Today we are gonna use simple support resistance for our analysis. When we use support/resistance its always two sided coin, Valid or Invalid (Sup/res) will be those two sides. Now we should consider this blue zone in Nifty (8620's) as resistance. What I expect for the day is Gap up of more than 20-30points bcos Global markets are good especially US markets. If Gap Up happens, i) Expect pullback and enter long in Nifty around support zone (8620's) on valid confirmation ii) After Gapup market right away breaks downwards in 8620 ( look out for short in Nifty)
If there is normal opening in zone, look for trendline breakdown for shorting. Thats really steep trendline which tend to give false breakouts, so be safe.These are just ideas only, keep note of these and check your trade plan before taking any trade.
Happy Trading !
Comment
⋅
If you are not pattern trader please skip this bcos patterns Win rate vary for everyone.
Comment
⋅
Trail stops as long as it moves up, we may get pullback this week, so those who missed this will get chance, so pls wait with patience :)
What to expect next? is it a 'throw over' in the ending diagonal or a genuine breakout ?
InsiderB
⋅
I hope you are referring to the post "Lets ride the waves", Yeah, its very much valid breakout for Longs in Nifty. You can check that on 4h & things will be bit clear for you when compared to 1hr chart I posted. For your question on what will be next, My views are still insync with "lets ride waves" post..check it out on [4h]....You can draw something like below :
Vekutm
⋅
How did you predict GAp up in advance?
InsiderB
⋅
Global Markets [US/China/Japan] are good indicators for predicting Gap Up/Down. But it won't work everytime.
AMBRISH
⋅
O.K.
AMBRISH
⋅
Yes, it is gap up opening.
InsiderB
⋅
Yeah.. late post today..it took time to write description and to align chart looks, by the time pre-market completed :)