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Pullback

YesBank : Just say Yes to My Plan...The Problem we have here is, we are in middle of C to D move & if you notice we have predicted two ways for YesBank to move up. i) The first straight line (orange) - if that happens, I don't have any reason or setup to take trade. I will be just watching till it reaches 1570's zone - No Trades at all ii) The pullback scene - Here Only on Bullish reversal , I will be taking the trade Consider if first scene happens, people who are bit emotional chase that & feel like , I will get atleast next 40 points , even if there is no trade setup But professional traders will never do that mistake. We take only when the trade happens as per our plan. Hope you got the point :)
NSE:YESBANKLong
by InsiderB
14
BPCL : Pullback in our Entry zone !This is simple entry setup in BPCL, I have no further views on Nifty, its getting single sided... To do some analysis, Market needs to be dynamic & spread all over the zone Up , down n range.. But All we are seeing in Nifty is just a straight line to upside, so skipped post for the day. Enough of Nifty, lets get back to BPCL, the entry setup is just based on pullback to support zone & on bullish confirmation in the zone , we can take the trade. But what if BPCL gets gap up or never comes into our zone or no bullish confirmation - No Trades As simple as that... Happy Trades !
NSE:BPCLLong
by InsiderB
3
BankNifty : Bored ?? Let's Buy Some Banks :) Simple Trade setups are the best one's. Instead of getting stuck with some complex trading systems, the simpler the better I believe.Today morning, first I looked at Nifty, didn't feel quite good about it, its completely ranging,so shifted focus on Banks..yea we are gonna buy Banks like Billionare's :).Lets keep funny things aside, here we are looking @ Banknifty and it just broke out of rectangle pattern ( our favorite pattern for past 3 weeks..Love it ! ). So if there is any pullback to check the resistance-turned-support area 19000's, we will be ready to get long in Banknifty. That's the simple setup we are looking at. We can also count elliott waves starting from 18450's, and wave 3 getting completed around 161.8% of Wave 1. Wait friends, nothing rosy as it looks, bcos 161.8% n wave 3 doesn't imply it will return for sure,so that we all can go short. If we have to trade wave 3 to 4, look for other valid bearish confirmations & enter, bcos its possible that banknifty may decide to reverse @ 2.0 or 2.24 fib extensions. If all goes fine and short plan worked, book profits around 19000's (+/- 0.5 %) and initiate long positions around our marked entry zone in Banknifty. We can call it as pullback entry or based on waves or someother technical analysis, all are good n valid. It's myth that one method is better than other. So if we take long positions @ 19000 in banknifty we are aiming around 700pts, only if everything goes as we have analysed. Yeah ! Let's go n Buy some Banks :) Feel free to leave comments to discuss/ Hit Likes if you agree... Happy Trading !
NSE:BANKNIFTYLong
by InsiderB
6