2 seems like the impulive move is not happening and thus trading size needs to be kept small coz the corrective can hit stoploss on any side......however the impulse will be back in play if nifty falls below 10748
the direction of the impulse is on downside as per our observation - the expected magnitude of impulse will be 600 points (approx) traders can use any small rise as opportunity to short keeping suitable stoploss .....do NOT trade without stoploss /Do not overtrade ever ---In market there are no guarantees only probabilities .............10620-30 is a support zone break of it will lead to further downside
1 we were short on nifty from 10871 levels and shorts have worked well so far......
2 we are looking for an impulsive move on nifty that is likely to end the corrective in play and possibly break one of two swing 11172 on upside Or 9950 on downside ......we are looking for such an impulse since may 30, and expecting the impulse on downside ;thats the reason for being short
.3 the downmove that started on 13 june from 10890 levels is likely to be such an impulse (no guarantees ) For this the key levels on downside needs to be broken ...the next such level /support level is 10760 and than 10620 .....
weekly close should bring clarity .... on whether the recent downmove is impulse or just profit booking
Planning to carry over shorts /change to positional
plz read carefully
1 my avg cost is higher as i added another lot near 10845
2 due to us fed meeting outcome- volatility will increase and risk increases
3 i have part booked intraday
4 Anyone following this trade must double check his/her risk capacity before converting to positional
5 For any small trader who took this trade Best will to book out as the profit is very good for an intraday trade ....