InsiderB

Nifty 50 : Looks can Deceive, So Beware !

Short
NSE:NIFTY   Nifty 50 Index
Nothing fancy today, No patterns or complex wave counts... Simple Double Top in Nifty . But is it Valid Double Top ? Actually, if Nifty is @ 8968's we can vouch that its very much valid double top but its few points away and we have resistance zone also. Nifty is known for its mischievous Gap openings, so lets wait n watch whether we get bearish confirmation in this 8950's-70's zone. We are on hourly, so if you want to check on 15mins, do an analysis before entering short in lower timeframe with Double top on Hourly.

Moreover, if Nifty don't go down with Double top 8950's - 9000's play vital role in whats gonna happen next. Its how fast Nifty Crosses this zone or repelled back or Range in the zone. So this zone also plays important role,just keep note of it.

More to come in this space...
Comment: I posted idea first, bcos description was taking time and market will open before I finish. Here is other part of analysis,

Have you noticed the cross (X) mark, its marked to indicated two things, not to enter there & we won't get chance on Gap down open. And, yes Gap down happened. But for aggressive traders they can place orders short order right away with stops above first leg of double top 8975's. Conservatives wait for pullback or break of 8900's

Entry near (Down arrow) will be perfect place to short but we didn't get entry. If there is another entry chance for shorts I will update here below.

I was placing orders and typing thats why delay in updating :)
Trade active: My Short positions are active but Nifty is 5 points shy of my targets
Comment: Target 1 Achieved, Now I'm trailing stops on Short positions, will reverse around Gap or Bat completion depending upon price action.

Comment: Sometimes we will feel bad, when our order is missed by less than 5 points & it just happened for us in long Entry zone. These are the times n we shouldn't chase the market & control our emotions to Stay calm !
Comment: Another chance for short entry, but check your rules & trade setup before initiating trade
Trade closed: target reached: Short trail stops hit.. All positions closed. Done for the Day :)

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.