Posted in my Previous Idea that if Nifty breaks 11000 it must test 10930 which it did, That was the target for my 1st post of Bearish Butterfly pattern.
Now Nifty is coming down to test 10925 again as there is a Cypher Pattern getting developed on 15min time frame, Once it touches it should bounce back 38%, 50% and 68% of AD. ie 10962,10992,11020
So what should be the strategy for 16th Aug?
Intraday traders should look opportunity in both direction. If a gap down happens then it is better to wait till 10920 to make an entry in Long side if any bullish structure is formed in that area in 5min time frame. Probable Gap down will happen, and around 11000 then make sure it gives a close below 10992 in 5,10,15 min candle, where an entry can be made to target 10930.
Sorry guys was little busy on work, Could not post for 14th Aug.
Cheers!!
Now Nifty is coming down to test 10925 again as there is a Cypher Pattern getting developed on 15min time frame, Once it touches it should bounce back 38%, 50% and 68% of AD. ie 10962,10992,11020
So what should be the strategy for 16th Aug?
Intraday traders should look opportunity in both direction. If a gap down happens then it is better to wait till 10920 to make an entry in Long side if any bullish structure is formed in that area in 5min time frame. Probable Gap down will happen, and around 11000 then make sure it gives a close below 10992 in 5,10,15 min candle, where an entry can be made to target 10930.
Sorry guys was little busy on work, Could not post for 14th Aug.
Cheers!!
Trade closed: target reached:
Target achieved Cheers!!
Little change in the pattern, By mistake, the D leg i have drawn is having .886,
Please consider it to be .786 and the entry for Cypher pattern formed will change accordingly to 10945-50 Range. The target will be 10985,11000,11013