1. In previous post on nifty I mentioned very clearly in trading plan point no. 1 is quoting for your consideration. " blue line resistance is your target. but take it seriously it can change whole trend ". You can see in fig when price reached there till 4th candle first candle high was not breached. 5th candle breached first candle high but came back with great force.This is the power of zones,resistance and support I try to provide every day. You can see in statement I it is written crystal clear about reversal. Why every day I manifest same happens next day. Ask yourself.
2. In point no.2 of trading plan. I talked about one condition " if blue line is taken out then can go more long side. otherwise need to be caution at blue line." See carefully First candle breached blue line but in whole day taken out condition was not fulfilled. And nifty fell down in last hour of trading.This is the power of education . Every day I insist you all to get this power by putting lot of hard work And start with my recommended book first. Many more will read in later stages. Practice with charts giving lots of hours. I maintain my consistency that has been proved since I wrote my first blog on this platform.
3. Now see first hour candle this is candle not activated till 6th candle. Even other side did not lose its significance as no candle closed beyond its wick. That you have been reading in steve nision book which I recommended to start with.So with 6th candle close it is activated now for down side. But here is one thing to notice that My condition of red dotted line for last so many days is still valid.
4. To show power if strong bears entered at this stage then they should break red dotted as well as red solid horizontal line with taken out condition. Only then trend will reverse to down side. Otherwise on trading outside red dotted it can go into range bound trade.
5. Long can be initiated when price take out blue resistance and short condition is already mentioned. In between no trade. Rest market will decide.