Comments are there in the chart. No trade is recommended in the chart. But it is early preparation for the next trade. I will recommend trade sooner in the comments if any trade comes to my mind based on this chart.
The Intermarket Big Picture to Start March
19 hours ago
I am bit late in recommending a trade. Play it down as long as it shows a downtrend whether short term or long term . IN the chart it shows either we have some kind of wave II down or 3.3 down. So play it down as long as it goes down. first point of reversal to up will be seen when market fills today's gap. so 5120 could be stop loss for playing expected 3.3. Obviously if you are playing for 3.3 your targets are much lower so 80-90 points stop loss justifies risk and return.
ReplyDeleteBut if some one is looking to play short term for wave II down shown in purple chart then today's high should be a stop loss which is around 5060.
If i have recommended a trade in the morning at opening one would have shorted around 5050. It is only 25 points lost. Market is still around 5025-30 level(spot nifty). so one can initiate shorts as per the risk appetite. Stop losses are mentioned here so choose your trade.
To me recommended trade is to short around 5025-5030(logically it should be at the opening but I am bit late in recommending the trade). stop loss 5120.
Kind Regards,
Nirav Shah
I think the stop loss here is wrong and not logical.
ReplyDeleteStop loss should be resistance and not 5 day avg. 5 day avg should be utilised for initiating the trade.
Hence will wait for 5175 spot level for shorts for stop loss.
I will like to rather add to my shorts below 5000. that level may assure some kind of 3.3 downside.
I did not get time to update yesterday will update tonight. Remember a crash possible by 25th or 26th.
market keep opening gap ups and downs and try to decide its trajectory. May be this time gap down opening may not get filled in.
Hold on to shorts.
Kind Regards,
Nirav Shah