1. O 7th of Nov 2020, I wrote In my weekly blog on nifty is quoting to understand the move of last week. " 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." Here I was expecting an up move of 150 to 200 points more, the black color line showing the almost 200 points, the sentimental change point. This blackline had to start its downtrend if you see carefully exact after a gap up opening a perfect upside candle was made taking the support of that point circled in red. This is the time where one has to change her/his biased to the upside. Had I been the daily blogger of yestertime, I would have been updated that change of sentiments. This is the classic example to show you how and when I change my sentiments to the opposite side. As I was expecting a trapping move and then 300 to 400 points fall. I have said many times that Whatever the levels I mark on the chart are so reactive and indicative that anybody can get the right direction if seen carefully. This time it did not change the trend rather gave you a big upside pressure candle. you just need to see it carefully. Ask yourself why all marked levels work so fantastically? Why I choose only those points for my analysis where information is always crystal clear. Else you have that insight.
2. Setting the previous chart for comparison with the current chart so that you can compare my previous statement with the real move.
Trade Plan For Next Week.
1. A green line is made upside which if taken out in both times frames 15min and 1 hour will give you more upside move. On the contrary, it could not take out then get ready to see range-bound trade to redline, if the price does not take out red line downside in both time frames.
2. In case the red line is taken out downside then you will see a fall.
3. For new readers writing about taken-out conditions how it is being implemented. 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.
Thank you once again for your support.