Breakdown
Inverted Hammer in Monthly Chart** The shooting star candlesticks pattern, also known as the Pinbar (or bearish pinbar/inverted Hammer) by some, is one of the most popular candlestick patterns among price action traders. It was the first candlestick signal that I relied on, and one that I still use today, although I trade it much differently than most other price action traders.
# What is a Shooting Star Candlestick Pattern?
*The shooting star consists of a long upper wick (shadow) that is, at least, twice the size of the
real body. It should have a relatively small lower wick or none at all. Its real body can be bearish or bullish (see in the chart) and is usually relatively small in comparison to previous candlesticks.
*The shooting star candlestick pattern, like all the other candlestick entry signals, must be traded
within the context of the market. In other words, a true shooting star candlestick signal can only
come after an uptrend in price (see the chart).
Note: Never trade a candlestick formation that looks like a shooting star from consolidating price
action or a tight ranging market.
A shooting star candlestick pattern is a strong reversal signal, and unlike most other price action
signals, this one does not need another candle for confirmation, according to the standard trading
technique.
However, the proprietary filters that I personally use to qualify a good shooting star are quite
different, so let’s go over those now.
#What Makes a Good Shooting Star (Pinbar/Inverted Hammer) Pattern?
** Some of the filters that I use to qualify a good shooting star make taking the entry completely
different than the standard method. In my experience, these filters have drastically improved my
strike rate with the shooting star candlestick pattern.
# Confirmation Close
The first filter that I want to talk about is the confirmation close. This is probably the most important filter that I use on the shooting star, and it’s also the filter that changes the way you must take your entry with this pattern. Basically, as a sign that the uptrend is actually ending, after the shooting star signal, you want to see a bearish candlestick that closes below the real body of the previous candlestick and You can add in your strategy for more accuracy.
** Historically in Nifty 50 when in monthly chart Pinbar/shooting star/inverted hammer appears at top that sign of bearish trend .(see in the chart)
Kindly Let me know if you have any questions.
Thank You
Near Life time high of the stock valueLikely consolidation in the coming days.
In weekly time frame has hit a strong resistance - reflected in the short daily time frame with a bearish engulfing pattern
2 possible outcomes, consolidation in the short term or breakdown and can go upto 450 - 470Rs. per share
Nifty may form head and shoulder before a fallIn the 1 hr time frame we can see that there is good support at 14200. With this support nifty may retrace and form head and shoulder before a fall. Levels mentioned on chart.
my views on banknifty As we can see the price has been breakdown from the rising wedge in past and gave a nice down movement and now it's retesting the trendline and gave a fakeout so the more chances of banknifty is to go down as per my analysis !
let me know what's your views ?
Nifty looking weak before budget 2021Nifty repeats what Banknifty has done 3 days before. Next support of 13800 after small retracement. If 13800 is broke then 12800 is the major support. Be cautious. Avoid longs for few days.
Last Hope * Bank nifty now trading its a major support area .If breakdown this area then may go down up to 300 to 500 points below.
Banknifty weakBanknifty has broke down from its trend line support first time after its long uptrend. Be cautious. Can take short position after small retracement
M_M Short IdeaM_M was in uptrend and recently price failed to create New High and made Lower High which indicates it as a double top pattern
Price is currently resting at neckline. It is weak below 790 Level (if fall continue watch out for breakdown and a strong rejection candle during retest)
WAiting for breakdownSell colpal after breakdown of double top pattern entry below 1583. With a minimum target of 1560 stoploss 1595.
BANKNIFTY BreakdownBank nifty looks weak and can breakdown tomorrow for possible targets of 31137 and 31000
Nifty breaking the Rising Wedge Pattern with RSI DivergenceNIfty has broken the rising wedge with RSI divergence. It has also formed a Doji Candle taking support exactly from 50 EMA.
It will be exciting to see what happens to Nifty below 14,000(50EMA & Low of Doji Candle).
I'm not saying it will definitely fall but this is just a simple analysis and it might even prove to be totally wrong. But I feel below 14000 we can see a small dip in the market.
Note - Feel free to give any advice regarding this analysis down in the comments section.
Disclaimer - Please do not take trades according to this analysis and do your due diligence before entering into this. This is just for educational purposes and not to be considered as a tip.
Nifty breakdownnifty looks weak and can breakdown tomorrow for possible targets of 13937, 13870 and 13815
BANKNIFTY Breakdown possibleBank nifty looks weak and can breakdown tomorrow for possible targets of 31137 and 31000.
JINDALSTEL BreakdownJINDALSTEL gave Flag breakdown after getting rejection by fibo level
Looking weak below 257.50 Level , Gap down can escalate selling pressure
View negates above 268 on the basis of candle close
Destroying the PatternsDestroyed the symmetrical triangle pattern like never before. Only Vimal, only vimal, only vimal.
NIFTY 1DNIFTY is currently trading at 13325. It has been bullish for a very long time now & a correction is due. The RSI is 75 which is near to the overbought zone. NIFTY is following the short term trendline and as it moves upwards the rally is getting exhausted. When NIFTY breaks down the short term trendline we can see a correction. No one knows how deep the correction will be, but NIFTY will surely take support on the long term trendline if it corrects to that point. There can be good investment options once NIFTY corrects.
Eichermotor 1hr AnalysisEicher Motors is following very good price action and it is facing good rejections at 2600 levels making a proper Head and Shoulders pattern. If the neckline which acts as major support breaks a nice fall is expected with RRR of 1:2. Also, a breakout from the trend line is expected as it is continuously getting rejected from it and a breakout can give good targets with RRR being 1:2.
Breakdown Trade -
Sell-2500
SL-2530
TGT- 2425-2430
Breakout Trade-
Buy-2540
SL- 2500
TGT-2600
