📉 NIFTY TIME SETUP ✔️I How to find X No. of candle important ? @TRADINGLEGEND

Summary

The video script discusses a trading setup aimed at improving the success rate of trades, suggesting that with proper setup, 80% of trades could be successful. It emphasizes the importance of not relying on random trades and hoping for market favor, but instead using a strategic approach to determine entry and exit points, manage risk, and set clear targets. The speaker shares hints from a live session and explains how to calculate and apply specific values for potential trades, including how to handle various market scenarios and the importance of adapting to changes.

Takeaways

• 📈 The script discusses a trading setup that aims to improve the success rate of trades, suggesting that with this setup, 8 out of 10 trades may be successful.
• 🤔 It highlights the common issue of traders making random trades without a proper setup, leading to losses and reliance on the market's favor.
• 📊 The importance of having a clear direction and target in trading is emphasized, which helps traders to know when to exit trades for profits or cut losses.
• 📉 The speaker mentions backtesting as a method to validate trading strategies, suggesting that they have tested the setup shared in the video.
• 🔢 A detailed explanation of how to calculate entry points, stop losses, and take profit targets using a combination of numbers from the market opening value and candlestick patterns is provided.
• 🕯️ The concept of 'importance candles' is introduced, which are specific candles on the price chart that can indicate potential trading opportunities.
• 📌 The script talks about identifying support and resistance levels, as well as breakout and breakdown patterns in candles, to decide the direction of trades.
• 📝 Emphasis on the need for traders to write down and track their trading plan, including entry points, stop losses, and take profit levels.
• 📉 The video script also covers how to handle trades when the market doesn't move as expected and the importance of managing risk with proper stop losses.
• 📈 There's a mention of taking advantage of market momentum, suggesting that trades should be taken in the direction of the market's movement for better results.
• 🗓️ The speaker shares insights on analyzing past trading days and how the setup can be applied to various market conditions, not just the current trading day.

Q & A

What is the main topic of the video script?

The main topic of the video script is about a trading setup that the speaker claims can help traders achieve successful trades most of the time if they follow the proper setup.

What does the speaker suggest is the reason for traders' losses?

The speaker suggests that traders lose because they either do not have a proper setup or they take random trades hoping the market will move in their favor.

What is the purpose of the 'setup' mentioned in the script?

The purpose of the setup is to provide traders with a clear direction and target points for their trades, reducing the chances of losses and increasing the likelihood of successful trades.

What is the significance of the 'third number candle' in the script?

The 'third number candle' seems to be a key element in the trading strategy discussed. It appears to be used as a signal for determining the direction of the market and where to enter or exit trades.

How does the speaker use the opening value of the market in their strategy?

The speaker uses the opening value of the market to determine the entry point for trades and to calculate potential target points for profits or stop losses.

What is the importance of combining values in the trading setup mentioned by the speaker?

Combining values, such as adding numbers from different candles or market data points, is used to generate a single digit value that can be used to predict market movements and determine trade entries and exits.

How does the speaker handle market reversals in their trading strategy?

The speaker advises traders to exit their positions when the market shows signs of reversal, such as breaking a certain level or showing a solid candle pattern that indicates a change in direction.

What is the role of 'price action' in the trading setup discussed in the script?

Price action is crucial in the trading setup as it helps traders understand the market's behavior and react accordingly. The speaker mentions observing price action to confirm the validity of a trade setup.

How does the speaker calculate the target points for trades?

The speaker calculates target points by using the opening value, combining digits from different candles, and considering the market's previous day's closing value. They also mention doubling the target points for additional profit.

What advice does the speaker give regarding taking multiple trades in a single day?

The speaker advises that if a trader achieves their target in one trade, they should not necessarily take another trade on the same day unless the market conditions clearly indicate another opportunity.