Wednesday, 7 August 2013
Saturday, 3 August 2013
Nifty Update for 5 Aug 2013 - Towards end of Complex Correction
As per expected and mentioned in the 2nd August post, Nifty broke the impervious low 5675 and made new low 5649.
Nifty is in third and last corrective pattern, it is difficult to say 5649 is the end of the down move but as mentioned earlier price is not yet reached till 5630. So, Price should retrace from now or from 5630 on Monday which was my expectation today.
So, Short trader can take the Buy on breakout the sloping resistance line for the target of 30 - 40 points with Stop loss 10 points or low of the day.
If price break below 5630, then we should adopt wait and watch on how the price will unfold further.
For the longer term trader, Nifty should break the 5800 decisively to confirm the trend reversal.
Happy Trading - Yogi
Nifty is in third and last corrective pattern, it is difficult to say 5649 is the end of the down move but as mentioned earlier price is not yet reached till 5630. So, Price should retrace from now or from 5630 on Monday which was my expectation today.
So, Short trader can take the Buy on breakout the sloping resistance line for the target of 30 - 40 points with Stop loss 10 points or low of the day.
If price break below 5630, then we should adopt wait and watch on how the price will unfold further.
For the longer term trader, Nifty should break the 5800 decisively to confirm the trend reversal.
Happy Trading - Yogi
Thursday, 1 August 2013
Nifty Update for 2nd August - Stop Loss Hits @5800 on 1st August, 220 Points Profits
Stop Loss hits on yesterday @ 5800 for our short initiated from 6020.
Complete Gain of 220 points 7 trading days. :-)
Yesterday price breaks the channel on upside and made high of 5808.5
But it couldn't sustain there and slipped down near to the previous low 5675 but didn't break the low in spot (it broke the low in future chart).
RSI is making +ve divergence which signals that Price will take breath here before next move which will decide the market trend.
I can see few possibilities here -
Till now, i can look complete down move from 6093 is a complex correction - double zigzag.
So either price reversed from here or there 1 more corrective pattern left which could break the current low of 5675.
Considering this there was 2 possibility are either zigzag or flat will unfold.
if zigzag, then price should make a low near to 5630 And if flat, Price will go high near 5800 and then should make low near 5670. This will last corrective pattern in complex correction of this down move.
These are the scenario i am considering whipsaw seen yesterday, otherwise price should take reversal and will start new trend in upward direction as there was Higher High & Higher Low seen first time in complete down move on daily chart. let's watch how the price will unfold today. Happy trading!!!
Complete Gain of 220 points 7 trading days. :-)
Yesterday price breaks the channel on upside and made high of 5808.5
But it couldn't sustain there and slipped down near to the previous low 5675 but didn't break the low in spot (it broke the low in future chart).
RSI is making +ve divergence which signals that Price will take breath here before next move which will decide the market trend.
I can see few possibilities here -
Till now, i can look complete down move from 6093 is a complex correction - double zigzag.
So either price reversed from here or there 1 more corrective pattern left which could break the current low of 5675.
Considering this there was 2 possibility are either zigzag or flat will unfold.
if zigzag, then price should make a low near to 5630 And if flat, Price will go high near 5800 and then should make low near 5670. This will last corrective pattern in complex correction of this down move.
These are the scenario i am considering whipsaw seen yesterday, otherwise price should take reversal and will start new trend in upward direction as there was Higher High & Higher Low seen first time in complete down move on daily chart. let's watch how the price will unfold today. Happy trading!!!
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