One should always be prepared to experience many false breakouts: the price breaks out of the pattern, only to revert right back in putting you in losing position.
If breakouts happen to be false then think in a positive way as they might be trying to tell you something or signal something. So, I always say -understanding the language of you need some skills which always comes through experience.
Last Update closed@12:30 pm -7th Nov2017
Struggling to hold above 800 mark - update was closed as mentioned below - we saw Auropharma slipping 20 bucks from 790's to 770's where a was made- always setup to buy with stops below 770 & small push was seen to 790 - 795 the trouble zone.
Previous Update- Wave Talks- 895 to 503- Can it be 503 to 895+ (Result - It did not move until it crossed 775 mark -post 775 it travelled 795 easily & struggling)
What we expect next?
Strategy 1 - Buy only above 810 mark for next set of upside leg else time to be cautious -false breakout.
Strategy 2 - This trade is for risky traders who can afford to lose 5-10 points with stops above 810 & selling close to 800 mark in between 795-800 post your own confirmation for targets 770-775 & below 770 for 725-735 & below 725 for 690-700 & finally 665.
Strategy 3 - Safe Traders can sell below short term zone of 770 & below important zone 770-775 for targets mentioned in Strategy 2
Went to 795 & Took U- turn from 795 - will it falllllllllllllll - I don't know. Let market tell you its own story. I just love to tell story. I am sure that I am not losing single penny in this trade.
Strategy 2 - is in play. Do your analysis & jump taking the risk. Market is all about taking risk at the right time.
Last Price - 789
Awesome - we start back from close to 800 at the channel top -798
We are in the "Dil mange more zone 777-781" - If holds then book profit else below that enjoy
It cracks more.
Can take support of mini bottom zone 770-772
Some time wise correction will be expected & zone 777-782 is what we will expect to hold -it can push upside but surely not above 790's which is our psychological level as it did big time pass in the zone 790-793 in morning. going below 772 - we will look for 757-763 as next support downside.
We will trade for downside target of 757-763 only below 770-772 zone - As it needs to digest the fall from 790-772 in the 1st session. Hence we don't deny a push upside to 781+ levels next.
Do not trade for downside as it sudden jerk downside to take stops - Only below 770 on sustained basis or we look for a push upside to 778-781 zone - if there is a resistance then we sell again.
Session Low@741 - Auropharma cracks & so the Nifty as well. Below 770 -it did not hold surprisingly & downside surpassed 757 as well.
It was all of sudden & got broker's update that it went close to 730's in spot/future where our support was mentioned at 725 levels- shown in the chart.
Awesome ! - False Breakout above 800 - You heard what it was trying to tell you that I am going down.
Touching all targets 770-725- 690- & below 690 - final target 665- All done as mentioned in strategy 2 in the update above.
ALL VEDIO OF OLD DATED NOT CURRENT