There are so many things on the chart that means will I jump on all the trades. If your answer is yes- then you need to stop trading & think hard what are you doing as your account can go broke.
Strategy or how we will execute the trade
Let it bounce in the zone 9680-9690 - Risky traders they can sell on the bounce with strict stops above 9701 -if 9701 is taken out on upside -you know what will happen -above 9701- if you are seller then be careful.
Safe traders let nifty go into the zone 9680-9690 & start falling below low of 6th July2017 which is 9665 then execute the trade with recent high for the day as stoploss
9620 - 9595 - 9500 - 9450
Did you get one thing, am I looking at ( which is not bookish pattern) - see carefully I am playing with numbers- so come &
play with numbers with me.
Trail your stops to cost price@9662 ( 3 points below) to make for your brokerage cost or book partial profits 10-15 points & be out.
I will suggest to book partial profits at 9650.
I never go so deep - 1 minute chart but just for fun found deep crab harmonic bullish pattern on 1 min chart so I thought we should book partial profits at 9650 or below levels.
Bullish Deep Crab Harmonic Pattern
Forgot to add one thing - our break down point was 9665 so bulls will be forceful above 9665 else going below 9642 day low -it will continue down.
Zone of 9643 to 9665 is no trading zone for me - I enjoy cup of tea/coffee & allow prices to talk to me rather then forcing a pattern & trading.
On a lighter note - tea break should not turn into lunch break & we get to see some price action soon below 9643 or above 9665.
9665 is key level for us.
Kissed 9665 - Wow!
If holds then we know call this as polarity reversal (I said - "if holds")- Earlier Resistance acting as Support.
Finally we could complete Bearish Bat in 9690-9695 & This completes our session for ups & downs in the day.
We all know 9701 is very crucial level crossing above 9701 & holding for 5-15 mins can be upside boom else false bull traps or we fall first from Bearish Bat.