Candlestick analysis focuses on individual candles, pairs or at most triplets, to read signs on where the market is going. The underlying assumption is that all known information is already reflected in the price. The technique is usually combined with support & resistance. Each candle contains information about 4 prices: the high, the low, the open and the close. A candle body reflects the net price movement between open and close while the wicks show reversals that occurred within the timeframe of the candle.
Each candlestick, therefore, provides an easy-to-decipher picture of the price action. The length of the wicks versus the length of the body in combination with whether a candle is bullish or bearish, can be used to determine a signal for the price action to come. Common candlesticks that are used in this analysis are dojis, spinning tops, hammers, engulfing candles, pinbars and inside bars.
Totka used in Idea is called Reverse Fibonacci
Using the previous leg & measuring its 138.2% gave us the top 11117 - can we get the top again at 11320- no confirmation yet so only risky traders to take sell in 11300-11320
Note - Going above 11320 ( Sell call is negated - close all sell positions & out)
Trading Strategy
Plan A - Sell below 11265 on closing...
Correction - New Blogs can be checked on left top corner as compared to right top corner suggested over the video.
Trading Strategy
Plan A - Buy in 10650-10675 zone with strict stoploss below 10620
Targets - 10780-10800 / Buy Above 10800 for 10890/10925 / Above 10925 for 10985-11,000 & More only above 11,000 levels.
Plan B - You can sell if you see index...
TCS NSE:TCS again got rejected at the long term trendline resistance which has been holding strong since Oct 1,2018.
I can see that it formed a long Bearish candle and an Evening Star pattern on Feb 28.
Good opportunity to shot for targets of 1940 and 1920 with stop loss a few points above the downward sloping trendline.
Disclaimer: Views expressed here are my...
V GUARD LTP - 218.45/-RS
ON DAILY CHART BULLISH ENGULFING CANDLE PATRON FORMED ON 20TH MARCH
BULLISH ENGULFING PATRON -
A bullish engulfing pattern occurs in the candlestick chart of a security when a large white candlestick fully engulfs the smaller black candlestick from the period before. This pattern usually occurs during a down trend and is thought to...
Sell Tatacomm on rise with SL of 625 and target of 565. A confirmation on RSI has been obtained. A convergence on MACD is on the cards. One can book profits on long positions.
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