One can go short for ranges below 8690 or Near 8760 for a target of 8640-50. There are multiple supports around 8640-50. Just a simple but effective if you follow Short on around above two price range only.
Again, go short if above two levels around as a Strong Bullish Trend is still undercurrent. So, watch carefully and if not comes by Monday, don't take short position.
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Reminder again: The whole point stands to Sell around 8760 (since it's now trying to reach upper channel).
If Nifty crosses 8770, then a 10 point max loss if brought around 8660 and the same 10 point loss trade to be reversed to upside for much more upside. :) So, your stoploss order quantity should be double of what bought.
The goal is to again get minimal Risk to Reward.
If it not past, it will be turned back and hit target.
It's a strategy kind of setup with pure math view.
Now, the channel also showing a flat upper end, look in just the previous case when it got flat upper channel.
Let me know whats tour thought in comments...
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Correction for typo: "If Nifty crosses 8770, then a 10 point max loss if brought around 8660" should be read as "If Nifty crosses 8770, then a 10 point max loss if 'sold' around 8660"
Trade closed: stop reached
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Nifty is now having a bullish stance and since gap-up, the SL got triggered.
But your indicator shows buy. I can not understand. Please explain...
sanjoy.bose.it
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@vanathi, The indicator is in Daily mode and so takes time to move, but that's not the point, look at the levels given by me. If Nifty crosses 8770, then a 10 point max loss if brought around 8660. The goal is to get minimal Risk to Reward. If it not past, it will be turned back and if past, a 10 point loss trade to be reversed to upside for much more upside. :)
Now, the channel also showing a flat upper end, look in just the previous case when it got flat upper channel. Let me know your thoughts and how you think the strategy is.
sanjoy.bose.it
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Reminder again: The whole point stands to Sell around 8760 (since it's now trying to reach upper channel).