Nifty : Long or Short ? Lets find out...
Updated
Continuation of Previous Idea :
We have two Bullish cyphers formation and one of them is hidden in bigger cypher.
This is just trade idea, so both long and short trade scenario's are described.
If you are trendline based breakout trader wait for valid breakout of Trendline (Short Nifty)
Pattern Traders can seize the cypher chance. (Long Nifty)
Nifty is channeling right now, cudn't approve it as Flag pattern. So lets stick with channeling term.
If you ask me what I will do, I will go with patterns bcos slightly biased pattern trader happy with smaller consistent profits from patterns .But that doesn't mean patterns always gives you profits or Breakouts will be false ones.
So depending on what type of trader you are, choose the one of your choice.
We have two Bullish cyphers formation and one of them is hidden in bigger cypher.
This is just trade idea, so both long and short trade scenario's are described.
If you are trendline based breakout trader wait for valid breakout of Trendline (Short Nifty)
Pattern Traders can seize the cypher chance. (Long Nifty)
Nifty is channeling right now, cudn't approve it as Flag pattern. So lets stick with channeling term.
If you ask me what I will do, I will go with patterns bcos slightly biased pattern trader happy with smaller consistent profits from patterns .But that doesn't mean patterns always gives you profits or Breakouts will be false ones.
So depending on what type of trader you are, choose the one of your choice.
Note
Smaller cypher's intraday targets filledNote
The bigger cypher is invalid and the channel gave false breakout and if my analysis is right we will be having Widening Channel in NiftyNote
*Correction : Bigger Cypher still valid
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