TIME TO LOOK FOR CRYPTO – TRADE SETUP – SOLANA/USD

SOL/USD DAILY CHART

Dear All,

It’s time to look for some investment opportunities in Cryptos. SOLANA is one of the cryptocurrencies which I would like to keep on the radar. Its currently running in complex correction in its last leg “Z”. Any bullish reversal above 75$ will be good to look for a long entry on further confirmation by price action. Will further update you on it.

Cheers

Sid

DJI – BULLS BEWARE!

DJI Chart

Short Term Elliot Wave view in Dow Jones Industrial Average that Uptrend has been ended with Expanding Ending Diagonal. There is a Break of Structure that happened when Wave 4 of ED has been broken by a strong move down, Clearly indicating that Bears are more active now. Currently, Wave A is running, which should end in 3 or 5 sub-wave structures. If Wave A ends in 5 sub-waves structure then ABC will end up in ZIG-ZAG Correction and If Wave A ends in 3 sub-waves structure then ABC will end up in Flat Correction.

My view is Bearish for Dow, Target will remain for 30790 levels in short term.

Sell on rise near 35400 levels with SL above Wave 2 which is 36450 or if it breaks below 34500 level with SL above 35500.

Cheers

Sid

ALERT – NIFTY – BULL AND BEAR FIGHT – HEAD & SHOULDER PATTERN

Nifty

Dear All,

Nifty has made a Head & Shoulder Pattern. Above is a 4 Hr Chart for the same. 17600 level needs to be watched closely. Bulls need to protect 17700-17600 levels. Any fall below 17600 levels will bring nifty down to 16700-16600 levels.

H&S PATTERN EXPLAINED

The head and shoulders pattern is a technical formation that indicates a trend reversal is underway. For traders, it is an extremely useful pattern, whether they are trend trading and want to be alerted of potential danger or they want to catch a trend reversal near the turning point.

SID

BANDHAN BANK – LONG TERM BUYING PROSPECT

Dear All,

On Charts, Bandhan Bank has moved into sideways correction for a long time now. Wave 1 has been completed after making 5 moves as a diagonal. Price is running into Wave 2 since 30.11.2020, Almost a year of correction phase after an impulse, Price retraced up to 61.8 fib ratio. There is a possibility, Price might retest those levels or another possibility of breaking down those levels to take out all the liquidity present below the double bottom support levels. Definitely buy on dip strategy for a long term target of 690-700 !! SL will be 190 Levels.

Please manage ur risk accordingly.

Please find below the weekly chart of Bandhan Bank for your reference.

Learning Here – Elliot wave Analysis.. Wave 1 – Diagonal, Wave 2 Correction !

Demand Zone Marking.

Cheers

Sid

DIXON TECH – BREAKOUT TRADE

After a decent run upside, Stock has went into consolidation zone since 18th March 2021 till 20th June 2021. Staying in consolidation zone for almost 3 months, finally it has given breakout today. Now the important question is will it sustained?
DIXON DAILY CHART
DIXON 30 MINS CHART
There are 2 ways of entry to this stock – 1. Above day high which is swing high 2. At Breakout Retest level I’m waiting for the entry!! Cheers Sid

NIFTY HAS OUTSIDE BAR ON HOURLY – LOOK FOR BREAKOUT

  • Nifty Hourly
When an outside bar forms, for your entry, you place a buy stop order above the high of the outside bar and below the low of outside bar.  When there is a breakout of high or low, you are triggered into the trade.
Place stop loss in a similar manner on the other side, 1 ATR away from the low if its a buy stop order and 1 ATR Above the high if its a sell stop order.
Take profit has a few options:  target previous swing high points (if its a buy order), or previous swing low points if its a sell order. Or 3 times your risk…if you risk 50 Points initially, then you should set your take profit target at a price level where once hit, will give you a 150 points profit (3 times your risk).
Cheers Sid