Nifty Ranges valid from 4th-8th June. It is a wide range so trade carefully.
I have displayed 4 hour candles in the chart so the entire range is visible and yet the candle movement too can be seen on a day to day basis.
Also the Ichimoku Kinko Hyo should guide viewers about the bearish/bullish price action in the 4th-8th June trading week and accordingly set SL and targets based on the range levels.
As the week progresses you may have to press the <load new bars> button and adjust the zoom levels of this chart to clearly view the price action.
I have displayed 4 hour candles in the chart so the entire range is visible and yet the candle movement too can be seen on a day to day basis.
Also the Ichimoku Kinko Hyo should guide viewers about the bearish/bullish price action in the 4th-8th June trading week and accordingly set SL and targets based on the range levels.
As the week progresses you may have to press the <load new bars> button and adjust the zoom levels of this chart to clearly view the price action.
Comment:
The yellow stepped line is the 55 period Hul Moving Average. Currently it is below the price line so that is bullish. This is countered by the bearish candle formation I referred to in the earlier comment.
My advice is to wait for confirmation of trend with the breakout either below or above the Ichimoku cloud before entering a trade.
My advice is to wait for confirmation of trend with the breakout either below or above the Ichimoku cloud before entering a trade.
Comment:
Nifty has now formed a triple top and the developing candle seems to be a bearish belt.
I have anyway been trading short since May 15th with regular profit booking. Currently short positions since 31st May.
I have anyway been trading short since May 15th with regular profit booking. Currently short positions since 31st May.
Trade closed manually:
Closed all shorts yesterday 5th May, because of the Hammer candle.
Comment:
*Typo... it should read "Closed all shorts yesterday 5th June..."
Comment:
I guess it now a time for caution. Tomorrow is Friday and next week on Tuesday the Kim-Trump talks start which could lead to unexpected outcomes.
The Bank Nifty candle structure in the daily charts looks like tomorrow will be a down day and that will affect Nifty as well.
And the Nifty daily candle seems to me to be something of a Bearish Evening Star indicating a drop in the immediate context.
The Bank Nifty candle structure in the daily charts looks like tomorrow will be a down day and that will affect Nifty as well.
And the Nifty daily candle seems to me to be something of a Bearish Evening Star indicating a drop in the immediate context.
Comment:
These range levels are still valid for the next few days. Can be used to determine targets and SL.
Comment:
Range levels still valid as on 21st June
The first and fourth are Dojis indicating consolidation which could lead to a breakout.
The first candle was a kind of Hammer which led to the next bullish candle.
But this was followed by the next candle with a similar top shadow and bearish. These middle two candles form a Tweezer Top followed by a Gravestone Doji.
This could indicate a bearish trend to follow.