PULLBACK & RETRACEMENT SCENARIOS
Updated
Hello friends I am sharing the index Nifty daily chart for educational purpose so that is why I am more focused on learning from this chart than trading, So as we can see that after hitting a all time high which was 18887 it is coming down following with a clear down trend we can see on daily chart and now current price is 17465 is stood below a good support (17750) very well and this price will act as a good resistance now for it for retracement or breaking this zone so I personally believe that such resistances in trading cannot be broken in very first time in retracement (observe too many times too) so that's why I am expecting a pullback rally to 16800 zones which is looking it's final destination for taking a support or trend reversal because of this heavy gravitational fall with strong selling pressure.
TRADE IDEAS-: π
IDEA NUMBER ONE-: It will reach to it's immediate support zone (17370 zone) and give a bounce from there we can go long for the target to it's pullback zone (17770) in this execution we will take a stop loss of a closing below that support on daily candle.
IDEA NUMBER TWO-: We will wait until it reach to it's pullback zone (17770) for go short with a sell on rise strategy seems a heavy resistance on price and OI (open interest) too in this execution we will take a stop loss of a closing above on that pullback on daily candle.
IDEA NUMBER THREE-: For this we have to wait for a closing below on 17370 zones and will go short for the target of 16800 zones which is looking it's strong demand zones in this execution we will take a stop loss of a closing above on that support on daily candle.
NOTE-: This is not and trade or investment advice. This idea is meant for learning only. Invest your capital at your own risk.
πππ ππ«ππ¬-: ππ¦π’π πππ£ππ§
TRADE IDEAS-: π
IDEA NUMBER ONE-: It will reach to it's immediate support zone (17370 zone) and give a bounce from there we can go long for the target to it's pullback zone (17770) in this execution we will take a stop loss of a closing below that support on daily candle.
IDEA NUMBER TWO-: We will wait until it reach to it's pullback zone (17770) for go short with a sell on rise strategy seems a heavy resistance on price and OI (open interest) too in this execution we will take a stop loss of a closing above on that pullback on daily candle.
IDEA NUMBER THREE-: For this we have to wait for a closing below on 17370 zones and will go short for the target of 16800 zones which is looking it's strong demand zones in this execution we will take a stop loss of a closing above on that support on daily candle.
NOTE-: This is not and trade or investment advice. This idea is meant for learning only. Invest your capital at your own risk.
πππ ππ«ππ¬-: ππ¦π’π πππ£ππ§
Note
TOUCHED SUPPORT 17364 AND CLOSED ABOVENote
TESTED 17777 AND CLOSED BELOW, NEXT MOVE WILL FIND A CLOSE ABOVE 17777Note
IDEA NUMBER TWO OF PULLBACK WORKED VERY WELL GOOD CAME DOWN AFTER TAKING A RESISTANCE FROM GIVEN LEVELSTrade active
FROM A SHORT OF 17777 REACHED 17380 AT MENTIONED SUPPORT, I THINK IT IS A GOOD TRAILING STOPLOSS IN HAND IF ANY ONE HAVING A BERAISH VIEW TOONote
FROM A SHORT OF 17777 REACHED 17113 AT MENTIONED SUPPORT, I THINK IT IS A GOOD TRAILING STOPLOSS IN HAND IF ANY ONE HAVING A BERAISH VIEW TOO, HEADING TOWARDS FINAL DESTINATION MENTIONED ON THIS CHARTNote
BROKE 17000 LEVELS TWO TIMES TODAY ON INTRADAY CHART HOPEFULLY TOMORROW IT WILL REACH TO MENTIONED TARGETNote
CAME CLOSE TO THE TARGET ZONE 16800Note
IN TO THE TARGET ZONESTrade closed manually
RECHED TOADY 16TH MARCH 16850.15 VERY CLOSED TO MENTIONED TARGET OF 17797 TARGET MISSED BY 53 POINTS FROM 17800 SHORTED SO THIS IS FINAL UPDATE FOR THIS IDEA, THANKS FOR GIVING SO MUCH APPRECIATION FOR THIS.Note
IS IT REPEATING THE CURRENT TREND, NOT EXPECTED IN RESULT SEASONNote
GOOD SUPPORTNote
HOVERING NEAR YESTERDAY MENTIONED SUPPORT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.