Hi Traders, 1. On the 8th of July 2020, I stated in that post is quoting for your consideration in point no.4 of the trading plan " See I made a white circle showing a morning star pattern that took the price to the upside is breached today. Means nor taken out condition was fulfilled in two days trading nor a morning star is valid. So hight probability prices will move down to the red and green zone.". Here the two given conditions are not fulfilled at any side price moved sideways two days. But quoting purpose is tow show how I switch my sentiments with price behavior in statement I said that it would be highly possible to move price in the red and green zone. Since price remained range-bound not fulfilling any condition but now that probability is changed. That I will discuss in the trading plan column.
Trade plan for the next session.
1. In the previous post, the price was expected to come down to the red-green zone the red line is replaced with a blue dotted line. To better understand I set the previous fig below. Now it is less probability to move the price to the green line. If the price takes out a white red zone in a 15 and 1-hour time frame then it can move to a lower blue dotted line. If this condition is not satisfied then the price will resume its uptrend.
2. Now uptrend will have to take out the pink line in both time frames. Then the next target will be the upper dotted line.
3. chances to see whipsaw move at the white dotted and red zone. That will be a clear signal for longs. The rest price will decide.
YOGESH VATS Disclaimer:- All trading positions should be taken from consulting your financial planner. This study is for educational purposes only.
took a short when orange line taken out(entry 10630), with stop loss of breach candle and booked profit at 10565(blue dotted line). Thank you vatsji
bhalla1990
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@bhalla1990, and price took exact support of 111 EMA on 1 hour chart @10560
yvatsji
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@bhalla1990, Good trade. Thanks for sharing with others. Keep learning and earning.
bhalla1990
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@yvatsji, was there any way to identify take the long trade also? from 10565 back to 10630?
jitmanyuone
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After following Sir for last 2 months , what i have understood is two MA 27 and 111. As long as MA 27 is moving above MA 111, Nifty shall remain in uptrend or consolidation+uptrend.As soon as there is decisive crossover by MA 27 below MA 111, Nifty may go into downtrend.I am still in training mode and do not trade yet in indexes.
Kps3
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sir now we go for short in nifty
harryreddy
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Pink like taken out in 1 hour candle..waiting for 15 min candle to close. If 15 min candle takes out pink line we are in for Govinda Govinda 11000 level