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As a general rule Low risk traders should never use closing basis stop loss.They should rather act every time these important levels are crossed by error margin(read the instructions given above).
Gann resistance was @ 10990 and nifty made a high of 10987( look at the chart) before correcting below 10800.Trend is still sideways but below 10725 on closing basis it will lose strength. Plan your trade accordingly.
Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit(partial/full) booking levels . Trend following and maximising profit is an ART which is taught to all Gann students at ART OF TRADING
1) 10725-10690- 10625-10530-10490-10330-10200-9950 are support levels. You can plan to buy near all these levels and keep 30 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 10990-11050-11180 -11230-11465 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: -10725-10625-10530- 10370-10310-10200-9950
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 10990-11050-11180-11230-11465
Trend will become weak once it closes below 26900 . To show good strength it must close above 27450.
Follow the trade setups given below and additionally monitor the role reversal levels.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels .Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1) 26900- 26650-26300--26170-25800 -25600-25300-25150-24500 are support levels. You can plan to buy near all these levels and keep 50 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 27450-27900-28200-28400 -28900-29100 are resistance levels. Go short if trades near these levels and keep 50 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE 26900-26650-26300-26170-25800 -25600-25300-25150-24500
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 27450-27750--27900-28200-28400-28900-29100
1278 was Gann support level. Look at the chart and see how it took support very close to this level. No change in gold view. Trend remains buy on dips till it closes below 1270
Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels . Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1)1275-1266-1255-1236-1225-1215-1195-1180 are support levels. You can plan to buy near all these levels and keep 5 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 1300-1310-1325 -1356 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1275-1266-1255-1236-1215-1195
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1310-1325-1355-1367
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