Nifty has been stuck in a broad range over past few days but there have been big swings within this range. One can try and trade this range using simple but effective methods of Ichimoku Cloud.
See yourself below chart of Nifty showing 30 mins scale with Ichimoku cloud and price range marked in red. Based on below method and also with combination of Elliott wave theory with RSI following call was given to the clients:
Nifty 30 minutes chart:
There was a clear range bound movement that can be seen between the range of 10900 and 11150 – 11180 levels. One can adopt trading strategy in this big range by using objective methods like Ichimoku cloud and also understanding the overall Elliott wave pattern.
As prices moved below the cloud there was an indication that the next wave on downside has started. To get apt risk reward ratio with good stop it was better to wait for retest of the cloud or a bounce back after breaking below it. Later prices behaved exactly as that and broke below the low below the cloud again. This was the confirmation of a sell signal as marked on the chart for the target near the previous low. The stoploss was also very effective. Based on this method and also in combination of wave theory in expectation of a range bound triangle pattern we gave the sell calls to the clients which worked out amazingly well.
You can see how these methods are simple but very effective for trading. The trading strategies are also given in the daily morning research report with clear targets and stoploss. Even as per that report the target had been achieved on downside.
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