Hello Traders, Mates and friends so here i am sharing a view on Nifty so let's start quickly as we all know that one session back the benchmark index made an All time high of 23000 but before this 23000 mark index gives an Ascending triangle pattern breakout on provided time frame so now from here i assume that price will come a bit down and retest it's breakout point and will give a bounce from here.
Potential upside from here i am looking 23700 levels after mentioned retest above target identified from triangle pattern.
one Fibonacci extension i used started from swing low to swing high and anticipating a low near retest point for completing the fibonacci which is giving the same target mark to me as above discussed by the pattern target.
As i am a big fan of breakout retest strategy and very frequently using it in my trading but anyhow these are financial markets and no plan can be a full proof plan here so we can see an upisde direct towards marked target without any retesting.
Thank you Tradingview for providing indicators like Fibonacci extenstion they are helping much for identifiaction of targets in our trading.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Potential upside from here i am looking 23700 levels after mentioned retest above target identified from triangle pattern.
one Fibonacci extension i used started from swing low to swing high and anticipating a low near retest point for completing the fibonacci which is giving the same target mark to me as above discussed by the pattern target.
As i am a big fan of breakout retest strategy and very frequently using it in my trading but anyhow these are financial markets and no plan can be a full proof plan here so we can see an upisde direct towards marked target without any retesting.
Thank you Tradingview for providing indicators like Fibonacci extenstion they are helping much for identifiaction of targets in our trading.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Comment:
Hello freinds updating this idea as you can see on the image of published chart that after the breakout candle on the top four candles made almost the equal high and taking resistance at the same point but in yesterday's session's opening we saw a breakout too by gap up open of above mention resistance (22985) and exactly in the mid of the session yesterday sudden selling pressure arrived and index fall near about 200 points from the day high and close below that resistance which actually turned support with minus 129 points by the second last candle of yesterday's session sharing in update and session closed below that support too so now from here until the price sustain below that support which actually turned resistance now again it will support my breakout retest veiw as per shared in idea description
Comment:
Breakout Retest Update- Hello friends and trading community so as per shared veiw in idea description price excactly reached to retest point and bounced from there so now from here i have to confirm that price will sustain after this bounce or not, rest i will update my long entry after this confirmation mates but as of now we can learn by this that after any breakout wait for retest will be a good option and by this we rein on our impulsive trades and minimize our risk parts in trading. Any questions you can ask in comment box, Thanks for reading and supporting my idea mates