1. On 1st of Nov 2020, I wrote in my weekly blog of Nifty in point no. 1 of the trading section is quoting as proof of my previous statement regarding the move you seen in nifty " As price made an pattern on the red dotted line if the price has to change its trend to upside then the black dotted line has to take out in both time frames of 1 hr and 15 min. Aggressive traders can go long on 15 min but with stop loss. The target would be a pink line. " Here you can see the price was in downtrend mode and it was difficult to think whether it will move upside or not. But the words of quoted statements are crystal clear " if the price has to change " . Why exactly I provide those points from where the trend has to change proving in every post more than 225+ maintaining consistency without fail is not an easy task. people can give you a 50 % correct assessment but maintaining 99% is not an easy task. That sort of information I try my bit to provide you in this market with exceptional . When I write my conditions they all always full of conviction. In the last post in point no2, I wrote with confidence and proved this week is quoting again my words related to the market provide concrete information. "The metrological department can not deliver its forecast consistently correct but I try to give consistency in my analysis proving since the first blog." In this financial market, I think very few analysts can write a week before with such conviction and marking. That level of information you will find in my blogs. Take out any post where I did not first prove my statement.
2. Now see the marking of candle first in a pink circle showing a breach of the black line this had to be used as stop loss candle for further trade.
candle no. 1does not satisfied taken out condition in a 1-hour time frame whereas candle no.2 fulfills that condition. only then a long position had to be created with sl of the breached candle. green circle candle was a test of demand and thereafter you see Boom-Boom. My target was the pink line but if you see the previous fig of last week I put a green arrow above the pink line indicating further move. My words and actions in form of marking on the chart prove all my manifestation of this sort of move one week earlier. Setting the previous chart below to compare with the current move.
Trade Plan for Next Week
1. A blue line is seen in fig. if this is taken out in both a time frame of 1-hour and 15 min then you will see further move but I would not be convincing from that It might travel 150 to 200 points ultimately trapping bulls will come down.
2. On the contrary a red color line is taken out on both sides downside then a fall will be seen but with . so profit has to be booked soon. Blackline will act as support.
3. For new readers writing how taken out condition is implemented read carefully. Taken out condition works in the two-time frame combination for daily( 4 hr + 1 day) analysis. Similarly, work for lower time frames is also a two-time frame combination. For intraday trades 1 hr with 15 min. For taken out condition price has to complete in both time frames. Aggressive traders can take that side position in a lower time frame with the stop loss of breached candle low. In both the time frames given line is breached by a candle that candle high is to be breached by the next candle and close should be above the previously breached candle. This is how taken out condition is being implemented.
Disclaimer:- All trading positions should be taken from consulting your financial planner. This study is for educational purposes only.