Triangles... triangles... fascinating triangles. I expect the price to fall, but my expectation doesn't matter. The important thing is trading plan. So as usual we are going to analyse and find entries for both long and short. Sell below 9870 with the stoploss of 9900. Targets are 9830 and 9780. Buy above 9910 with the stoploss of 9880. Targets are 9940 and 9960. Trading rules.for "Vanathi Waves" 1. Enter trade after seeing price action for 15 mins. 2. If you are bullish wait for the price action to give entry for long. 3. If you are bearish , wait for the price action to give entry for short. 4. Dont enter trade if there is no clear buy/sell signal. 5. Enter when price action breaks 15 mins high/low.
@mklives, I agree, movement depends on banknifty now.
thecsgs
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For my eyes..it look like "Descending Triangle" So the True breakout may be in downside... Dow, S&P are trading Flat so no clue from USA......But i hope RIL will push the Nifty to break the Triangle on the upside (RIL earnings)...I will wait for the direction of the market between 09:30 to 09:45 AM to decide...
Well said! even 15 minutes is too small a time frame.. Ideally first hour..... The bulls are are in firm control... This is B leg and its correction literally lasted for a day! we will have to see whether it can go down to 9700 where the break out and the short coverings happened... If it crosses 9928 then it is fresh leg where the upside can be even 10300 before another small correction sets in.. Tomorrow itc will give us clarity.. Cheers for your Vanathi waves.. Keep up the good work