When we retail traders plan shorts, they are taking longs. What helps us?
1. Heikinashi Candle (Never trade against Heikinashi candle - 1H TF or 4H TF is good for Nifty) 2. Use Falcon trigger line, reversal happens only when red candle closes below previous green candle low
I have updated Falcon waves for now, I have extended this monthly count and now considering this is wave 2. I can be wrong but I am following risk management, price action and Heikinashi Candle.
All this rally up was taken as call, but I am constantly gearing for some reversal as we are now in overbought zone
I also updated by Dow Jones count. Let me know if you are interested then I will add on Trading View.
This up candle of monthly, initially was considered as 4th wave but it crossed 50% and now about to touch 61.8% area and now I am considering it as 2nd Wave of Monthly - for greater risk of going down later this month.
Also - we may be heading towards max draw downs, but we can not overlook the trend of the market. And trend is clearly up and therefore do not trade against the trend.
1H Time frame:
The entire up side is beautiful 5 waves - completing the wave 2 of monthly. Possible?
All this - including Falcon Wave, is secondary to the trend, and secondary to the price action but always count Falcon Waves to know what to expect next.