Note- This is counter trend move which is going to trick all traders so if you have patience to participate then only execute the trade.
Wow!- that was a nice fall keeping below 505-507 as stated in the previous update- made recent low@451- the fall looks impulsive from 515 down to 451 low made today 29th March2017.
Short Term Counts from 515 to 451
Last Update- Trading Choppy E-Wave of the Triangle- Did you get your heaven- I got mine.
What Next? I shall be looking for counter trend move upside till 490-495 zone, which will retrace 61.8% of the down move from 515 to 451 that will be maximum retracement if TechM has to fall big next time post retracement to 490-495 zones which I am looking at present.
Trading Strategy
Scenario-1 Buy between 453-455 with strict stops below 451 for target 490-495
Scenario-2 Buy above 460 with strict stops below 451 for target 490-495.
You would love to read my previous updates
Ran like a thief from 480 to 425
Sideways to Positive Bounce above 460 to 480
E-wave in progress of triangle
Trade active
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08:55 Hrs 30th March2017
Good Morning All!
Last Price@458
Above 460 or between 453-455 with strict stops below 451
Looking for a push upside in the zone 490-495 which should be maximum on upside if TechM is planning to fall down big post this expected move upside above 460
Trade active
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15:13 Hrs 30th March2017
Last Price@461
Order Filled --Filled Filled at day's low@455-456 - Let us now see if it jumps to 490-495 in counter trend move.
Trade active
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12:13 Hrs 31st March2017
Last Price@455.50
It is not able to sustain - we will exit at cost techm & shall hold for further price confirmations. Whereas Infosys after a long time has landed at 1015.
& keep a watch in Techm if moves above 460 & sustains above that level.
Above exit was suggested only for safe traders who cannot take 5-7 point risk also . Risky Traders who can afford 5-7 points stop below 451 should hold their long positions or try to enter even at better rate where you feel you can afford the risk of losing incase it goes against us.
Trade active
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14:21Hrs 31st March2017
Last Price@458
Keep a watch on TechM for buying
Trade active
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14:35 Hrs 3rd April2017
Last price@452
Any push above 455-456 handle & later above 465 makes a simple double bottom at 451-450.75 lows - setup ready for trading with expected target zone of 490-495.
Trade closed manually
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19:20 Hrs 8th April2017
Last Price@442
Look how important is 554-555 has been in few trading sessions. In last session 555 was intact & smart trader could have sold with minimum risk to see TechM melting. some risk traders have to take- keeping a keen watch on few levels.
Comment
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19:23 Hrs 8th April2017
Last Price@442
Sorry for typing mistake -levels mentioned in 500's - there is a correction --all levels are in 400's --- Key Zone 454-455
Comments
akj91
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booked a loss after going long at 450
WaveTalks
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@akj91, I am clear with my levels 455-456 & above shall open for upside then how do you got an entry point at 450. Look It was getting resistance at 455- 456 - 2 times atleast I can make out.
WaveTalks
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@AbhishekHSinghCMT, Stop trading on emotions -trade only with levels & cut the trade at minimal losses then you will sustain.
WaveTalks
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@akj91, Stop Trading on emotions. 455-456 was clear resistance -it was not crossing so you should have been doubtful about long trade if taken. Sooner or later we will get the bounce, which I will update but once again be careful -do not trade bringing your emotions.
Gamedas
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Seems like it didnt complte the pattern fully and bounced back.
WaveTalks
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@Gamedas, We are looking for this only when it starts moving above 460 & holds 450 on downside else your turn can also come.