Continuing with the same setup as I had shared in my earlier long thread, I have no intention to go long as of now. I will short Nifty near 22700 (earlier it was 22600 but prolonged breakout shifted the upside target to 22700). Stop loss will be any hourly candle close above the channel top. First target will be middle of channel and second target bottom of channel. Thank you!
Comment:
Since nifty didn't give trade this week, I will continue with the same setup next week. Also, note the upward slope of channel, that's the entry point and it will keep increasing till nifty touches it.
Trade closed: target reached:
Closed the trade with 1st target!
Now either Nifty will again go towards channel top again or will break the channel mid. I will wait for an hourly candle below channel mid for further bearish trade else I will wait for channel top again. See you in the next analysis. Thank you!
Now either Nifty will again go towards channel top again or will break the channel mid. I will wait for an hourly candle below channel mid for further bearish trade else I will wait for channel top again. See you in the next analysis. Thank you!