Tata Steel- Don't lose your temper

Sep 4, 2016

Since the last update, I was expecting a bounce at least till 383-384 where TS will get retraced by 61.8% of the fall from 394.65 to 367.30

But aren't moving up neither down- so it is advisable not to get impatient & take a hurry trade.

Trading Strategy- Either look for a bounce in the zone 283-284 or let the swing low@268 get broken for short trades in the coming session.
Once you get a bounce in 283-284 -get a clue that it has started falling, then put recent high as a stop for taking trades.

Regards,
Abhishek H. Singh, CMT

Sep 4, 2016

Note

Typo error- "283-284" -- should be "383-384"

Sep 4, 2016

Note

Trading Strategy- Figures used are in 200's actually it should be figured in 300's. Kindly excuse for the typo error.

Sep 6, 2016

Trade active

11:00 Hrs-IST-6th Sep2016- Bounce in TS - made session high@380-381.
Book & wait outside.