PowerTrades
Short

NIFTY swing Idea

NSE:NIFTY   Nifty 50 Index
NIFTY broke below a crucial reference point, more importantly it has a high at a pivot swing low ( remember the idea of supports turning into resistances) :)
well here is a low risk short idea looking for a 100% retracement of the swing- this points to a target of 10200-150. the idea is we had retraced fully the journey made from 10500-10950, form a box for that move and extend the box on the lower side to arrive at potential target areas. the trade become invalid for a close above 10600
What is a pivot Swing? Nice Analysis btw.
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PowerTrades karankapoor1987
@karankapoor1987, apoligies late reply here, missed your IM. a pivot swing is a 3 candle set up.for a swing low, say candle 2 makes a lower low than candle 1, candle 3 makes a higher high than candle 2 and a close above candle 2. that way candle 2 now becomes a swing reference low. vice versa for the highs
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