Hi goodstocks,
To be honest, i dont consider the news. I just see the charts. And that too i am not getting good results these days. Getting lot of whipsaws on my paper trades. Still these are my views about nifty.
Currently nifty looks like going down. The trend reversal pattern i was talking about previously, ghost and VT all failed, and the next pattern is ZLR (trend Continuation to downside). Although CCI defines a trend when 6 bars to downside are formed below -100. But for the one who doesnt use CCI, trend seems to be established when the recent top fails to be broken and Lower top forms.
Trading on the daily charts, it seems like nice opportunity if we would have shorted around 3:00PM on friday for swing trade. But coudlnt comment in real time as i dont have the live data feed(i am not trading for last 15 days). But thats history cause its gone.
Still more downside is expected. On daily charts the price has just reverted near the 20 and 34 EMA. CCI hook of ZLR is also good. If downward moves continue, i expect nifty to b around 5018 / 4966 / 4874. Once nifty closes below 4970, then it can slide further, so thats the level to keep close eye on.
Trading on weekly charts. it is just in serious sell zone. 4970 is the hurdle and decider. Once crossed, nifty can zoom to downside. Lets c if nifty takes support near it and bounces back.
To be honest, i dont consider the news. I just see the charts. And that too i am not getting good results these days. Getting lot of whipsaws on my paper trades. Still these are my views about nifty.
Currently nifty looks like going down. The trend reversal pattern i was talking about previously, ghost and VT all failed, and the next pattern is ZLR (trend Continuation to downside). Although CCI defines a trend when 6 bars to downside are formed below -100. But for the one who doesnt use CCI, trend seems to be established when the recent top fails to be broken and Lower top forms.
Trading on the daily charts, it seems like nice opportunity if we would have shorted around 3:00PM on friday for swing trade. But coudlnt comment in real time as i dont have the live data feed(i am not trading for last 15 days). But thats history cause its gone.
Still more downside is expected. On daily charts the price has just reverted near the 20 and 34 EMA. CCI hook of ZLR is also good. If downward moves continue, i expect nifty to b around 5018 / 4966 / 4874. Once nifty closes below 4970, then it can slide further, so thats the level to keep close eye on.
Trading on weekly charts. it is just in serious sell zone. 4970 is the hurdle and decider. Once crossed, nifty can zoom to downside. Lets c if nifty takes support near it and bounces back.
