Nifty short covering long
Updated
1. Nifty has been on a selling / down trend in 4H and in D levels.
2. The miniature buy trend that started around 17000 confirmed the trend reversal today by its 1H candle.
3. Two options :
IF BUY,
- Wait for pullback ( 15 Minutes needs to be engulfed bullish for the pullback to close )
- Entry at the discounted price, the next candle
- Take profit would be at 17345.
- SL at 17015
NOT OPTING FOR SELL HERE if the pullback fails and the sell continues.
2. The miniature buy trend that started around 17000 confirmed the trend reversal today by its 1H candle.
3. Two options :
IF BUY,
- Wait for pullback ( 15 Minutes needs to be engulfed bullish for the pullback to close )
- Entry at the discounted price, the next candle
- Take profit would be at 17345.
- SL at 17015
NOT OPTING FOR SELL HERE if the pullback fails and the sell continues.
Note
If this setup fails, the potential mistake would be not waiting for the 4H close bullish.
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