pattern:- formation seen on #banknifty
Focus on PRZ - Price Reversal Zone (22,650 - 22,750)
Nifty P/E stands at 28.86, bubble expanding, be cautious.
Head & Shoulder formation in progress in a 1-hour chart, any bubble break will happen below 21,000 might see a target of 18,895.
I won't change my view based on dow or vaccine news, I will post what I see on the chart.
Trade what you see, not what you feel, enjoy trading.
On public demand, posting 1 year backtest result on #algotrading performance on #banknifty.
Back-tested from 1/1/2019
Capital Required:- 5L approx ROI :- 475%
Profit:- 23813 x 100 (5 lot) :- 23,813,00 /-
Brokerage :- 95X150 :- Rs 14,250 /-
Net Profit:- 23,798,750 Rs
I kept on posting on social media, not to trade today as the #banknifty spend the whole day in the yellow zone.
I keep my view for Monday as intact that of today.
Bearish Shark formation target 1 is already done at 0.78 to .62 i.e. 22,672-22,320
Target 2, I won't share right now, let's us get some pullback and then I will post the target 2.
Correction Waves Details:-
Wave A : - 23,112 to 21,615.
Wave B : - 21,615 to 22,363 ( exact 50% of the wave A)
Wave C : - 22,363 to ------ (21,438 (Achieved) / 21,329 / 21,241 / 21,152 can be anyone)
Decision Zone:- Above +ve & Below Negative.
I don't pay much attention to monthly expiry day candles, as there is FNO adjustment. The market is still in the range of 21k to 23k.
Please don't take a strong positional trade, until this consolidation range is broken.
I have posted a separate positional strategy as a separate idea yesterday, which is still valid.
Very true sir,
We have to Trade only after confirmations
today I went short on Bajaj Finance (bought P E ) any view on it ? I think its not only over bought but also over valued .
1. Cyper Pattern.
Which shows the strength of the market.
bank nifty may sooner rather than later break the March 2020 low of 16116.