NIFTY Triangle setup
Updated
1. NIFTY this leg up is D of Triangle ABCDE.
2. D is broadly moving in a channel (Green) doing WXYXZ.
3. As long as this green channel is intact, D is running, but possible reversal areas are marked in the chart.
4. After D is over, Leg E will be the trickiest. It can form any pattern, may or may not break C low, etc., but it will at least retrace 0.382 of D.
5. For now the plan is to go NF long at channel low, and book or write CE at channel high.
6. This view is valid till 18114.65.
2. D is broadly moving in a channel (Green) doing WXYXZ.
3. As long as this green channel is intact, D is running, but possible reversal areas are marked in the chart.
4. After D is over, Leg E will be the trickiest. It can form any pattern, may or may not break C low, etc., but it will at least retrace 0.382 of D.
5. For now the plan is to go NF long at channel low, and book or write CE at channel high.
6. This view is valid till 18114.65.
Trade active
If the green channel is breaking out on the upside, no more sell at channel high, stay long SL green channel low sustains..Will review at next resistance zone.
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Having trouble clearing this resistance zone.But hold on to long with TSL 17161 now.
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Trail Stop loss to 17597Trade active
TSL hit, but go long again below 17400, down till 17200, with SL sustaining below 17K.If 17400-200 level doesn't come, then wait for new high to buy the dips SL whatever low is posted in this down leg.
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