akshay1808

Tomorrow onwards heavy fall or heavy rise in Nifty!

Short
NSE:NIFTY   Nifty 50 Index
Tomorrow on NSE:NIFTY , if a red bearish bar appears, then it will be a three black crow pattern which will confirm long bearish phase!

However if a big green bar emerged from day's opening price, it will be a Three line Strike pattern, which is a highly bullish pattern with 84% accuracy rate! See also my other posting in link below.
Comment: The big green bar didn't appear. This rules out the possibility of 'Three line strike' pattern that indicates a big bullish move in near future.
However the pattern 'Three black crow' may be followed with a considerable bearish phase.
Tomorrow should be the day to enter the big short! All the best!
Trade closed: stop reached: Bought PE 10400@33 ..... Fingers crossed!
Trade active: Bought PE 10400@33 ..... Fingers crossed!
Trade active: Nifty falled to 10430. NIFTY PE10400 now at 60.95!
Trade active: Nifty bounced back to 10513. Nifty PE10400 now at 20.

Comments

please back test data for this pattern. U wii be very discouraged for any pattern including head and shoulder
Reply
akshay1808 theshamik
@theshamik, accuracy rate of this pattern is 78% as per Investopedia. Here's one link for reference: https://www.investopedia.com/articles/active-trading/092315/5-most-powerful-candlestick-patterns.asp
Yes, I will surely backtest this pattern.
But the question is if such popular patterns aren't working then what will work?
Reply
theshamik akshay1808
@akshay1808, well your analysis was SPOT ON. Congrats. nifty did fall heavily..now on patterns i read somewhere in investopia only that most patterns dont work as its heavily followed baring some which includes this 3 strike. i have a reason why i dont pay much attention as most deep money use algo to trade and its difficult to write codes for patterns.. something based on maths like FIB is reasonable to code and trade...but my take only..i can see countless times doji dont work sometimes it work but that makes in unreliable
Reply
NOW WHAT?
Reply
akshay1808 OPTIMUS2357
@OPTIMUS2357, It seems bearish phase will continue. Buyers are trapped above 10750 in big numbers. We should see 10200 soon.
Reply
theshamik akshay1808
@akshay1808, i think a new wave is starting lets see if nifty manage to close above 10559 then big leg for 11500 will start...i dont think we will see more fall
Reply
akshay1808 theshamik
@theshamik, I have assumed a temporary relief rally for coming 3-5 days, before the big fall (May be immediately after the May expiry!). However its very difficult to time market. Its better to have a short position for longer duration (Till June expiry) and suffer with some initial losses.
Reply
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