Today I exited the position that I have taken yesteday @ the break of the channel (upper line). The idea was that 5 minor Elliott waves were observed clearly and the next leg will be a correction, once the correction is complete then re-enter the trade. Although my exit point was not correct, it should have been near the target 7713, the circled area instead of the actual exit 7679 as marked in the chart.
I was not able to enter the long position as marked in the chart. Now again to enter the long I have to wait for a minor correction and once it completes I'll observe the depth of the correction and then take a call either to enter the long or wait or to re-look into the situation and consider a short. This can be done during the market tomorrow.
Nifty 5 min chart:
I was not able to enter the long position as marked in the chart. Now again to enter the long I have to wait for a minor correction and once it completes I'll observe the depth of the correction and then take a call either to enter the long or wait or to re-look into the situation and consider a short. This can be done during the market tomorrow.
Nifty 5 min chart:
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