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#NIFTY - 14TH NOVEMBER NSE:NIFTY #NIFTY ⚡ Observe, understand, then implement 👍🏻 Chart contains support and resistance levels (understand how it works 👇🏻) Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall. Support: -Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further. - Indicators: Support levels can be identified through historical price data, trend lines, or moving averages. - Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level. Resistance: - Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further. - Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages. - Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level. Importance: - Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets. - Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand. Understanding these concepts can enhance trading strategies and improve decision-making. P.S note : im not SEBI REGISTRAR 🙏🏻 Any doubt 👉🏻 @thetradeforecast
NSE:NIFTYLong
by thetradeforecast
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FINNIFTY (CNXFINANCE) - A BEARISH CYPHER PATTERN FORMED. NSE:CNXFINANCE ❇️Harmonic chart pattern: BEARISH CYPHER PATTERN 👉🏻The Cypher pattern is one of the most profitable harmonic patterns and is useful for risk management, because of the large success rate. Traders can minimize losses if they follow the Cypher trading rules and meet the profit target. 🚀How to use ❇️The Cypher harmonic pattern is a trading strategy that uses Fibonacci numbers to identify turning points in geometric price patterns. It can help traders predict future movements, determine when trends will reverse, and decide when to buy and sell. Here are some steps for using the Cypher pattern: ❇️1. Draw the patterns 👉🏻Start with a bullish or bearish impulsive move from point X to A. Then, use a Fibonacci retracement tool to find point B between 38.2% and 61.8% of XA, without closing past 61.8%. Next, use a Fibonacci expansion tool to find point C between 127.2% and 141.4% of the move from X to A, without closing past 141.4%. Finally, use a Fibonacci retracement tool to find point D by moving from X to C and reaching the 78.6% region. You can also use a Fibonacci expansion tool to find point D by moving from B to C and landing between 127.2% and 200%. ❇️2. Enter the pattern 👉🏻Traders can enter a Cypher pattern by setting a limit order at the 78.6% level or using a market order after the price starts to reverse. ❇️3. Set stop losses 👉🏻For a bearish Cypher, place stop losses just above point X. For a bullish Cypher, place stop losses just below point X. ❇️4. Set take profits 👉🏻Draw a Fibonacci extension from point C to point D and set multiple take profits. For example, you could set the first take profit at Fibonacci one, the second at 1.272, and the third at 1.618. You can break into the trade when any of the take profits are hit. Many traders partially close their position at point A, but you can also choose point C for a more aggressive approach ENTRY STATUS: ACTIVE ✅ TARGET 23440-23140-22555 (as per this harmonic chart pattern) SL 23670 🚀Happy trading 🫡 👉🏻 @thetradeforecast🇮🇳
NSE:CNXFINANCEShort
by thetradeforecast