praveen.bhatiya
Long

Three Drives Pattern : Reversal

NSE:NIFTY   Nifty 50 Index
There is global bloodbath in the market and we have bad news everyday, so talking about a reversal in this scenario seems insane, however there is a nicely formed Three Drives Pattern and every low of the price is associated with higher MACD values clearly showing divergence. Would it be able to reverse the price only time can tell. It is easy and advisable to follow the trend instead of hunting for trend reversal. But a buy trade is possible only if market trades high of today in coming days. if that happens the low of today should be protecting SL. We can put initial RR ratio of 2 and see how it develops further.
Disclaimer : All ideas and comments are my personnel view. please take financial consultancy for trading decision.
Trade active: Doing well
Trade active: Booked part profit and rest is continuing with trailing stop loss. :)
Trade closed: target reached: Closing the position on Target price :)

Comments

Hi,
Nice one. Now whats your view on Nifty @10692.
Reply
praveen.bhatiya butterfly87
@butterfly87, I was out of town so am replying late. Nifty seems to be in overbought and needs some correction. I am waiting for some setup in it to short.
Reply
butterfly87 praveen.bhatiya
@praveen.bhatiya, okay thanks..
Reply
praveen.bhatiya dr_professor_nifty
@dr_professor_nifty, Thanks how is life, long time no interaction.
Reply
dr_professor_nifty praveen.bhatiya
@praveen.bhatiya, very good
Reply
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