Triangle is breaking out on the upside, waiting on Retest to enter a long position, there are always so many gaps on traditional markets hence I prefer to use Line chart instead of candlesticks for swing trading setups
will post a R:r setup in timeline once we CLOSE above the yellow trendline
weekly MACD is also printing bullish signal about to cross
also there is a double Bottom formed on the weekly time frame
I have posted some Bank charts as well they are all forming same patterns & looking for a Relief rally.
I still consider this bounces as dead cat bounce mainly because Vaccine for Covid-19 is not available for the masses, as long as not every human has been vaccinated the fear of WAVE 2 hitting us will be there, we are also opening up our country which is understandable as second option is much worse for the economy - Depression!!
we have to face the fact & start to live with this virus, there are only 2 emotions that really matters FEAR & GREED, I won't suggest you to be TOO GREEDY with this bounce, keep taking profits at every resistance
There are stocks charts already updated in my profile make sure to check them out :)
do let me know your thoughts on current market situation & the pandemic we are facing in the comments
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Retest Incoming
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EIther this was a Double top & we will follow the red line or we will follow the yellow line hence I said in the beginning wait for retest, I don't trade options or futures in indian market just sharing what I see on charts, I will try to post a R:R setup if RETEST holds
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still no position active either retest holds or we dump down
I hope Bank Nifty allows a pull back for re entry.. Gosh. I am badly waiting for the bear market to finish... so that you can just buy and hold and not bother.
How are you visualising the end game of the bear market.. Is it already done and we missed the boat ?
TradingV2
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@avsrikanth, in my small time experience i had with indian markets we almost always have a retest to confirm this was not a FAKEOUT so we should retest the broken trendline for sure, i will try to update in timeline for possible entry
as per the Bear market i don't think worse done, i still focus on TA but trying to understand more FA as well cause they majorly affect traitional markets, i have said this before in telegram channel Until we have a working vaccine & everyone is vaccinated we are not done, apart from it just look at GDP rate, Global Debt, riots not just in USA But different countries, i still think worst is yet to come, Covid - 19 was just first of many domino's that will trigger. this is not short term but will take time.
this was back in december last year when i was ranting in telegram channel that you should be prepared mentally as well as financially, wasn't sure what was gonna be the trigger but there were bearish diversion all over the charts & that too on Monthly timeframes, end goal should be you surviving, never be too greedy take profits at reistance levels, market is not gonna go anywhere there are always new opportunities
how i trade is taking majority off the table by my target atleast 75% if it goes up will let rest 25% of the position on trailing by moving my stops in profit
I hope Bank Nifty allows a pull back for re entry.. Gosh. I am badly waiting for the bear market to finish... so that you can just buy and hold and not bother.
How are you visualising the end game of the bear market.. Is it already done and we missed the boat ?