Auropharma - False Breakout trying to tell you something@800

When we start trading as a novice -one of the strategies we are inclined to take is breakout trades as they are intended to give big moves in the breakout direction.
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 technical analysis 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 double bottom was made- double bottom 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 double bottom zone of 770 & below important zone 770-775 for targets mentioned in Strategy 2
Nov 08
Trade active: 14:03 Hrs 8th Nov2017

Last price@789

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.

Nov 08
Trade active: 14:50 Hrs 8th Nov2017

Last price@783.50

Day Low@781

Next Support at 777-778 - If stops need to book profit else below 777-778 - Enjoy
Nov 08
Comment: 14:52 Hrs 8th Nov2017

The Auropharma

Nov 08
Trade active: 09:45 Hrs 9th Nov2017

Last Price - 789

Awesome - we start back from close to 800 at the channel top -798

Nov 08
Trade active: 11:05 Hrs 9th Nov2017

Last price@780

We are in the "Dil mange more zone 777-781" - If holds then book profit else below that enjoy

Nov 08
Trade active: 11:10 Hrs 9th Nov2017

Last Price@775

It cracks more.
Nov 08
Trade active: 11:15 Hrs 9th Nov2017

Last Price@775

Session Low@772

Can take support of mini bottom zone 770-772

Nov 08
Trade active: 11:25 Hrs 9th Nov2017

Last Price@778.50

Bounces from 772 - to "Dil Mange More Zone" - What will you do?

Hello - "Dil Mange More "
Nov 09
Trade active: 11:37 Hrs 9th Nov2017

Last price@776

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.
Nov 09
Trade active: 12:00 Hrs 9th Nov2017

Last Price@774

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.
Nov 09
Trade active: 12:08 Hrs 9th Nov2017

Last Price@772

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.
Nov 09
Trade active: 12:28 Hrs 9th Nov2017

Last Price@758

Session Low@741 - Auropharma cracks & so the Nifty as well. Below 770 -it did not hold surprisingly & downside surpassed 757 as well.

Nov 09
Trade closed: target reached: 13:09 Hrs 9th Nov2017

Last price@776

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.

Dec 11
Trade closed: target reached: 12:03 Hrs 11th Dec2017

Last Price@685

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.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ


WoW, the analysis and the commentary as the story unfolded is incredible @AbhishekHSinghCMT
@heisenbergabq, Thanks & Welcome!
KKGUPTA5 AbhishekHSinghCMT
Great call and superb analysis Abhishek ji !!!!!!!!!
@ShanTrader, Cheers!
awesome ride.. what will you do? You have to us Abhishek :)

But I could only watch since I was stuck in a different counter.. will wait for any confirmation from you to enter now
@RajKA, There is always next time.
RajKA AbhishekHSinghCMT
@AbhishekHSinghCMT, yes sir, eagerly waiting for next idea from you.. just watched GSFC as well.. what a ride there? all who followed you, might have enjoyed.. :)
@RajKA, Yes. GSFC was also nice selling at top.
what a ride...Again great call..
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