True to the title, On the days we had gap downs or Ups we face complete ranging market only with chances of scalping,let that not happen today. Yesterday's Nifty price action formed a channel sloping downwards, so we are looking for breakout & scalping chances within the channel. I don't scalp, unless you go with sizeable lots scalping will make your brokers rich, given that point I'm not big fan of scalping. Positional(Swings) or Intra is perfectly fine with Me.
(i) Nifty should not breach the upside channel, even if it does not more than 8560's
(ii) Slight upmove within channel & move down to break 8500's will be loved
But the chances of (i) happening are higher which will make the upside channel breakout false one if it reverses around 8560's there we can take out some Bulls if bearish price action confirms reversal or anyother pattern forms for shorting Nifty. If you want to get hold of 20 points from 8540's to 8560's its your wish as per your plan to go in with proper stops.
(i) Nifty should not breach the upside channel, even if it does not more than 8560's
(ii) Slight upmove within channel & move down to break 8500's will be loved
But the chances of (i) happening are higher which will make the upside channel breakout false one if it reverses around 8560's there we can take out some Bulls if bearish price action confirms reversal or anyother pattern forms for shorting Nifty. If you want to get hold of 20 points from 8540's to 8560's its your wish as per your plan to go in with proper stops.
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Nearing upper trendline of the channel, so what next ? False breakout to upside or retest of trendline before moving down ?!
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Add to your confirmation, I don't want this to fail :
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Smiling Silently... What you wish, that you get. We expected close below 8500's, here Nifty is giving that, just 360 seconds for day closure.
