This is an illustrative example of the
concepts being discussed.Markings are just visualizations on historical
data in hindsight analysis
Nifty opened above BRN and tried to break below BRN/PDC/PDH. Got rejected. Did not attempt the long above IRH as I did not trust the up move. There were too many levels below . went short on BPB of PDC on break of IRL. Covered when price bounced from RN. RN was holding well and entered long. TP on break of IRL failed. There was another TST at RN but skipped it as I felt bearish and expected a break down
Nifty opened above BRN and tried to break below BRN/PDC/PDH. Got rejected. Did not attempt the long above IRH as I did not trust the up move. There were too many levels below . went short on BPB of PDC on break of IRL. Covered when price bounced from RN. RN was holding well and entered long. TP on break of IRL failed. There was another TST at RN but skipped it as I felt bearish and expected a break down
1. For the initial upmove in morning at 9.39 candle, you say that " I did not trust the up move" . What made you think so.
ReplyDelete2. Why were you bearish at 13.30 candle TST ?
Check the Daily chart. Last time it rejected at 9000 and market fell 500 points.Price was not able to move above on Saturday.Today after open the initial move was down which showed no strength to the upside. Even if the close is above 9000 today, I dont find it very convincing
DeletePrice has broken down below many levels like BRN,PDC,PDH,IRL etc and was trading in a lower range. naturally bias is bearish
ST
It amazing how much insight one get , with each visit to different posts.
DeleteST Sir,
ReplyDeleteThanks for the chart, good to have you back with your analysis.
Regards,
KSG
hi st.
ReplyDeletewhy u dont have shorted break of irl in the morning as it was a bof of brn pdh and price is in the fluid.