Two types of Entry points i got

1.      Morning Star.

2.      Inverted Hammer.

1.Morning Star

Morning Star This candle is also one type of important candle. This candle when it will form, the market is going to down/support zone. That zone area needs some support. Today, the same support was taken from pivot points. This pivot point reacts to the support zone. Today's first entry gives more confirmations. It's not happening all the time. These points are listed below.

• The Morning Star takes support from pivot points.
• The next one is an inverted hammer, which also takes support from pivot points.
• Trend line support: today the opening candle takes support (S3) from the trend line.
• Morning star support takes from yesterday 50% of the market zone.

These and all for today's entry conformations. Morning star, next candle-shooting star. This is a downward trend. But the buyer zone is strong. Because above mentioned these confirmations buyers given. When ever taking an entry, check the above-mentioned confirmations.

Stop Loss

For Example, Now Stop loss set below the Hanging man.

Buy Price: 52,490.15

Stop Loss: 52,416.35

Risk Point:73.80  

Reward Points:126.85 points.

For your reference, First entry analysis below attached.

Yesterday, the high point slightly reacted to the resistance zone. For example, a morning star candle next to a shooting star. But buyers take control of the market. Next, market reached  52,626. Today, this is only a decent strike price.

Now again, the market going to fall. This down side falls again, taking support from yesterday's resistance zone. This time, confirmation with trend line support (S4).

2.Inverted Hammer

Inverted hammer It’s a fourth confirmation of S4. This is from yesterday's resistance zone. Traders expect again that the support market will go up. And over crossing the 52, 626.

But even high points react to the resistance zone. It's again falling down. Now it's confirmed that this is sideways. What is meant by sideways?

Buyers and sellers equally dominate the market. For example, the market is moving in between the support and resistance zones. Just like that, today the market also happened. This type of market also hits your stop-loss.

Stop Loss

For Example, Now Stop loss set below the Inverted hammer.

Buy Price: 52,523.32

Stop Loss: 52,491.35

Risk Point: 32.27

Reward Point: 36.78

For your reference second Entry analysis below attached.