Last time, which was traded above 364 for target 367 & 370 was part of Y-Wave. Looking for channel support which will be second connecting X-Wave.
Likely it is always risky to trade X-Wave so, I want market to give me some clue -which will happen only once TS takes support of the channel forming 2nd X-wave & bounce to start a W-Wave that too we should trade above 367.75 for target zone of upper channel which comes in the zone 373-374
Trading Strategy
Going Above 367.75 - we shall look for 373-374 target zone with recent swing low as a stop in todays session, which will likely be 2nd X-Wave low
Risky Call Likely Channel bottom could be traded once bounce happens from channel bottom, but this could be risky because we don't know whether it will stop at channel or go below channel- in that I shall come back again.
Trade active
⋅
10:00 Hrs 21st Sep2016-
Bang On Target - Upper end channel clicked & makes a high 371.80
Trade active
⋅
06:00 Hrs 22nd Sep2016
Unless Channel gets broken - One should not take short positions, whereas channel boundaries should be watched for a bounce, but since its holding for quite a time -we will watch whether it holds this time or gives away.
Comments
rashmichhajer
⋅
Great Work Abhishekji
WaveTalks
⋅
Thank You
rashmichhajer
⋅
Sir I am not Very clear of these patterns , How to learn these patterns ...
WaveTalks
⋅
These patterns are not normal - I am an Elliottician -It has come to me after 5-7 years of experience so if interested you have to start learning Elliott waves. Some basics which you can use is trading channels which are lucrative & part of the analysis.
Satty0007
⋅
Do you think it will touch 372-373 band today ?
WaveTalks
⋅
You should be cautious while trading -I mentioned target zone 372-373 - It touched made a high@371.80 which was very close & red candle has started forming if it breaks downside of channel then it will slip sharply- You should be alert everytime
Satty0007
⋅
Still in profit will book it around 370.5- 371.. thanks abhishek.
WaveTalks
⋅
But always be careful, adjust & book if it is close by - you can leave some bit for others also. Welcome
VadivalPranchi
⋅
Can i trade with a stoploss of 362 ?
WaveTalks
⋅
Going Above 367.75 is a good indication of going longs with recent low as a stop. Currently its trading at 369.40