If Nifty crosses swing high 8143 then likely It will look to test 8185-8195 zone & Above 8210 -This whole sequence of the fall from 8600 to 8060.
Who is playing with numbers -I just shifted these numbers from unit, tens & a thousand places to get 8060 out of 8600- like a kid- Thinking out of the box.
Likely that's been fun part- Serious Part: Downside there is reducing momentum or divergence is visible.
Trading Strategy Going above 8143 - Then, looking for 8185-8195 zone, but needs to sustain above 8120. Going above 8210- deep upside
Alternate Strategy Going Below 8060 only we will look for crucial support zone of 8000-8010
Falling from Double Top 8600
Trade active
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09:45 Hrs 18th Nov2016
Last Price@8055
It broke 8060 mark- which was previous low- now holding short for target zone 8000-8010 with stops 5 ticks above swing high 8105- i.e. 8110
Trade active
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10:45 Hrs 18th Nov2016
Last Price@8085
Turning from 8090 below 8110 could give us the desired result of 8000-8025 - if goes below 8060 - On top our risk is minimum which was 20 points
Turning down below 8110 from 8090
Trade active
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11:45 Hrs 18th Nov2016
Last Price@8083
Day's High@8100
Amazing it falls again, keep our stops intact 8110- can it break 8060- It will be exciting to see the movement next
Trade closed: stop reached
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13:12 Hrs 18th Nov2016
Last Price@8115
After a long time - My stops were hit.
Key Level 8105 has been taken out on top, but we will wait for the next set of directions & see which way market wants to head.
Comment
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14:39 Hrs 18th Nov2016
Last Price@8065
Last Comment of the Day
That's why I suggested above Nifty should hold above 8120 (for bulls to become active) -it made a high 8129 & started falling- did not stay even 5-10 mins on top.
Have a nice weekend guys & let us come prepared for the new week & search for even better trading opportunities.
@SohilShah, Yes, I do not prefer divergence much because it fails & traps also sometime. Largely divergence should be seen on Hourly + charts. Not to be seen on smaller timeframes otherwise one can be trapped.