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Wedge

Nifty 50 Falling WedgeNSE:NIFTY Entry - 17900+ (White Ray) Stop Loss - 17650 (Red Ray) Target 1 - 18200 (Green Ray) Target 2 - 18475 (Green Ray) Target 3 - 18700 (Green Ray) NIfty 50 has been forming a Falling Wedge in a daily time-frame. The volumes have been comparatively high which means that a good base has been formed. The FIIs are oversold and stand at around 19% long position. So there is a high chance of FIIs getting back to buying. Chart There was a false breakout on 24th January (Blue arrow). Which caused a very fast sell off and also there were news triggers to cause the sell off. Today i.e. 9/2/2023 would be crucial for NIfty. A breakout could help Nifty go higher and the bulls would take control. High risk entry would be immediately after the breakout. A less risk entry would be at a re-test of the wedge.
NSE:NIFTYLong
by pareshdevnani
Approach towards AUDUSD Short.Hello Traders! 1. We see an Elliotical rising wedge completed. 2. A clear impulse down . We can expect at least one more impulsive wave even if it happens to be a zigzag correction and not an impulse down. 3. A retracement of 61.8%. 4. The invalidation level and target levels have been marked on the chart . 5. This is not a very long term trade . Though, it is not expected for AUDUSD market to touch the invalidation level even after our trade is complete, we will still not go short further than Target 2 and wait for re-entry. Do use proper risk management. Happy Trading! Profits, Market's Mechanic.
Short
by UnknownUnicorn27677748
3.5x in 7 monthsLODHA rose from 430 in Apr 2021 to 1500 in Nov 2021. Made a top 1540 and formed a falling wedge pattern. From the top price fell 50% in 5 months. This is like the covid fall. Hence whoever regrets investing during that period, this is the same thing. But there is a fact that some stocks also go to zero when they start falling. Therefore it should not be the reason to invest. Looking at the chart it has given a wedge pattern breakout. Next it is forming a triple top pattern with a top of 1130-1190. In all one-by-one price is breaking out of all obstructions.
NSE:LODHA
by Sumanyu_Aggarwal
Approach towards USDJPY Long.Hello Traders! It's a simple trade today. Very basic . Sometimes we tend to complicate the market when all it needs is simplification. 1. Falling wedge pattern with trend respected. 2. A comfirmation in 30 min tf (W pattern) and 2hr tf ( indecision candle and then a bullish reversal candle). 3. But still, as a precautionary measure, we'll wait for the the current high to be broken. Better safe than sorry! Do use proper risk management. Happy Trading! Profits, Market's Mechanic.
Long
by UnknownUnicorn27677748
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