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WaveTalks - Nifty: Channel Trading Strategy WaveTalks - Nifty: Channel Trading Strategy There are three (3) types of channels: 1. Ascending Channel (higher highs and higher lows) 2. Descending Channel (lower highs and lower lows) 3. Horizontal Channel (ranging) ------------------------- Ascending channel ------------------------- An Ascending channel is a pattern formed from two upward trendlines drawn above and below a price representing resistance and support levels The ascending channel is also known as a “rising channel” and “channel up“. Ascending channel has a rectangle shape (Current Case – Nifty / 20th Oct2021) --------------------- Trading Strategy --------------------- As long as prices remain within the ascending channel, the upward trend in price can be expected to continue. 3 Supports shown as 17613 – 1st Support / 17864 – 2nd Support / 18209 - 3rd Support When executing trades based on a trendline, it is important that the trendline is a valid one / How do you know it is valid – 2 points required to draw a trendline & 3rd point which is 18209 if falls & takes support then it confirms that the trendline is a valid one. So, Any Buy or Long Trades should be executed with stops below the trendline so 18209 is an important level. Traders can keep 18200 level which is a psychological level. ------------------------- Descending channel ------------------------- A Descending channel is a pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a “falling channel” or “channel down“. ------------------------- Horizontal Channel ------------------------- A horizontal channel is a chart pattern formed from two parallel trendlines drawn above and below price representing resistance and support levels -------------------------------------------------------------------------- The Last Idea - Bulls Yelling The Excitement - Gap Strategy -------------------------------------------------------------------------- Hope you enjoyed selling at the tops 18600 for 18200 approx. Nifty Index took support in the 2nd Gap. Are You Ready for the Next Move?
NSE:NIFTYEducation
by WaveTalks
14
WaveTalks: Nifty-Can Bulls Bounce Back?- The Irregular Triangle 6th / 7th Oct2021 The index topped at 17882 this morning was a perfect behavior for the last leg downside in an irregular triangle updated in TradingView Author status / Last idea (add on comment). 6th Oct2021 – WaveTalks: Nifty-Irregular Triangle: ( Stops Above 17890 ) Irregular structures are those which is surpassed in the next leg as it happened for Index Nifty starting 17th Sep2021. --------------------------------------------------------------------------------------- Let us take a flashback tour for Index Nifty starting 17th Sep2021. --------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------- Wave A or 1st Leg / Wave Downside- Starting at highs of 17792 on 17th Sep2021 (17792 to 17326 = 466 Points drop) ------------------------------------------------------------------------------------------------------------------------------------------------------------- Considering 17792 High on 17th Sep2021, as the start of the structure, slipped to 17326 as 1st leg downside & pushed upside in 2nd leg to new all-time highs of 17948 (From 17326 to 17948). --------------------------------------------------------------------------------------------------------------------- Wave B or 2nd Leg / Wave Upside (17326 to 17948 = 622 Points Upside Rally) --------------------------------------------------------------------------------------------------------------------- 2nd leg crossed 17792 highs & made a new high at 17948 giving us 1st clue that some irregular structure could be unfolding next as all the moves so far from 17th Sep2021 was corrective in nature which was running across my mind at that moment. --------------------------------------------------------------------------------------------------------------- Wave C or 3rd Leg / Wave downside (17948 to 17452 = 496 Points drop) --------------------------------------------------------------------------------------------------------------- The fall from 17948 highs to 17452 was again corrective in nature. This time I became 100% sure that it is a 75-80% chance that Triangle could be unfolding next & I started putting my sleeves up in excitement as I could be getting 2 legs back to back if identified correctly. This is all I was thinking like a trader. The market pushed upside right from the zone 17450-17475 buying zone suggested as PRZ (Potential Reversal Zone) in the idea published to the TradingView community on 1st Oct2021 - Bullish Gartley -------------------------------------------------------------------------------------------------------------------- Wave D or 4th Leg / Wave Upside (17452 to 17882 = 430 Points Upside Rally) -------------------------------------------------------------------------------------------------------------------- This 4th Leg had to stop below 17948 Highs if the structure had to be correct as crossing above 17948 – this whole triangle scenario could have gone for a toss as structure invalidates. Keeping that in the mind, I quickly updated all the followers in the last idea this morning before the market starts selling below zone 17800-17825 which was an important zone. I agree it was choppy as markets will never give you straight or easy moves & especially when the triangle is unfolding. ------------------------------------------------------------------------------------------------------------- Wave E or 5th Leg / Wave Downside (17882 to 17617 = 269 Points drop) ------------------------------------------------------------------------------------------------------------- This wave was choppy at the start but it was all controlled by the bears till the end of the day when Nifty made low @ 17613 & closed at 17646 @ 6th Oct2021 -------------------------------------- Few things to note -------------------------------------- Our Final Target 17550-17575 is not completed so be careful as the Index may slip to these levels & take support of the Trendline rising upside connecting Wave- A(Bottom-17326) & Wave-C (Bottom- 17452) respectively. ------------------------ What Next? ------------------------ As a trader, we want to know what next. So here it is. When Triangle gets completed which is assumed to be sideways correction in the uptrend suggests that the next wave can be upside in an explosive manner which is seen or observed as a Thrust. In current scenario, thrust is expected upside for new highs or similar highs of 17948 So, Holding Levels 17452 which is Wave C – Bottom & 17326 which is Wave A – Bottom are key & critical level of support. Till the time key & critical support holds we expect Bulls to come back & take the control or be in the driver’s seat next. ---------------------------- Target Next --------------------------- Upside Nifty Index is open to travel minimum 17948 Highs & crossing above it will easily travel 18000+ A New All Time High. -------------------- Note -------------------- Always be careful at the tops as euphoria or crazy moves may put a trader in complacent zone & we forget all about risk management. Historically, It has been observed that crazy upside moves are followed immediately by opposite downside move which can be even bigger in size if happens.
