In morning post, the importance of 20 day EMA at 15677 and 61.8% retracement around 15628 was discussed and so was the level of 15735
Nifty respected all the levels very well ( 20 day EMA on closing basis, 61.8% retracement on intraday low basis and 15738 was the high for the day)😊
- Today's closing also reflects a Bullish Harami candlestick pattern which opens up doors for some upside move (initial targets on Nifty 15804 / 15840 and further upside if closing is above 15865)
Had suggested to consider selling 15 July expiry 15700 Put option when it was trading around 120.
Closing price 100
Profit of 20 points so far per lot (this profit is despite Nifty being 111 points lower from levels when the trade was initiated)
This is where trading strategies come in handy. It may not give exorbitant profits per trade but it surely helps in better risk management and thereby increase your probability of more winning trades.
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yea showing reversal signal.. but i think for harami pattern the first candle should cover whole 2nd candle.. that is what meant by harami. preganant lady in Japanese
indiamarketoutlook
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@light_kumar, the tails, i.e high and low can be outside the previous candle... the most important thing that should get covered is the body of 2nd candle (i.e the open and close). If the body is confined with in the previous candle that makes it a relevant pattern. (in this 2 candlestick pattern, SL is kept at the lowest point out of both the candles)