Here's an account of my trade for today [11-06-2021]. Below is the 5-minute chart of Bharti Airtel Ltd. The opening candle was a huge bullish candle. From previous night analysis I had marked a strong Resistance zone near 551.
Price couldn't even get to 551 Resistance zone and the third candle was Bearish Engulfing. There was also Price-RSI divergence at this point. There was also divergence form 8th June Top.
So I decided to enter the trade if price moved current daily 'r1' pivot which is also in confluence with 50% point of Bearish Engulfing. Though I had this entire plan, I entered 10-15 minutes earlier. I could have got a better entry point.
Here are my trade details. Entry is @ 547.65, stop is placed @ 550, and the target is @ 539. The Risk-Rewards ratio was 1:3.7.
There was a power-cut which made me loose cool for a while since I had stop order in place. Major part of the trade I felt lot uncomfortable. There were thoughts of price re-hitting the 551 resistance zone in my mind in the beginning.
Now at 12:15 price hit 1:2.3 Risk-Rewards target. But I decided to wait further making the trade a free one. To make a trade I reduced the stop to 546.65 and left it to market.
The reasons to wait are as follows. Price is comfortably below 200-MA and weekly pivot 'R2'. 200-MA and 'R2' are in confluence with lower band of IB. This confluence is also at the low of the first strong bullish candle.
Price promptly returned to the confluence of 200-MA and 'R2' and returned back 542 level at 1:50. Now I reduced my Stop further down to 545.65 and started waiting. A bullish Price-RSI divergence formed marked in RSI. I decided to wait further leaving it to market.
It was 2:40. Now price was going nowhere. I decided to call it quits. I manually closed the trade at 542.15. This gave the Risk-Rewards ratio of 1:2.3. Price found rock solid support near 542 till then. What happened within next 10 minutes makes me sad. I fell into trap again. Price further plummeted to 540 levels.
What about Nifty 50?
Nifty 50 Opened Gap up 50 points and made a new all-time high of 15835. Below is the 5-minute chart of Nifty 50 index. From the chart we can also see a confluence of weekly pivot 'R1' and daily pivot 'r2'. Though for sometime in the morning Nifty was above this confluence, at 11:15 bulls gave in.
From then on Nifty fell down to cover the Gap only to find solid support near Previous Day High. Taking support at Previous Day High, Nifty tried to inch higher. It formed a Zig-Zag path in the process only to be resisted near the confluence. Finally at the end of the day Nifty closed 0.39 higher for the day.