NSE:NIFTYEducation
by WaveTalks
30
WaveTalks: Nifty-Irregular Triangle: ( Stops Above 17890 )Stops Above 17890 - Target 17750 / 17675 / 17550-17575 - Irregular Triangle could be unfolding next. Thanks ---------------------------------------------------------------------------------------- Snapshot Taken at 09:37 Hrs / 6th Oct2021 - Last Leg Pending downside which might complete the corrections ---------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Last Idea - Buying Gartley Pattern in 17450-17475 zone - Target 17740 ---------------------------------------------------------------------------------------------
NSE:NIFTYShort
by WaveTalks
16
Nifty - Sell Only Below 15800 - Potential Gartley / Bat HarmonicFrom The Last Idea Published..... Closing comment - "Struggling to go below 15800 ---------------Avoid Selling ---------------Do not Sell-------If Index holds above 15800-------Thanks & Best Luck. Trading Strategy ------------------------------------------------------------------------------------------------------------------------- Plan 1 - Sell Only Below 15800 - Do not trade if Nifty holds above 15800 ------------------------------------------------------------------------------------------------------------------------- Target - 15675 Target 2 - 15565 Target 3 - 15505 ------------------------------------------------------------------------------------------------------------------------- Plan 2 - Buy Once Bullish Harmonic Pattern Completes ------------------------------------------------------------------------------------------------------------------------- Gartley Pattern completes if Index halts close to 15565 (Target 2) mentioned in Plan 1. Bat Pattern completes if Index halts close to 15505 (Target 3) mentioned in Plan 1. ------------------------------------------------------------------------------------------------------------------------ Thanks for your precious time. Wishing all of you happy weekend.
NSE:NIFTYShort
by WaveTalks
14
Nifty - Bounce & Collapse (Buy & Sell)Buy - Strictly Holding Above 14590 -14600 for 14765 (Target 1) & 14850 (Target 2) Sell - If Index pushes upside into the zone 14850-14900 zone & halts or stops with strict stops above 15000+ for downside 14590-14600 (Target 1) / 14260 (Target 2) / 14050 (Target 3) Happy Weekend -------------------------------------------------------------------------------------------------------------------------- Last Idea ----------------------------
NSE:NIFTY
by WaveTalks
20
HDFC- 2777 Will it Stop!!! • Multiple Tops on lower degree have halted stock close in 2750-2777 zone • Push Above 2780 – can take stock to new highs 2850/2950 • Careful at the Tops later as current geocosmic signs at the moment may trick you. Always be cautious & false breakouts & breakdowns are common phenomenon in this period • Risk Management is most important so traders should know first how to use stops before even they start trading & use trailing method to protect your profits --------------------------------- • Trading Strategy --------------------------------- Plan A – Buy Above 2780 for 2850 & 2950 Plan B – Crosses above 2780 & fails to reach the targets as mentioned in Plan A or only partial target is done at 2850 & drops back below 2780 – Become cautious on long or buy positions-That is also a plan Plan C- Sell below 2600 for Target – 2365 & Below 2365 to 2200 which will be 200 DEMA support
H
by WaveTalks
14
Granuels India - Final Waves Unfolding from 2008/2009 Bottoms• Final Waves could be unfolding for the sequence which started from 2008/2009 bottoms post financial crisis • Suggesting Corrective Flat Sequence WXY from 2008/2009 Bottoms till it moves slowly & in time consuming pattern – taking this as primary or main view. • Wedge or Diagonals are Time consuming patterns which can be a possibility once more price details are available • Alternate Scenario / view- If Stock moves vertical above 600-700 zone that could be early signal that it has potential for bigger moves later but failing to cross the suggested zone will also call markets participants to be cautious at the new highs • Short Term Trading Buy in 300-325 zone with stops below 280 for Target 1- 375/380 & Above 380 for Target 2- 450/500+ or Buy Above 380 if fails to drop in 300-325 zone. • Long Term Trading Once stock has new highs possibly in 600-700 zone & fails to move further or consuming lot of time then participants have to be careful & review would be required at later stage. *** Avoid Taking Long Positions if stock falls below 280 levels *** Thanks & Best Wishes
NSE:GRANULESLong
by WaveTalks
7