The stock price is at major RESISTANCE and it is tested many times. It is also trying to the making of DOUBLE TOP PATTERN. If there is any reversal candle then short trade can be initiated and we can confirm the double top pattern. But for going long you should wait for the closing of 15 min candle with good volumes. HOW DOUBLE TOP PATTERN WORKS A double top is...
Does this pattern looks like bullish hirami pattern???
I had this scrip in my watchlist and i had found this sort of Head and Shoulder pattern. I do have some queries about trading this pattern. Is this a proper pattern to trade? The left shoulder doesn't match with the right shoulder. Is that matter? What about SL and Target? I hope someone will clear my queries🤞🏻
Hi Its been a while since my last post. In this post I have represented selective candlestick reversal patterns. In a candlestick, "body" represents the distance between candle OPEN and CLOSING price. Whereas "wicks" represent the entire range of the candle from TOP to the BOTTOM. In most of these patterns only bodies are important. There are no conditions for...
A cup and handle chart may signal either a reversal pattern or a continuation pattern
Why i prefer horizontal boundary over slanted boundary. I prefer ascending triangle over symmetric triangle even both are bullish pattern.
For the purpose of explaining the combined use of these indicators, I have taken the example of TCS - TATA CONSULTANCY SERVICES, which recently gave a clear breakout. Know your Lines! - By joining the recent highs and recent lows of a share price, we can identify if the share has a well tested Support & Resistance or not. I prefer those with a clear defined...
What is the reason behind Fibonacci retracement in stock markets? As a traders we all know Fibonacci that the Fibonacci ratios, i.e. 61.8%, 38.2%, and 23.6%, finds its application in stock charts. Fibonacci analysis can be applied when there is a noticeable up-move or down-move in prices. Whenever the stock moves either upwards or downwards sharply, it usually...
This short video explains how the evening star turns into a wedge pattern. If correct, downside 16590 was critical support, holding above Nifty could bounce back again to 16680-16700. On the upside, Holding below 16712 highs, It can attempt to fall back again to 16615-16625 & assuming that if Index falls below 16590-critical support, it can fall to 16500 / 16440 /...
A pennant is a small symmetrical triangle that begins wide and converges as the pattern matures (like a cone). Here is an example of IEX. The company has declared a good set up of numbers on 22nd July. Profit after tax is up by 48% Sales are up by 36% The price is now hovering near the previous Resistance which now acts as a support Tight price range near the...
Infoedge the owner of Zomato has been consolidating for 7 months. - The stock has formed a cup and handle formation - Cup pattern took 7 months & - Handle pattern took 1 month for the formation - The stock has given a breakout and moved out of the range with good volume. - Additionally, the stock is trading above 50 SMA. -Globally markets are choppy and...
Although it is very difficult to explain the difference between different indicators at different time frame and setup, but I’ll try to keep it as simple as possible. I will try to explain with 1 example. Index: BankNifty (BN) Timeframe: 5 Mins Trading: Intraday only Date: 26th Aug Indicators for Strategy 1: BB + RSI (9) @ 50 + EMA (3) on RSI + WMA (21) on RSI ...
Prediction: Since there is Jackson Hole Event, chances are that market wont leave their position open. Hence, there are high chance that we see Nifty down tomorrow. Further, 16715 is important resistance followed by 16680 and 16650 and market is unlikely to cross 16715 because of the said event. Hence, on every resistance it is best to short nifty. with the SL of 16715.
Prediction: Since there is Jackson Hole Event, chances are that market wont leave their position open. Hence, there are high chance that we see Bank Nifty down tomorrow. Further, 35600 is important support. Next support will be 35350-00. Below 35300 don't forget to short with SL 35375. Pattern: An ascending triangle is a chart pattern used in technical analysis....
Flag and pole is a bullish pattern. I it breaks the channel upside stock price makes a new high. But if it breaks the downside then it will no good breakout. How flag and pole pattern work:- Flags are areas of tight consolidation in price action showing a counter-trend move that follows directly after a sharp directional movement in price. The pattern typically...
I get a lot of questions about Elliott Wave but a particular question often received from the followers: Where to start wave counting on the chart? How do I begin/start wave counting on the chart? How do you do Wave Counting? I’m going to introduce working 3-tricks which are used by me while establishing Elliott Wave Counting on a chart. These are my...
Explained in the chart how simple range breakout can be predicted.
This video discussed a bearish harmonic pattern that might be quietly sitting & hiding in the price structure if unfolds exactly holding below 16701.85 then the downside support could be 16510-16530 / Below 16500 for 16370-16390. ----------------------------------- Last Nifty Video Idea ----------------------------------- Hope you enjoy the video. Good...