28th May 2018 Update - I knocked your door@259 - you miss me I shall come back again
29th May 2018 - Interim Update - Above 275
Trade active: 08:57 Hrs 29th May 2018
No buy trades in later part if 259 fails to provide support - Above 275 higher could be 278-280
Turning exactly from 278-280 as expected on 29th May 2018 & when it came in the zone of 278-280 - SBI started having in the stomach - started feeling nervous & SAD ( Social Anxiety Disorder) as should I be a part of the event which could unfold in next few days. So, what are the events which could make me nervous. I am not aware -if you are aware -do let me know in the comments!
pattern ( ) on 4H chart between 278-280 can be initial clue for upcoming sad events.
has D point extension to 127% & can extend to 141 - 161.8% - In our case it is 141.8% another clue which falls in 278 -280 zone
If you get a bounce in 275 -277 zone -it holds & starts falling below 275 look to sell keep stops above 277 - Targets 259 - 238 -232
Facing tough time to cross 274-275 zone -Look to sell for targets 259 - 238 -232
Note - No selling if it moves above 280 & holds above 280 - Pattern will be invalidated.
We got the bounce as expected above 275 - If it starts falling below 275 we will sell as per plan 1 suggested above
278 is again getting respect on top - keep an eye !
Going above 280 - It can touch 284-285 as target which is little risky so only risk takers can go long with stops below 278 else we will wait to sell at market shows the way downside.
My Bad - Pattern is not invalidated as butterfly patterns can extend to 161.8%
Risk Takers you should attempt to buy here when it came close to 278 - as our stops in risky buying was 278 - you shall lose 1-2 points which should be ok for upside target of 284-285 - If goes below 278 - we will wait & watch to sell.
Slowly & Steadily moving into 284-285 zone as expected - Enjoy for the day & Fall shall start next once it starts falling below 278 - 275 levels.
As updated to a colleague few mins back - "Expecting a fall but have no confirmation as it is too early" - even though I am expecting a fall - I have no confirmation from markets. If you are planning to long -you can depending on your risk. We have bought SBIN at 259-262 zones that was the zone to buy with good risk reward. At 285-287 -Risk Reward is not favorable.
Patience is always important in trading & you have to wait for to know how the pitch is going to behave.
We left small bit above 285 - not interested as we might be interested in something else that is the reason I was on sidelines.
Going below 285 Next - We are keen along with markets for suggested levels in the post - 259 -238 - 232
Have a nice trading day.
As I suggested earlier pattern is not invalidated until 161.8% extension of CD leg which is last PRZ (Potential Reversal Zone) for Butterfly Harmonic Patterns & Weak or Bearish Candle in 285-286 zone is the initial or early clue suggesting that pattern may work.
As precaution do not take sell / short trade if it holds above 285.
Pattern Invalidates above 290 - We close the update. Thanks & have a wonderful trading day.
SBIN - Below 285 is in short term bearish mode & could slip to 279-280 zone which was earlier key zone.
Next sell should be taken below 280 levels - Holding 280 -281 as support zone -it will spend some time -possibly may attempt to go close to 284 -285 zone where it may face resistance back.
Have a nice trading day.
Expecting a fall but have no confirmation as it is too early" - even though I am expecting a fall - I have no confirmation from markets. If you are planning to long -you can depending on your risk. We have bought SBIN at 259-262 zones that was the zone to buy with good risk reward. At 285-287 -Risk Reward is not favorable.