BOB- Double Top to Sell & Reverse with Trump Trendline Support

Last Price@153

S-L-- Short (Sell) First & Long (Buy) Later

Look to Sell with Strict Stops above 155- Double Top for targets 143-145 & look for support from trump trendline- if holds then reverse your position for upside targets.

Previous Report

BOB- 2016 Diary-(135-145) Key Support Zone- Trump Trendline Support
Trade active: 11:21 Hrs 9th Jan2016

Last Price@153.50

Day High@155

Stops above 155-- have taken dip & nothing to lose -going above 155 -shall be out to take some rest.
Trade active: 10:02 Hrs 10th Jan2016

Last price@152

Day's High@154.15

So, we have very less to lose.

Again gave selling opportunity at 154- close to the day's high-target looking down till 143-145
Trade active: 13:19 Hrs 11th Jan2017

Last price@158.75

The way it jumped today above 155- 156.70 max on the upside, but now it confirms that upside move has started. So, do not hurry in getting in the trade.

Trading Strategy
Either allow price to come in the zone 154.50-155 -if holds, then buy with minimum stop below 154 or allow prices to come in the zone 150-151.50 to buy for upside targets & stops below 150.
Trade closed manually: 11:08 Hrs 2nd Feb2017

Reached 174-175 -Risk Element is Big now - Done & Out - for myself.

Shall leave the last move- if any next week.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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Had shorted at 155 since it started moving up bought 160CE at 3
Hope I did right.
Or will book losses.
Sir do you see it coming down ?
A block deal took place, after that BoB ran
@Ra_Thor_, Post Resistance Breakout -it is always a risky to trade on sell side which was 155-156.70--its almost 3 point up at 159.45 -likely we get retracement but that is always a risk because we will buy at retracement -let say if it extends tomorrow- that is biggest risk. Likely 18890-18925 is resistance zone for BankNifty if it that is intact tomorrow then BOB likely comes down.
Ra_Thor_ AbhishekHSinghCMT
@AbhishekHSinghCMT, thanks :)
@Ra_Thor_, Hi, Look BOB came back to 154-155 - got the retracement.
Ra_Thor_ AbhishekHSinghCMT
@AbhishekHSinghCMT, yes sir , as said by you came back, got out of the trade with 1 point profit. Thanks :)
@roja.ravi, Hi, now since you have taken the risk to jump on running train taking sell at 152 levels - rather than putting a stop - look for the zone 156.70-157 to hold on upside possibly it might start falling as Bank Nifty if starts falling for a short term down move from the zone 18725-18750.
AbhishekHSinghCMT AbhishekHSinghCMT
@AbhishekHSinghCMT, Also, never repeat such mistakes - take it as a lesson- in your current trade if still holding if it drops below 154.50 then you will get easily your cost price & possibly below your price
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