The Market has given us amazing short sell opportunity on the nifty. You can sell Nifty at 10880. Keep the stop loss11058. Target is 10333, 10000. As you can see its more than 1:3 risk reward. Rest of the explanation is given in the video.
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You can sell Nifty between 10840 to 10880 Zone
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Today after a gap down opening nifty traded in side ways zone but from the start itself Indian currency showed sign of weakness. Finally market gave away. Now USDINR Spot is at 69.87, depreciation of 42 Paisa. So pressure is on the down side for the nifty
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10680 zone is a very critical zone for the Nifty. It will be interesting to see Nifty move for this level
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Currency is showing strength. Bank nifty is showing signs of consolidation. NIfty is near support. We may see reaction in nifty too.
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Nifty still moving in the Upward wedge shape consolidation. Today very interesting thing happened, USD/INR has regained its 30 paisa losses whereas nifty still holding its levels. It shows Something is about to happen in nifty in downwards sirestion
WHAT A CRAP!
MARKET MIGHT BE BEARISH BUT MAKING A TRENDLINE FROM 2016 ON DAILY CHART IS LIKE LOOKING FOR A NIDDLE IN HAY STACK.
I WOULD RATHER RECOMMEND YOU THAT IF YOU WANT TO CHART A TRENDLINE FOR TWO YEARD TIME FRAME THEN DO IT ON MONTHLY.
ALSO ON MONTHLY THE TRENDLINE SUPPORT STANDS CLOSE TOO 10350.
WHEN I SEE SUCH VIDEOS I GENUINELY GET WORRIED ABOUT NEW COMMERS IN THE MARKET WHO GET SO MUCH OF WRONG INFORMATION WITH SUCH CONTENT.
Tradinglvl
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@TA_charts, stop joking 2 year trend line on monthly charts it means 24 candles,
dude there is a weekly for this purpose too, please refrain from Disrespecting other intentionally.
And don't use all caps it's bad for HEALTH
rahulundefined
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@TA_charts, HI, Nice to see a different point of view. I love technical analysis for that. A single chart different people can interpret in a different manner.
Let me put forward my angle.
1) I am not going to discuss a perfect trendline dilemma, here, I am talking about the angle of the trendline. (I will discuss timeframe related issue later). Whether yours is correct or mine cause we will fight for eternity and no one will win.
2)Let me discuss timeframe related issue. For this, we need to understand 'trendline break confirmation'. For the longer-term trendlines daily breakouts can give you false break and hence you can end up making multiple wrong trades(Hence people use longer timeframe to avoid this situation) but there is a concept called time confirmation where if the price is their below trendline long enough then that breakout is a valid breakout. The Same concept, I have used here.
The entire point of technical analysis is to make money. Technical analysis is ever evolving. If you can figure out your own observation which may be different from traditional technical analysis its ok( As long as you have backtested). (PS: Above explanation is a part of traditional technical analysis)
MARKET MIGHT BE BEARISH BUT MAKING A TRENDLINE FROM 2016 ON DAILY CHART IS LIKE LOOKING FOR A NIDDLE IN HAY STACK.
I WOULD RATHER RECOMMEND YOU THAT IF YOU WANT TO CHART A TRENDLINE FOR TWO YEARD TIME FRAME THEN DO IT ON MONTHLY.
ALSO ON MONTHLY THE TRENDLINE SUPPORT STANDS CLOSE TOO 10350.
WHEN I SEE SUCH VIDEOS I GENUINELY GET WORRIED ABOUT NEW COMMERS IN THE MARKET WHO GET SO MUCH OF WRONG INFORMATION WITH SUCH CONTENT.