1, On 25th July 2020, I gave the target of the green dotted line is achieved today with such perfection that selling came exactly from that line is quoting as proof of my statement in point no.1 of a trading plan. " the pink dotted line is now next taken outline if it is taken out in both time frames then the green dotted line is next target. Aggressive traders can take a position on the long side when one condition of 15 min is fulfilled but with the stop-loss of 1 hour breached candle. Always put like this for aggressive traders. I prefer to let the position satisfied both times then go on that side." Here you can see what you see today was manifested four days back when the price was in the range. See I circled in red a candle showing you exactly the level achieved and then gave you selling. There are so many supports and resistances in the chart but I give you only that where the price is eager to react tremendously since my first post on this platform. This is a question of thinking?
2. See the perfection of all lines whether pink, white, and green all work so nicely that I am controlling them. The feel is that I made these lines much before the move setting a previous chart for authentication of this sort of price action. I believe in consistency of strike rate, not some times hit, sometimes miss. Proving in every blog. Just to get you all motivated that you also can do this by putting hard work to learn this skill. green circles are showing perfect support and are showing resistance.
3. See the condition was fulfilled in both time frames, as nifty has more strength than BNF, therefore price remains in a trending mode. The result after the condition achieved price hit the target. But in case Bnf condition achieved price do not hit the target immediately as it is in range-bound mode. One should know to trade in both modes. Have been shared in many posts.
4. Let me take an educational query from the comment box this will also enhance you knowledge to understand candle stick many of you are going through the recommended books.
Sir sorry again bothering you during trading hours. Below query is for educational purpose as shared in TG channel as well:
" Dragonfly in an uptrend. if high of breached candle breached this candle but close it below its high is a valid pattern and price should move down"
Is this statement valid in Nifty intraday today as this candle we see as hourly not daily.
3 hours ago
@wadhwaamit4, if a dragonfly is closed above-breached candle high then it's valid as taken out condition, prior next candle should not close dragon fly low.
Trade Plan for the next session.
1. I made a pink solid line If price opens gap up and sustain there for 15 min to 30 mins and then come down and breach it by giving closing below it then price can show you more fall. On the contrary, If the price opens gap down and then breaches it upside by giving closing above this line then price can go range-bound for sometimes.
2. If the green dotted line is taken out in both time frames then white upper line is the target.
3. If price takes out the lower pink dotted line in 15 min then uptrend will convert into a downtrend. Rember nifty is more strong than BNF. For new readers writing about taken out condition as follows:-
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 next candle and close should be above the previously breached candle. This is how taken out condition is being implemented. The rest price will decide.
Disclaimer:- All trading positions should be taken from consulting your financial planner. This study is for educational purposes only.