Trade with Raghav Using Pivot 29/09/2021
Watch market opening and if it opens within yesterday’s range S1 level will be crucial as price acceptance or rejection is important at S1, where would price open ?? Near low of yesterday ?? Near the close, near high of yesterday based on this one decide which side market will go.
Any way for intraday nifty has formed a double top and double bottom. whichever side it breaks might pull price that side. do not over trade and lose confidence.. wait patiently or trade-in good stocks
two back to back (almost) engulfing candles near the bottom showing some bullish strength, if the intraday double top is taken out then the market might test CPR .. the pivots I'm using are camarilla for today.
Floor pivots are very wide today S1 at 17579 and CPR at 17746 range and R1 at 17916 .. due to this wide range and narrow pivots after a fall and recovery indicates tight range bound.. camarilla because of S3. .as it is a buying zone however it is not sustaining above S3 but wanted to let you guys know what pivots are on the chart.
whenever Price is within CPR.. price will go sideways and for intraday, it is a dead zone simply because CPR is a zone that acts as resistance if the price is coming from the bottom or Support if the price is coming from the top.. so understand that this zone does not indicate any trading direction and one has to use price action of swing high or swing low breaking with price action candles to take the trade.. on the chart we have wide Weekly CPR which I had posted last weekend stating that this indicates the sideway market for the week and for today 9/29 we have a very narrow CPR which is within weekly CPR and this pattern indicates premium erosion day.
how do you see the current Nifty level matters a lot? if you are with the ongoing trend sentiments this zone is a selling zone as the market went down at 17682 so if you are with the trend you should see this as shorting opportunity only.. unless it breaks high and hit your stop loss in which case you can take a confident counter trades on long side .. as this level is the deciding factor for price movement.. similar thinking is needed near major range breakouts to benefit.
this structure should give us a hint that buying side was gaining momentum as the market from low came and tested the high of the day (zone).. this confirms that so far the market is moving in range .. now we need to wait for the range break out and a follow up for the max benefit.
Most common and high probability range break out swings. if the market gives a small pullback and then break the resistance.. that means the market has a lot of buyers who are buying at every pullback.. so this kind of breakout carries a lot of momentum to take the price up.
if anyone would have shorted here..17650 PE moved from 63 to 77.. that is how the range works..once a range is defined intraday.. one has to go long at the bottom and short at the top.. is how range works. if you are taking trades in between the trade then you are risking your capital
If there is any strength in the uptrend left it should test previous Doji or previous breaks out point n then can move up to CPR or beyond.
All you guys needed was this wick to wick engulfing candle near resistance where stop loss was above the high of that candle and short. I was having lunch and I guess no more trading for me this week due to personal work.
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