Thursday, May 21, 2009

Update: Bullish Wolfe Wave in Nifty (Futures) on 19th

Update on Bullish Wolfe Wave in Nifty (Futures) that I posted yesterday.

Trade triggered as 1-3-5 line is taken upside. But nifty faced still resistance up side and started moving down, forming head and shoulders, which is reversal to our long trade. So when the neckline is taken down, I exited the long trade in profit. But target is not reached for this pattern yet and the price broke the low of the day thus spoiling the pattern.

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