Gartley X-Factor @159.40- Excitement & Goosebump in Sep-Oct2016
Came up with figure- traded for short down move till 154-155 & then re traded from top 158.50-158.70 as per comments mentioned in the post -which was amazing as I was fortunate to catch the close top & even visualised that 159. 40 was the top.
Gartley X-Factor@150. 40 analysis
This was indeed a magical wand - recently acted exactly a top@156 on 2nd March 2017- Amazing!
Magical Channel Analysis
Since Feb2016 lows@72 - It has been travelling in choppy & complex manner completed its initial up run @170- from where it dropped to 101 in Dec2016 & then pushed up again to 156. The move from 101 to 156 again looks corrective & choppy which could move above 156 to complete another leg upside- safe trading shall be above X-Factor@160.
One can trade long positions once it starts moving above 156 & should cross 160 hurdle as well with stops below 150.
Can look to trade sell side once 134 is broken convincingly.
Look for a bounce from close to 134-137 zone -keeping stops below 134 for targets 155 - 160 zone & above 160 for target zone 168-170
Look for a bounce to 148-150 zone if holds then take sell below 142-140 zone for target 134-135 zone & move with Scenario-3 or Scenario-2 as discussed above.
Post Gartley Picture - Someone even raised doubts how this could be Gartly, but the market is the god & X-Factor is sub-god.
Market will move where it wants to move
Travelling above yesterday's high in the zone 146-146.50 -we shall expect the required push to 148-150 zone -first
Technical Analysis- Edwards & Magee Book
General Rule for Trendline
The general rule in technical analysis is that it takes two points to draw a trend line and the third point confirms the validity.
In DLF case 1st low was 139 -2nd low -142 yesterday & Finally today turning from 144 which is the 3rd point of contact.
Safe points above 146.50 shall be 148.50-150. Risky Trading with stops below 144 for 148.50-150
Scenario- 1 gave 2 opportunities - one buy & one sell. Buying above 156 - failed to cross 160 - Booked & someone sold with 160 stops could have made 4-5 point while latest down move.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw