512 views
Howdy Everyone, I'm biased today !!!
From the title itself you will be knowing that Nifty is on Bullish mode, yes true. Yesterday we had Descending triangle pattern & I mentioned that upmove is not gonna happen yesterday. But its time Now, as we have clear Airspace & Runway, Let's signal the Nifty to take off. I'm expecting around 70-100points gap up, big one but its fine even if its 50pts Gap up. probably Nifty will open above triangle trendline {aggressive entry}, if opens with triangle & breaksout we lucky. But whatever tradesetup it forms go in with proper stops. I don't see any setups for Shorting, so no shorts for Me, though there is potential Harmonic pattern , but for that to complete Nifty needs to move up, lets see that later. Let the bears take rest,Bull Stampede Begins or will they prove Me wrong ? Lets see... As promised, posted earlier !
For the Day : Lieutenant's, Airspace & Runway Clear - Lets TakeOff !
From the title itself you will be knowing that Nifty is on Bullish mode, yes true. Yesterday we had Descending triangle pattern & I mentioned that upmove is not gonna happen yesterday. But its time Now, as we have clear Airspace & Runway, Let's signal the Nifty to take off. I'm expecting around 70-100points gap up, big one but its fine even if its 50pts Gap up. probably Nifty will open above triangle trendline {aggressive entry}, if opens with triangle & breaksout we lucky. But whatever tradesetup it forms go in with proper stops. I don't see any setups for Shorting, so no shorts for Me, though there is potential Harmonic pattern , but for that to complete Nifty needs to move up, lets see that later. Let the bears take rest,Bull Stampede Begins or will they prove Me wrong ? Lets see... As promised, posted earlier !
For the Day : Lieutenant's, Airspace & Runway Clear - Lets TakeOff !
Comment:
Choose what you wish for, Trade with utmost care !
Comment:
Nifty took off & crash landing bcos of harmonics !
Related Ideas
Again you proved that you calculation if very correct, when everybody was saying short.
Reply
Sir market is in range after 12 playing near 8840-8865, What it means? Is it consolidating in-between the range?
Reply
For the day its ranging, it will revert back to long trend, but will rise steadily I believe.
Reply
Damn! You are spot on again!!!
Can you please explain your rationale behind this upside move? How did you analyse that Nifty would gap up today?
Can you please explain your rationale behind this upside move? How did you analyse that Nifty would gap up today?
Reply
@VPS, Fed didn't change interest rates which means things are stable n untouched. Market always love when things are stable n move up steadily, but retail traders will get too excited after the news is out n move the market up with their orders resulting Gap Up. Now comes the Sharks {Institutions} which have long positions already book their profits by selling these to retailers, resulting down move {profit booking}. But Price action always shows on chart as Patterns... I can go on this is Post worthy topic :)
Reply
Thank you very much. I noticed another interesting thing in yesterday's Option Chain of Nifty. Change in Open Interest of 7500 PE was 7 lakhs and that of 7800 PE was 5 lakhs. I was surprised by such a huge activity so far away from yesterday's spot price of 8777. Any thoughts from you, in case you follow Open Interest?
(PS: In case I am bothering you with my queries, do let me know.)
(PS: In case I am bothering you with my queries, do let me know.)
Reply
Thats bcos, People buy protective puts , creating hedge kind of strategy for their longs,for downside movement as result of fed.
No issues about queries :)
No issues about queries :)
Reply
