GOLDEN Breakout setup on Nifty 50 for (30-12-24)Nifty 50 index was going sideways for 3 days, today it gave bull breakout but not sustained properly. So next trading day can become significantly important if you do breakout trades!
ANALYSIS :
On chart you can see I am using my custom build indicator named Golden Trading System (GTS) it shows two significant support and resistance zones which works like magic! as of now it is not published but you can follow us to get notified when we publish this.
How you can use it ?
Alternatively you can use standard pivot point and change the pivot type to camarilla. Here we will only use H3-H4 and L3-L4.
In the chart you can see I already marked the H3-H4 and L3-L4 for tomorrow (30-12-24) so you can use that instead.
How to TRADE ?
Tomorrow (30-12-24) three thing can happen :-
(i) If market gave breakout the green band (H3-H4) we can look Long setup.
(ii) If market gave breakout the red band (L3-L4) we can look Short setup.
(iii) Market can go sideways / range bound between green band and red band.
CAUTION :-
While taking bullish trades we should not neglect the red resistance line and also While taking bearish trades we should not neglect the red support line because form those points market can reverse so trade cautiously and with "Stop Loss".