MENTORING 9, DAY 04: 09 Jun 2023

Hello team,

Yesterday, market opened, went up made a base and was not able to
sustain at the higher levels and fell again.

Made a base and sharp fall

Up move
First bounce after sell off

Price breaking support

sharp sell off

Consolidation and upmove

After falling, price again consolidated and gave an up move. Here the point
to note is that after a sell off when market gives an up move most of the
time it will be sold because after the sharp fall many people would not have
participated for the down move. But market when the market is rising for
the second time after the sharp fall more people would considered it as a
shorting opportunity which might have resulted in the down move. After
that price broke the support level and gave a fierce down move.

This is about the psychology behind the price. There is always a fight going
between buyers and sellers, the candle structure and price will give an idea
of who is having an upper hand.
Daily candle is not looking good, it has rejected the highs and engulfed last
3-day candle. Now we have to see if price is breaking 20 EMA, then the next
level downside will be the super trend.

Spot Level

Downside the support levels are 43800 and 43600. Upside the levels are
44150 and 44350.

9:08

Preopen settled. Bank Nifty opened flat, 0.11%.

Trades and Logic
1) Took a CE trade, 1800 qty as OH in Future. Price is protecting previous
day low and Kotak bank is reacting positively.

Entry

Reduced 900 qty

Reduced 450 qty

 Reduced 100 qty

Reduced 100 qty

Reduced 100 qty

Kotak going up with volume

 Spot chart

Exited all

Scalping trade
2) Took a PE trade, 900 qty as price rejecting from the higher level and
breaking VWAP. Put bounced from 200 EMA is not breaking 20 EMA.

Put bouncing from

200 EMA

Entry
 Added 900 qty

Reduced 900 qty

Reduced 300 qty

Reduced 300 qty

Note: Put price was not closing below 20 EMA and bounced from 200 EMA.

Put not closing below 20

EMA and bouncing from
200 EMA

*Call went to previous close and then making a low.

Call making new low

If Call is melting so fast then Put could go to its previous close.

Reduced 100 qty

Added 900 qty

 Exited all

Exit: No follow up. Scalping trade

3) Took a CE trade, 2700 qty as price breaking 20 EMA. Price also protected
previous day low and made a W pattern in spot. Put strike also making M
pattern.

M pattern

Entry

Reduced 900 qty

 Next target

Reduced 600 qty

Reduced 400 qty

Nifty chart
Charts of banking stocks.
Reduced 400 qty

Reduced 200 qty

15-min candle making

full body candle
 Added 500 qty

Reduced 200 qty

Reduced 200 qty

Resistance level

Exited all

Exit: Price reached the resistance level. Pattern trade

Note: Put made a M pattern and it was not able to break the previous day
high and Call was breaking the higher so, went into the Call trade.

4) Took a CE trade, 1800 qty as banks are looking good. Bank Nifty made W
pattern from previous day low and consolidating at higher level.

Entry

Hourly candle

Price sustaining above VWAP.

 Flag and pole and pattern

Market sustaining above VWAP

Charts of banking stocks.

 Reduced 600 qty at cost

Added 1800 qty

Reduced 1200 qty at 12:32.

 Reduced 800 qty

Exited all

Scalping trade
Note: If market is in a small range and if the range gets broken with full
body candle with volume, then the stop loss of sellers will be hit and that is
when buyers come in to picture. If the sellers are booking their stop loss,
then he has to buy back it which would create demand in that strike price.

Candle breaking support

44200 was a good support and there was also good OI at the level when the
price broke it with a full body red candle price started falling sharply.
5) Took a PE trade, 1800 qty as Nifty is breaking low and Vix is also rising.
Bank Nifty is below VWAP and making wicks upside.

Nifty breaking low

Vix rising up

Entry

Reduced 900 qty at

cost
 Reduced 600 qty at
cost

Exited all

Exit: No follow up. Scalping trade

6) Took a PE trade, 1800 qty as price breaking the last low made after
rejecting VWAP.

Entry

Future chart
 Reduced 900 qty at
cost

Added 900 qty

Hourly candle

Target

Added 900 qty

 Reduced 900 qty at cost

Reduced 400 qty

Reduced 400 qty

Exited all

Exit: Price bouncing. Rejection trade

7) Took a PE trade, 1800 qty as hourly candle turned negative and price is
still below VWAP.
Hourly candle

Entry

Fut chart

Reduced 400 qty

Added 1400 qty

 Exited all at 1:31

Scalping trade

**************************************************************
Watch out:

*Please keep a watch on the timings which is at the right bottom of each
picture. This will help you to understand about how long the trade has been
held or if it is a quick scalping trade.

*After each trade you can see a green/red/orange mentions indicating what
kind of a trade it was. For e.g.:
Scalping trade Scalping trade Scalping trade

After the trade if it is mentioned as “scalping trade” in green then it is in

profit, if it is mentioned in red then it would have hit stop loss and if it is
mentioned in orange then the trade would have exited at cost.

We have shared the momentum setup and other relevant study materials. If
you still have not seen it or have any doubt regarding the set up kindly
watch the videos and read the pdfs in the google drive.

Momentum Mentoring 9

CONTACT US

Momentum Trading with Vijay Thakare

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