S-L-S (First Short- Later Long- Finally Short)- Once Market respects the levels mentioned.
*Note-Any potential buy positions to be considered only above 651 -if sustains or in the zone 598-605
When I started reading the basics of technical analysis years ago - I came across a term - "trend is your friend"- never go against it in the Bible book Technical Analysis by-Edwards & Magee. You will have hole in your pockets if you still try to go against market forces & Knowing about key & critical levels which play vital role in the analysis is of utmost importance.
Analysis- Since the top@733- No doubt the fall is impulsive & it has formed a resistance between 645 -key level & 651-critical level from short term trading scenario.
Trading Strategy
Scenario 1- Look for a sell below 632 lows or when low@632 is broken with stops above 640 for target in the gap zone 625-627
15 mins chart
Scenario 2- If the gap zone 625-627 holds, then we look for a push upside or taking buy call keeping stops below 620 for target zone 637-640.
Scenario 3- If It holds finally in the zone 637-640 keeping our key level intact which is 645 or stops above 645-key level for target 620 & below 620 for 598-600 zone which is an important support zone.
Trade active
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10:47 Hrs 16th March2017
Last Price@640
Went to high@642 - Risk Takers should have taken sell close to 645 -key level as they could just lose 3-4 points & Gain shall be 15 points in the gap zone 625-627.
Trade active
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10:22 Hrs 17th March2017
Last Price@641
Critical Level@651
Day High@650
Falls from just below the critical level@651- These are trades which risk takers take to lose 1 point & gain maximum.
Trade active
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13:10 Hrs 21st March2017
Last Price@437
Market attempt 2 times 650 & 649 -go close to 651 & falls - awesome
Trade active
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14:15 Hrs 21st March2017
Last price@641
Downside level of 632 is intact- Wow!- It makes a low 633-634 & bounces above 632 for 641. Close of 650 could be tested again -possibily in the zone 644-647. Critical level of 651 should not be taken out on upside else there could upside move in the counter .
Comments
bearishbull1968
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WaveTalks
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@bearishbull1968, Could be but one should not become bias with shapes -levels are important to trade.So, I always mention some important levels in my setup where one can take advantage.
bearishbull1968
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@AbhishekHSinghCMT, yes you are correct
bearishbull1968
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@bearishbull1968, based on that flag i am not opening up any trade just following your posts
sorry to disturb you during mkt hrs i am new to this site can you pl. tell me how to do that {post chart }
WaveTalks
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@bearishbull1968, When you open your chart- right bottom below your chart -you will see a camera take the snapshot -you will get a link - copy that link & paste it here in comment which will appear as photo.
bearishbull1968
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perfect facing resistance around 650 levels
will it touch crucial support around 605?