Nifty has been falling from 8893 top & made first low@8837 - I just waited to see the price action it retraced till 8885
I just took a trendline drew on that retracement from 8837 to 8885 (red trendline) - later when prices made a low 8715 & started moving up - I again waited but this time what I did I copied the red trendline & placed it at bottom of 8715 (yellow trendline)
Look the Magic Happened - It gave me killing time or near about a time when prices started falling or will fall- which was yesterday & here comes my Bang On Target Guys.
So, you can use such small tools, but effective one to crack the timing component of the instrument which you are tracking.
Regards, Abhishek H.Singh, CMT
Trade active
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11:30 Hrs 29th Sep2016
Latest comments are mentioned below.
Trade active
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12:45 Hrs 29th Sep2016
Always read below comments also - I suggested that critical low shall be 8704-8706 -break of that is a trouble & going below 8690 -was definitely a pressure situation.
Hope so no one got trapped in buying as I asked to wait & watch.
Comment
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12:48 Hrs 29th Sep2016
This fall was compensated by Canara Bank Fall which we entered at top 315-316 zone
Comments
PinakinPatel
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Excellent.
theeye
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hi Abhishek, good views on nifty, do u see an upmove from here to fill the gap of 8820 and then it will fall more or the other way around.
WaveTalks
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Likely I will wait for some time & if Nifty falls close to 8730-8740 then with critical stop@8704-8706- I will buy for targets 8820-8830 or staying above 8770-8780 likely is a good sign that it wants to fill the gap.
sachin.salve87
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hi Abhishek, whats your take on Nifty? Can we see bounce back from these levels or more downside?
WaveTalks
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Hi sachin, now we have crucial support of 8540 - any move below that level in coming session- will open deep downside. logically we should look for a pull back -but it should not be taken as longs- intraday -longs positions are ok with strict stop losses.
sachin.salve87
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Thank u for prompt response, Appreciated :)
ShanTrader
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A Good Tip Sir !!
WaveTalks
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Thank You
jayesh123
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Dear Abhishek,
I can't understand when to enter trade... Can you please elaborate it in details. As on 22nd sept you draw red line means no trade on that day. and enter on 23rd... is it so
WaveTalks
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red line doesn't mean that you are not entering a trade- it is you are measuring that wave which went up from 8837 to 8885 - then putting same line at bottom of 8715 - once you see nifty is again moving up - this gave us -near about time when -nifty will start falling again -so at end of yellow trendline -it gave proper time -so, we can be ready to see some action.