Hi Friends, Let's Welcome September by counting hatched chickens of August ? (1) Bearish Cypher - 80 points ( trailed stops) (2) Bullish Cypher - Lost 15 points ( Broke the pattern straightaway) (3) Bullish Gartley - 240 points ( Trailed stops aggressively & We caught wave-3 perfectly )
So whooping 305 points in few days..Great for Nifty I believe. But before going into calc's of for 305pts/10 days , then how much for month with patterns n all... Please realize the fact Nifty was kind enough to patterns this time thats why we grabbed as much as we can. This is Best scenario which happened thats all. What if worst case happened ? Well, we might have lost around 80 - 100points, thats what makes difference between successful professional trader and who tries to be winner. When you lose, you should lose less, when you win, Win Big !
Alas ! As I was counting chickens, Nifty opened...
Today, We have rising flag in bullish trend, so this breakout will signal end of wave-3 or Wave-3 gonna continue little more ? I have no positions in Nifty now, waiting for breakout to initiate new trades, expecting wave-4 or extension of wave 3 but planning for lesser points only, not bigger moves :)
Feel free to leave your comments, take a moment to hit Like...Happy TradinG !
This was a good analysis I feel but this gap ruined everything just like the previous one, Nobody expected this. Did you ?
InsiderB
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In Nifty, gaps became part of game. Whenever Gaps happen we can enter on pullback (conservative trader), aggressive traders go in with strict stops. Depending upon outlook for that particular day I chose aggressive or conservative style. Thanks for taking a moment to appreciate !
Jit127877
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Thanks for taking time to reply.. but here if you see the down breakout was triggered later next day there was a gap up to take out the upper channel. how do you manage that ? any info would be very helpful . :-)
InsiderB
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Great Question, though others might have noticed none asked till Now. For this particular trade setup I had around 8815's ( exact figure I forgot) , I entered short only [Sep 1] and lost around 40 points when my stops got hit. Now Nifty is still ranging and slightest alignment of trendlines form flag [which is not shown here] and we had Gap Up next day & initiated long @ 8860's with stops below prev day close 8800 [Here, I went as aggressive trader] & Rest is apparently on Chart. Just to mention again, this was superb question !
InsiderB
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*[typo] had stops around 8815's
Jit127877
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Thanks again for replying.. I don't know how you figured 8815 is a sl level to keep track. Maybe someday I'll get to know.
InsiderB
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Yes,as long as you stay in learning curve, you will learn soon.