Nifty: How to form successful intraday trading strategy based on Elliott wave
Jun 24, 2020Nifty has been precisely moving as per Elliott wave pattern and you can see how technical analysis has helped to form intraday trading strategy. Get Bang on Nifty intraday and positional Calls
It is thrilling experience to see that important reversal and breakout areas have worked well. Below is the glimpse of trading strategies on Nifty that has worked perfectly constantly across weeks:
Nifty hourly chart:
(Below is the extract taken from the daily equity research report published on 23rd June 2020)
Elliott wave analysis
The overall pattern as seen on the hourly chart is that we are in wave (b) (black) formation. This entire wave (b) looks to be forming a neutral triangle pattern with currently wave e of minute degree ongoing.
On the hourly chart price is moving in the form of wave e (blue) within which we can see that wave (c) is currently unfolding on the upside. The slope of the 20 hour EMA shows that the strength of the uptrend is intact. Existing long positions should trail stop loss towards 10180 and continue to ride this trend so that it will ensure that long positions created near 10040 are now well in the money.
In a nutshell the trend for Nifty over the short term is bullish. Price can move higher towards 10460 or higher levels as long as 10180 levels holds.
Below are the trading strategy given over weeks’ time and it has worked out brilliantly well on Nifty:
Trading Strategy given on 07th June morning- For today, Long position can be created above 10100 levels if it sustains for an hour with stop loss as 10030 and target of 10170 levels. BANG ON!
Happened– Prices moved precisely as expected and made intraday high of 10177 levels
Trading Strategy given on 08th June morning- For today, Short positions can be created below 10100 stop loss as 10170 and target of 10030 levels.” BANG ON!
Happened– Prices moved as expected post breaking below 10100 it made low near 10021 levels.
Trading Strategy given on 11Th June morning- For today, Short positions can be created below 10020 with stop loss as 10090 and target of 9950 levels. BANG ON!
Happened– Prices moved precisely as expected and made its intraday low near 9885 levels
Trading Strategy given on 15Th June Morning- For today, “Short positions can be created below 9800 with day’s high as stop and target of 9740 levels. BANG ON!
Happened– Prices moved precisely and made its intraday low near 9726 levels.
Trading Strategy given on 18th June Morning- For today, “long positions can be created above 9980 with 9900 as stop and target of 10040 levels.” BANG ON!
Happened– Nifty moved precisely as expected and touched the high of 10100 levels..
Trading Strategy given on 19th June Morning- For today, “long positions can be created above 10120 with 10040 as stop and target of 10180.” BANG ON!
Happened– Prices precisely moved as expected and rallied towards 10272 levels.
Trading Strategy given on 22nd June Morning- For today, “long positions can be created above 10280 with 10200 as stop and target of 10350 levels.” BANG ON!
Happened– Prices moved precisely as expected we achieved our target and made intraday high near 10393.
Trading Strategy given on 23rd June Morning- For today, “Long positions can be created above 10390 with 10310 as a stop and target of 10460 levels.” BANG ON!
Happened– Prices moved precisely as expected post giving break out above 10000 we achieved our target and made intraday high near 10484.
The above trading strategies clearly indicate the power of technical methods which can help to capitalize in short to medium term trading. Get access to “The Financial Waves Trading Update” which covers Nifty with intraday trading strategy and “The Financial Waves Short Term Update” which covers Nifty with 3 different stocks on daily basis.
Webinar with AK Trading Gurukul, 26th June Friday @ 4pm – know Nifty trend and path ahead every Friday. Register here
Mentorship June 2020 has started and the techniques will be discussed in much detail. For any queries contact us on +919920422202