InsiderB

SBIN : Corrective Ascending Triangle Pattern...

NSE:SBIN   STATE BK OF INDIA
SBI             in 15min charts is ranging for few days same as its big brothers Nifty             and BankNifty             . Atleast SBI             was kind enough to show us the triangle pattern and gives us setup for Breakout. Now, if you throw a stone in Markets, it will be forming breakout patterns only, except few. That much ranging going on. All just for Fed meet on Sep 20-21, as usual this meet will also go with just hype on hike of Interest Rate.

Now how to trade :
Strategy (i) : Inner Trendline Upper Breakout - If this happens, our stops will be very little, the risk is lesser and we gain more when SBI             reaches to top of outer trendline . At outer trendline 2 scenario's possible.
(a) Retraces back as per the Elliott corrective wave and breakdown
(b) If Nifty             gets bullish , SBI             will go straight up till 263's to fill the Gap, in that case trailing of our stops will help to gain max points. Those follow Me for sometime will know that Logic - " Gaps will be Filled, every single tick move will be filled by price action "

Strategy (ii) : Outer Trendline Breakout - If it breaksdown straight from here..cool, as simple as ascending triangle breakout
(a) The wait & watch approach traders can wait for top trendline of triangle in SBI             to break instead of entering on inner channel.
Even if you want to get little fancy, count elliot waves, we are at start of Wave 3, if all goes well as mentioned above.If downside breakout happens Wave 2 area mentioned above will become completion of Wave 1. Just alter counts. If confused, " Don't Count, Simple...Its not needed "
So why do I have Elliott corrective structure ?? Guys, its same as moving averages setup, sometimes works sometimes gives false breakout and reverses to another direction. If you are ardent follower of Elliott trade only downside Breakout as per theory.

Non-Elliott's don't worry, We can hit goal on anyside of breakout ( thats an advantage we have) but SBI             should not give false breakouts, even if that happens be quick to react and enter other side breakout in SBI             , that will cover losses.

Your wish to trade any setup mentioned above...Happy Trading !

Note : Today I will post Nifty             charts after market makes a move, its still ranging, so My views didn't change much from yesterdays post !
Trade active: Long Positions active !
Is long still active?
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That trade was over !
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krishgg InsiderB
oh ok thanks
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LIKE UR ANALYSIS OF EW'sS. NEED UR HELP TO STUDY AND UNDERSTAND IN DETAIL AS TO HOW TO DRAW. REGARDS. RAJESH. 9820642123
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InsiderB TOP rajesh2467
Rajesh, Thanks for your appreciation. Please dont leave mobile/ email id, it can lead to misuse of your number. Please check my post named as : Sunday special for Elliot learning here :
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InsiderB TOP rajesh2467
If you click on chart below, it will take you to detailed description !
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*chart above
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Upper side.
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I'm waiting for this breakout close to get my orders filled in SBI !
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AMBRISH InsiderB
All the best.
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