1. On the 25th of Sep 2020, I wrote on the blog of bank nifty is quoting as proof that same is seen this week. ". On the contrary, if the yellow trendline which is not breached in 15 days is taken out in both time frames then the uptrend will start." Here if you see carefully price fulfilled this condition on the very first attempt circled in pink but could not move up as trapping bears one complete day but on the contrary, the yellow line is not taken out even once downside on both time frames. This is the beauty of the market sometimes fulfilling conditions on the upside it gives the impression of reverse sentiments. This is the second time in my analysis journey of the last six months, I gave inclined trendline condition generally I provide horizontal line conditions. Why because they create less confusion but this sort of line creates much confusion. As this time price created this condition so I gave it to you. I know very skilled traders can handle this only those who see price behavior so minutely printed on the chart. As I have already mentioned above price did not fulfill the downside criteria of taken out. Therefore, the price could not move down.
2. Between week I gave clues to my group that one pattern has been formed which has decided to the direction of the market and is intact. Many people gave me various patterns no one could talk about the pattern in the red circle except one, who also could not catch in the first attempt but in second. This pattern is a belt hold. People;e want to earn money from the market but unable to put required hard work. They might be thinking that I might belong to ages mentor who imparts education through their belief of technique. Yes, because what they want only spoon-feed and I am totally against it. I am your well-wisher who just wants to impart genuine skill to you in form of hard work. What are you giving to me... nothing? I do not expect anything from you. Except for your hard work. More than 2700+ followers No one could give me the correct answer. This is how you people want money without hard work. You are used to dependent upon tips. That is why tips seekers do not get their material from me only genuine seekers are earning and recovering their losses.
3. One thing to be noticed when I use my red and green arrows 90% times price doesn't go below the red and move above the green. In 10 % it violates then taken out condition gives you confirmation. people earn money from my analysis, they stick to my words and write truthfully for newbies to boost their morale. That should be the spirit of a genuine seeker who also thinks for others. No selfish attitude. Setting a previous post for matching my statements.
Trade plan for next week.
1. As usual see the red arrow showing if the price stays below this level for 30 mins then one should leave positional longs and confirmation will get when taken out condition get activated in both time frames.
2. On the contrary, If price takes out the pink dotted zone upside then price will see more upside.
3. I made a pink which shows price fulfilled the condition of taken out in both time frames but the candles were too big to put sl of the breached candle. So setting stop-loss is a bit difficult as risk-reward will not favorable. In this case, use a lower time frame to put sl.
4. For new readers taken out condition is as follows;-
Taken out condition works in the two-time frame combination for daily( 4 hr + 1 day) analysis. Similarly, work for lower time frames is also a two-time frame combination. For intraday trades 1 hr with 15 min. For taken out condition price has to complete in both time frames. Aggressive traders can take that side position in a lower time frame with the stop loss of breached candle low. In both the time frames given line is breached by a candle that candle high is to be breached by the next candle and close should be above the previously breached candle. This is how taken out condition is being implemented.
Disclaimer:- All trading positions should be taken from consulting your financial planner. This study is for educational purposes only.
I feel it will be the 21800 level which acted as a resistance earlier.
Using the direction you provided, I traded intraday in BN fut and options both. Once I knew the direction and that 27 ema would act as a support ( or say change point ) I created a FUT + Options strategy that I will benefit most if I get a approx 200 pt move on the upside. My stoploss was decided at 75 pts below the 27 EMA.
As it was expiry day I close my trades mostly by 1.15 pm. I made a good profit using the EMA, chart reading and most importantly because I made a quick strategy using the EMA hint from you. Market did not hit my SL throughout my trade time. I think post noon at sometime it broke the EMA once but recovered.
Thanks for helping us to make these intermediate big profits with the hint. It helps because even during our learning curve we will stay on path and follow the process if we have some money. Otherwise most times if a person sees little profit he will quickly take it.
On a diff note - i am taking plently scalping trades in between once my main trade shows some profit.
God bless you