SBIN : Make money in Banks ,Not with Savings Account !
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If any of you thinks that your money gets multiplied in Savings Account / Fixed Deposits with SBI, its Myth. But there is another way to make money with Banks... Obviously, thats what we do... Trading !
Simple Elliot wave with examples of how to trade elliot's effectively, thats what we are going to look at.
Past Setups :
Flag in Wave 1 - Gap Up open we lost the chance for entry but these are the ones made huge money for past month. 1 or 2 deviates. so lets skip it
Trendline Breakout in Wave 2 - When you are watching live SBI price action, you might have figured out wave 1 only that also unsure until pullback confirms wave 2 & on trendline break we will enter wave 2 for few points [fixed target style will be easy in wave 2]
After end of Wave 2, we are deprived of chance to enter Wave 3 and we can't be sure whether wave 3 will move as per our prediction or will range. But we got triangle setup with Gap Up open again. Good Entry setup in SBI for Aggressive traders & they are in trade making money on Wave 3. Conservative Traders don't worry, we still have chance.
Present : We are in Wave 3, now if we get valid pullback or any pattern style breakouts in current timeframe or lower tf, thats chance for conservative traders to enter the Wave 3. Actually that pullback may happen today for entry. If not, keep calm, don't kick yourself. Check other charts, its simple as that.
Future : Well, if Wave 3 completes & we get valid confirmation for reversal in our marked zone short SBI for wave 4. Wave 5 we will see that later.
I hope this gives you insight about how to trade Elliot waves in combination with common patterns such as Flags, trendlines, triangles. As long as it makes money, there is nothing wrong in trading those even if its repetitive stuff. If you have any doubts / need clarifications about this Wave n Entry setups, feel free to ask.
Simple Elliot wave with examples of how to trade elliot's effectively, thats what we are going to look at.
Past Setups :
Flag in Wave 1 - Gap Up open we lost the chance for entry but these are the ones made huge money for past month. 1 or 2 deviates. so lets skip it
Trendline Breakout in Wave 2 - When you are watching live SBI price action, you might have figured out wave 1 only that also unsure until pullback confirms wave 2 & on trendline break we will enter wave 2 for few points [fixed target style will be easy in wave 2]
After end of Wave 2, we are deprived of chance to enter Wave 3 and we can't be sure whether wave 3 will move as per our prediction or will range. But we got triangle setup with Gap Up open again. Good Entry setup in SBI for Aggressive traders & they are in trade making money on Wave 3. Conservative Traders don't worry, we still have chance.
Present : We are in Wave 3, now if we get valid pullback or any pattern style breakouts in current timeframe or lower tf, thats chance for conservative traders to enter the Wave 3. Actually that pullback may happen today for entry. If not, keep calm, don't kick yourself. Check other charts, its simple as that.
Future : Well, if Wave 3 completes & we get valid confirmation for reversal in our marked zone short SBI for wave 4. Wave 5 we will see that later.
I hope this gives you insight about how to trade Elliot waves in combination with common patterns such as Flags, trendlines, triangles. As long as it makes money, there is nothing wrong in trading those even if its repetitive stuff. If you have any doubts / need clarifications about this Wave n Entry setups, feel free to ask.
Note
Even in this huge Gap Down, we have something to cheer for.Look at the pull back we got now, As mentioned above its time for conservative traders to catch Wave-3 [Draw Elliots over 4h charts to get clarity, 60min looks bit mess] "Only if there is Bullish confirmation " with proper stops, but allow sometime to get dust settledown.
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