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SBI

SBIN : Corrective Ascending Triangle Pattern...SBI in 15min charts is ranging for few days same as its big brothers Nifty and BankNifty. Atleast SBI was kind enough to show us the triangle pattern and gives us setup for Breakout. Now, if you throw a stone in Markets, it will be forming breakout patterns only, except few. That much ranging going on. All just for Fed meet on Sep 20-21, as usual this meet will also go with just hype on hike of Interest Rate. Now how to trade : Strategy (i) : Inner Trendline Upper Breakout - If this happens, our stops will be very little, the risk is lesser and we gain more when SBI reaches to top of outer trendline. At outer trendline 2 scenario's possible. (a) Retraces back as per the Elliott corrective wave and breakdown (b) If Nifty gets bullish, SBI will go straight up till 263's to fill the Gap, in that case trailing of our stops will help to gain max points. Those follow Me for sometime will know that Logic - " Gaps will be Filled, every single tick move will be filled by price action " Strategy (ii) : Outer Trendline Breakout - If it breaksdown straight from here..cool, as simple as ascending triangle breakout (a) The wait & watch approach traders can wait for top trendline of triangle in SBI to break instead of entering on inner channel. Even if you want to get little fancy, count elliot waves, we are at start of Wave 3, if all goes well as mentioned above.If downside breakout happens Wave 2 area mentioned above will become completion of Wave 1. Just alter counts. If confused, " Don't Count, Simple...Its not needed " So why do I have Elliott corrective structure ?? Guys, its same as moving averages setup, sometimes works sometimes gives false breakout and reverses to another direction. If you are ardent follower of Elliott trade only downside Breakout as per theory. Non-Elliott's don't worry, We can hit goal on anyside of breakout ( thats an advantage we have) but SBI should not give false breakouts, even if that happens be quick to react and enter other side breakout in SBI, that will cover losses. Your wish to trade any setup mentioned above...Happy Trading ! Note : Today I will post Nifty charts after market makes a move, its still ranging, so My views didn't change much from yesterdays post !
NSE:SBIN
by InsiderB
12
SBIN : Make money in Banks ,Not with Savings Account !If any of you thinks that your money gets multiplied in Savings Account / Fixed Deposits with SBI, its Myth. But there is another way to make money with Banks... Obviously, thats what we do... Trading ! Simple Elliot wave with examples of how to trade elliot's effectively, thats what we are going to look at. Past Setups : Flag in Wave 1 - Gap Up open we lost the chance for entry but these are the ones made huge money for past month. 1 or 2 deviates. so lets skip it Trendline Breakout in Wave 2 - When you are watching live SBI price action, you might have figured out wave 1 only that also unsure until pullback confirms wave 2 & on trendline break we will enter wave 2 for few points After end of Wave 2, we are deprived of chance to enter Wave 3 and we can't be sure whether wave 3 will move as per our prediction or will range. But we got triangle setup with Gap Up open again. Good Entry setup in SBI for Aggressive traders & they are in trade making money on Wave 3. Conservative Traders don't worry, we still have chance. Present : We are in Wave 3, now if we get valid pullback or any pattern style breakouts in current timeframe or lower tf, thats chance for conservative traders to enter the Wave 3. Actually that pullback may happen today for entry. If not, keep calm, don't kick yourself. Check other charts, its simple as that. Future : Well, if Wave 3 completes & we get valid confirmation for reversal in our marked zone short SBI for wave 4. Wave 5 we will see that later. I hope this gives you insight about how to trade Elliot waves in combination with common patterns such as Flags, trendlines, triangles. As long as it makes money, there is nothing wrong in trading those even if its repetitive stuff. If you have any doubts / need clarifications about this Wave n Entry setups, feel free to ask.
NSE:SBINLong
by InsiderB
9
SBI - Breaks out Previous Resistance, Wave 3 ProgressIt is been observed that ABC Zig Zag correction completed and Wave 1 and Wave 2 structured well that shows higher high. Now I observe that Wave 3 is in progress and it shall go upto 261 and retrace back to Wave 4 and then shall again move higher from 261 levels to make Wave 5. It is wise to buy after retracement or near Wave 4 levels. As per technical pattern formation, you may also notice a "Head n Shoulder" pattern formation that retrace back to previous resistance level at 256 or Wave 4.
NSE:SBINLong
by NeeteshJain
5
SBI : Rectangular Ranging - Waiting for Breakout ! Its almost a month SBI is ranging completely within 223 - 235's, probably it may range for another week. If breakout happens expect that will be wild n crazy, in my opinion ( I may be wrong) - I expect there won't be any pullback. But conservative traders can opt to stay out, can enter if any pullback happens in SBI. Moreover Nifty is also caught in some kinda ranging just with hourly swing moves.. SBI being a mover of Nifty, lets watch how things happen... Hit Like button to keep me motivated to post more ideas...Thanks for your support ! Enjoy Weekend !!
NSE:SBIN
by InsiderB
SBI - 4 Weeks Rectangular Consolidation (Breakout Next Week)It is been 4 weeks that the price action is been consolidating in the range of 223-233. I have observed that there is RSI Bearish divergence and MACD Bearish Cossover at this time but the trend is still up.(As you may see Green MACD's below in indicators) and also the price action is above 20 SMA that also signals uptrend. Next Week, best time to take trades: 1. At Breakout 2. Buy If you see change in trend by having higher high or upside breakout of rectangular consolidation 3. Sell if Price Action breaks below 20 SMA and also breaks the rectangular consolidation
NSE:SBIN
by NeeteshJain