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dravya
Jan 28, 2017 1:07 PM

INFOSYS - PINBAR! Great!! ( Short-term ) Long

NSE:INFY1D
INFOSYS LTDNSE

Description

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CMP - 942.65

Infy has formed a pinbar on a strong weekly support.
Also, you can say it's a double bottom on recent data.

I have drawn the various levels you should be aware of.

Everything is there on chart.

You can trade accordingly with your strategy.

Thanks.

I'll update the idea whenever I'm watching it.
If you have any doubts, opinion or clarification, you can make a comment, I'll reply.

Trade active

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Trade closed manually

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Not showing strength. Closed manually . CMP 935. 7 points loss. A small one , less than 1 percent.

Comment

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Got saved again. Charts tell the story before the news. We exited before Trump news of H1-B Visa.

Comment

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You can look at shorting for mid-term, bad news has made it breach the weekly support.

Comment

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Short-term didn't work due to lot of news, but positional SL worked great. I hope positional traders made money :)

Comment

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So much news surrounding Infosys but price action telling the true story. Up up up from weekly support.

Lesson revisited : read the terms news but trade the price action nit opinions.

Let's see how it behaves after reaching the pink trendline if it does.

Comment

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Next : Keep an eye on 1000-1010 levels. Should halt there.

Comment

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Target 3 reached. Purpose of chart over. Closed.
INFYlongsetupshorttermclosedforprofit
Comments
Subra1953
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Did a trade today, entered at 972 in the morning at run the trade till 983 , let see tomorrow how it goes
Thanks heaps for the trade set up, your trade set ups guide properly and able to reap profits in intraday
dravya
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@Subra1953, you're welcome.
anantindia
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Hi Dravya ! What is the SL for the trade? 933 or 929 !
dravya
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@anantindia, That's an extreme SL which can be 933 or 929 according to how the market open, how's the it sector and what is infosys chart telling us. Charts help us aid, we need not pin point exact points always. Hope it helps :)
anantindia
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@dravya, Thanks !
dravya
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@anantindia, You're welcome !!
PankajNegi
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Nice setup bro !
dravya
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@PankajNegi, Thanks :)
praveen.bhatiya
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Just to add that this Pin bar was probably a bad tick as it was neither in the chart of Infy on BSE nor the Future chart of it in NSE. Since the trade is framed on its basis please check again.
dravya
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@Praveen.bhatiya, Thanks for the input :) That's even better, as the basis of the trade is not pinbar but rather the strong weekly support. Now, instead of the pinbar, we have a candle that held above the weekly support nicely, making the setup more attractive to me. Regards.
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