AbhishekHSinghCMT

TechM - Trading Choppy E-Wave of the Triangle

Long
AbhishekHSinghCMT Updated   
NSE:TECHM   TECH MAHINDRA
12
Don't forget to read -Starting the TechM Journey in TradingView

Let us trade in the E-wave which is very choppy & toughest to trade because it is against the larger degree trend which is downward since highs@748 in 2015.

Likely it has traced a B-wave triangle & it is a valid pattern till 564 is intact - Critical level for future trading is 564- Going above 564 this pattern invalidates.

Trading Strategy

Short Term Scenario
Look for a bounce above 505-506 to the previous swing highs 515-520 once it holds above 505-506 - Play Safe -Get Heaven.

Medium Term Scenario
If it starts moving above 525 & sustains above, then we look for a higher push possibly for the zone 540-555 zone, but, yes keeping in mind 564 which is critical level as a long term selling can resume if 564 is intact on top.

Long Term Scenario
Moving below key level 425 - first need to leak below double bottom 405-later below moves deep down for 325-335 zone as discussed earlier.

You would love to read my previous updates


Hold your nerves till 477 broken

A part of E-wave above double bottom 405 - Boom

A lesson to be taken home as a wise trader

Starting the TechM journey in TradingView
Trade active:
12:57 Hrs 10th March2017

Last Price@479

Falling below 505-506 - High was 507.25 - As suggested above if holds above 505-506 then we see TECHM to 515-520 zone

Wow!- It is falling straight down, but be careful -larger downtrend starts only below 425 - In between it can again bounce back.

Trader's Paradise

Trade active:
11:21 Hrs 15th March2017

Last Price@475

TechM also looks in trouble if it dips from here to 460-465 zone likely it will confirm for more on downside, then we will plan to enter downside below 425 for selling or on the bounce for selling.
Trade closed manually:
23:50 Hrs 29th March2017

Last Price@458

Done & Out at 451.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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