Nifty Bank IndexShort
Bank Nifty - Bearish Cypher
Guidelines for Bearish Cypher:
1. The AB leg moves higher to retrace the XA leg. This retracement should bring prices to the 38.2 to 61.8 percent level of the XA leg.
2. The BC leg moves lower, takes out the swing low at point A, and terminates between the 127.2 and 141.4 projections of the initial XA leg.
3. The CD leg moves higher and terminates near the 78.6% retracement level of the price move from point X to point C.
4. Upon the price reaching the 78.6% retracement level at point D, the bearish Cypher pattern is considered complete, and a price decline is expected.
Entry: Go Short @ Leg-D level
SL: Strict SL should be Leg-X. However, you can make your decision according to your risk profile and lower it.
1. The AB leg moves higher to retrace the XA leg. This retracement should bring prices to the 38.2 to 61.8 percent level of the XA leg.
2. The BC leg moves lower, takes out the swing low at point A, and terminates between the 127.2 and 141.4 projections of the initial XA leg.
3. The CD leg moves higher and terminates near the 78.6% retracement level of the price move from point X to point C.
4. Upon the price reaching the 78.6% retracement level at point D, the bearish Cypher pattern is considered complete, and a price decline is expected.
Entry: Go Short @ Leg-D level
SL: Strict SL should be Leg-X. However, you can make your decision according to your risk profile and lower it.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.