Today nifty opens Gap up and took support exactly from green dotted line and continued advancing for next hr, but unable to close above green trend line, thereafter followed by few more candles remain in range, followed by big bearish candle which i was anticipating as shown in abc wave format. nifty finally closed below red resistance line indicating weakness.
for trading plan next day.
1. if nifty opens gap up and does not retrace upto green dotted line then bulls will again trap bears, i will exit my shorts above white dotted line and will change the sentiments to bullish by closing any hrly candle above red resistance line near green arrow.
2. if nifty opens Gap down either near green solid line or near dashed green line, may have tendency to reach upto green dotted line. any such attempt may be treated as fresh shorting opportunity for target T1 or T2 below green dashed line.
3. But if nifty opens gap down below dashed line or below T1 may continue moving towards T2 or upto blue dashed line.
4. if nifty opens flat then watch for 1st hr candle and apply basic candlestick principal to enter the trade at either side.
all above explanations are for educational purposes. trader are advisable to trade on your own risk.
for trading plan next day.
1. if nifty opens gap up and does not retrace upto green dotted line then bulls will again trap bears, i will exit my shorts above white dotted line and will change the sentiments to bullish by closing any hrly candle above red resistance line near green arrow.
2. if nifty opens Gap down either near green solid line or near dashed green line, may have tendency to reach upto green dotted line. any such attempt may be treated as fresh shorting opportunity for target T1 or T2 below green dashed line.
3. But if nifty opens gap down below dashed line or below T1 may continue moving towards T2 or upto blue dashed line.
4. if nifty opens flat then watch for 1st hr candle and apply basic candlestick principal to enter the trade at either side.
all above explanations are for educational purposes. trader are advisable to trade on your own risk.