Nifty formed a low near 9686 on 11th
August 2017 and post that prices have been moving in overlapping fashion with
no clear trend.
It is normal to see an overlapping move
after a strong trend. The fall from 10130 to 9685 on Nifty was sharp and fast
and for the first time in 2017, prices have failed to show strong momentum from
channel supports.
Below is the hourly chart of Nifty shown
with application of Bollinger Bands. The best strategy during such scenario is
to buy near supports and sell near resistance.
Nifty 60 minutes chart showing Bollinger
Bands:
Even during this non- trending move it is
possible to trade the markets on intraday basis. Below gives a few of the past
trading strategies given on Nifty before the market opens. These strategies are
given on daily basis in “The Financial Waves Trading update”
Trading
Strategy given on 4th September - Short positions can be created
on move below 9900 with day's high as stop and target of 9860. BANG ON!
Happened: Nifty moved precisely as expected on 4th
September and made a low near the level of 9861 after breaking below 9900
levels.
Trading
Strategy given on 1st September - Long positions can be created
on move above 9940 levels with 9900 as stop and target of 9980. BANG ON!
Happened: Nifty moved
precisely as expected & touched the target level of 9980.
Trading Strategy given on 30th
August- long positions can be created on move above 9850
with 9800 as stop and target of 9900. BANG ON!
Happened: Nifty made a low near 9850 and then moved towards the
target of 9900 levels.
The above trading strategy has worked out
extremely well irrespective of the non-trending move. This clearly shows the
power of the techniques that we are applying and how it can be capitalized
using the Elliott wave theory.
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