BNF - next moves (cont.)
Updated
It felt fulfilling to pick BNF moves in the last two ideas in this series. please refer to the related ideas part for the same
after testing the unfilled GAP zone what are the possibilities?
BNF may fill the GAP as it doesn't make sense to come so close to an unfilled GAP and don't fill it. once it fills the GAP, then it would be very near to 0.618 retracement from the top and last swing low. So it makes sense that it would test that as well. The big question would be - would it reverse from there or keep going down? I don't know
my trade would be to play for that it will test 32750-32800 in the coming days
Even if it shows some bullish moves today or indecisive behaviour, i would still stick to the above plan although with smaller positions.
Everything is usually a hypothesis till certain conditions are met. If BNF breaks yesterday's high before falling to 32750-32800 zone, this hypothesis can be taken wrong and would be exiting positions
How to trade
for positional traders - selling future could be a better option, or selling 33700 CE can be an option.
for day traders - sell on rise can be an option
Happy Trading
MSK
after testing the unfilled GAP zone what are the possibilities?
BNF may fill the GAP as it doesn't make sense to come so close to an unfilled GAP and don't fill it. once it fills the GAP, then it would be very near to 0.618 retracement from the top and last swing low. So it makes sense that it would test that as well. The big question would be - would it reverse from there or keep going down? I don't know
my trade would be to play for that it will test 32750-32800 in the coming days
Even if it shows some bullish moves today or indecisive behaviour, i would still stick to the above plan although with smaller positions.
Everything is usually a hypothesis till certain conditions are met. If BNF breaks yesterday's high before falling to 32750-32800 zone, this hypothesis can be taken wrong and would be exiting positions
How to trade
for positional traders - selling future could be a better option, or selling 33700 CE can be an option.
for day traders - sell on rise can be an option
Happy Trading
MSK
Note
The unfilled GAP got filled. so the first part of the thought process gets true Let's wait how it unfolds on Monday to have better clarity on the second part that is testing 0.618 levelsNote
would be playing sell on rise today ,Note
lets see if today will be the day to test 0.618 make or break levelsTrade closed: target reached
I hope you liked it and it helped.....
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