As usual, I prefer to trade less number of stocks instead of opening so many trades at a time. Maruti didn’t work well for us. Anyways that’s past now. Let’s focus on next setup.
Now I got the setup in ACC. Price tries to Test the last resistance zone of 1825 to 1785 and got rejected from the resistance zone. On Daily Chart, Price has made a Bearish Engulfing Candlestick Pattern.
Price has also made a BAT/CRAB PATTERN. Out of XABCD lines, we will be trading CD Leg of XABCD Pattern but we need to wait for the confirmation tomorrow & also nice to see how beautifully price is moving between the trendlines.
So, will update you on the Trade Tomorrow might be during market hours. Be Alert!
The chart is attached below for your reference.
Learning Here – Bearish Engulfing Candlestick Pattern & BAT/CRAB Pattern (Harmonic Pattern) – Will share separately details about Harmonic Patterns.
I have shared Nifty view earlier when it broke the rising wedge pattern. As expected fall was fast, same as last 2 falls (10170-9700). Important here to watch is the time frame is same 7 Days. Nifty entered into the last Channel between 10178 – 9700 levels.
I’m expecting that Price will definitely try to go out of the channel but further weakness looks like, As expected US and Europe, markets are also now under pressure. Let’s keep a watch on US Markets closing.
So now 10180-10250-10300 will act as a resistance for Nifty.
Fib retracement worked beautifully here. Perfect support at Fib 50% Retracement.
So now our Stop loss is 10180. Exit if it’s hit. We are already in the money of 200 Points.
Seems like some pullback may come in Maruti.Future Lot holders who shorted at 8180 are still in the profit. So keep SL 8220 – or 1 can exit at this current levels too 8130-8140!
Else hold with SL 8220!
Options Player who took the position by buying Put. My advised was t0 exit in small loss or make a debit spread!
Since I don’t trade in Options much, I only use for hedging purpose. So Please take extreme caution when you are trading in Options.
I give extreme importance to capital protection. Since it’shard earned money! So whenever I feel some bounce back possible then it’s my sincere duty to update you all, so that we can exit cost to cost and can protect capital.
“Trades are like the train and we are on the platform, Waiting for right Train to enter. No hurry at all”