Nifty fall by 53% in 2000-01, on the dot-com bubble burst.
After making a bottom in September 2001, nifty traded sideways until April 2003 before picking up and rallying to 6357, a new Real estate bubble.
So we were up by 5507 points in nifty form dot-com to real estate bubble.
It's not the bubble that I am interested in, but it's the Number 5507 Points.
We are up by 5512 Points till today's high form February 2016 lows.
It's all about WD Gann's concepts. I know the only price is not essential to catch the big top. Time is more important than price.
And I found not time matrix here. Just a one Number co-insides is 5507 +/- few points.
I am not forecasting a top or anything. I am just trading this thought of price wave. Which is very much in use, and works too.
But nothing works precisely every time, keeping that in mind I am purely trying my luck by shorting a couple of lots in nifty at 12330 with Stop loss above 12410
Target not decided yet. But I don't trade anything less then 1:5 RR.
So Stop-loss is still intact because it wasn't even traded there for a few seconds at 9:15
And not expecting nifty to fall below 12000 by 23rd January, weekly expiry.
Selling the 12000 PE at 17 to reduce cost.
Stop-loss is 12410.
When you earn a premium by selling options don't raise your stop level. Stop-loss should be where it was not 12410+17.
Shorted at 12330+17 = 12347
Covering at 11955
392 points profit.
Not wanting to get caught by the budget volatility, the market will give us many more opportunities to trade safely.
If you are visiting my ideas with scrolls, you won't get it. So read the idea description, brother.
AGAIN READ THE DESCRIPTION BEFORE COMMENTING.