BTC ATHI have a feeling this is how BTC will prepare for the bullseason; 80k is TAPPED.
ATH for 120k god knows when but i hope it will be good.
Cant show my FIB image coz im a free member but ALL THE BEST TO EVERYONE
Charting
What is Price Action ? Beginners Guide in Easy Steps Part -2In our previous discussion, we delved into the fundamental techniques of reading a price chart with key price action strategies. This time, we're set to expand our understanding even further. By the end of this article, you'll have a fresh perspective on analyzing charts and interpreting price movements, empowering you with deeper insights and more confident trading decisions.
1. Identify the direction of trend with the help of price action candlesticks
a.)Strong Uptrend:
Green candlesticks moving upwards continuously.
Indicates strong buying pressure with no selling pressure.
b.)Uptrend with Deep Retracement:
Green candlesticks with some pullbacks.
Sellers present, causing temporary price dips.
c.)Indecisive Market:
Alternating red and green candlesticks.
No clear market direction, prices moving up and down without strong conviction.
d.)Tight Range Before Breakout:
Small red and green candlesticks within a tight range.
Usually occurs before a significant breakout.
e.)Weak Uptrend with Choppy Price Action:
Alternating red and green candlesticks, choppy pattern.
Indicates weak buying pressure and strong selling presence.
f.)Healthy Uptrend:
Green candlesticks with few red ones.
Strong buying pressure with minimal selling, indicating a solid upward trend.
2. Importance of Wicks and the closing of candle
Wick and a Doji Candle: Indicates early signs of buyers attempting to stop the price decline,
If you observe closely there is a wick in previous candle also, on the break of high of the candle price hit trendline resistance and fallen again.
Second Wick at the Same Zone: Sellers tried to push the price down again, but buyers stopped it, forming a bullish pin bar. First wick formed a demand zone but the second wick confirmed
of buyers activity.
After Some Fight, Buyers Win: Buyers managed to push the price up From the range, kicking out the sellers.
More Lower Wicks: Indicates both buyers and sellers are active, but buyers are gradually winning, which is bullish.
Lower Wick Shows Demand: After a downturn, the lower wick signals demand coming in.
Inside Bar with Bigger Upper Wick: Shows bearish bias. The break of the low led to the continuation of the fall.
NOTE: Wicks are an early indication of demand or supply presence, but the location of formation will be more important.It would help if you determined whether it's in an uptrend, downtrend, or range.
3. Multiple Candle Rejection
A)Exhaustion Gap:
At one point, the chart shows a gap up, where the opening price equaled the high of the day. This indicates an exhaustion gap, suggesting potential for a larger correction. Despite this, only a single bar correction occurred initially, showing resilience.
B)Brutal Correction:
A sharp, one-bar correction is seen, followed by buyers trying to push the prices back up within the same candle. This indicates a strong fight between buyers and sellers.
C)Inside Bars and Tight Range:
The presence of multiple inside bars with tight ranges and prominent lower wicks signals consolidation and market indecision. This is a period where neither buyers nor sellers dominate, often preceding a significant move.
D)Break and Continuation:
Eventually, the price breaks and closes above the range of the inside bars. This breakout triggers a continuation of the uptrend, evidenced by the subsequent series of green candles and higher prices.
#Understanding Candlestick Wicks:
Wicks/Tails: These are crucial as they indicate early signs of demand or supply. In this chart, the lower wicks suggest that buyers are stepping in at lower prices, even during pullbacks, showing underlying strength.
4.Importance of Close Of Candle
If you wait for close of the Candle beyond support or resistance zone then it can help you take high-probability entries only and avoid fake breakouts.
Fake breakout means when the price breaks the support or resistance area but it failed to sustain beyond that area and quickly comes inside the range.
That's all for today's idea I hope you have gained good insights into how to read market direction with the help of candlesticks structure If you read market direction in consideration with the factors explained in Part 1 then the outcomes will be Great.
If this idea helped you learn something new hit the boost button and share with your friends,
Stay tuned new ideas in this series coming soon.
Keep Learning,
Happy Trading.
NSE:NIFTY
TCI (Transport Corp. of India)Here's another potential multibagger on our radar today.
This stock has an upside potential (Based on various fundamental and technical factors) till 960.
However, every analyst (Team of Analysts) have a different opinion.
Thus, here we bring to you TCI, aka, the Transport Corporation of India.
Here is the detailed analysis-
CMP- 803.10
Targets:
Short Term (Upto 6 months)- 832
Medium Term (6 Months to 1 Year)- 899
Long Term (More than 1 Year)- 956
Trailing Stoploss- 741
Let me know what you think about this.
LTCUSDTLTCUSDT, chart REversal Pattern..
looks Good,But Better to be Wait for our Horizontal Resistance Breakout...
The some crucial levels need to cross The nifty50 is ready to move up but needs some crucial level to cross like 17100 or 17200 after that it's boomed up but before that, it continues to consolidate under those levels. At this time the market is good for Option sellers after those levels cross this market is going to be for Bulls players
NSE:NIFTY
INFYinfy near a important level ...if its break 1370 then go down to hit 1306 in coming days .... infy below its all EMA which is sign of weakness...
HAVELLS Wait And Watch ??
Look for Low risk, High reward, and High Probability setups-
Things to Remember while Trading with the Trend
1. Know what the trend is.
2. The best trades are made in the direction of the trend.
3. Assume that the main trendline or moving average will hold.
4. The longer the moving average is, the better it defines the trend.
5. Wait for the pullback.
6. Don’t chase the market.
7. Don’t fight the market.
8. Even in the strongest trends there should be some retracement.
9. The closer the market is to the trendline, the better the risk/reward ratio is.
10. Use ADX to determine the strength of the trend.
11. Higher the level of ADX , the stronger the trend, below 20 consider the market to be choppy
12. Hold trades longer in a strong trend.
13. Wait for confirmation of a trendline breaking before reversing position.
14. Know where the Support levels are.
15. Place stops outside the Support levels.
Thank You..
PRAJINDWait And Watch ??
Look for Low risk, High reward, and High Probability setups-
Things to Remember while Trading with the Trend
1. Know what the trend is.
2. The best trades are made in the direction of the trend.
3. Assume that the main trendline or moving average will hold.
4. The longer the moving average is, the better it defines the trend.
5. Wait for the pullback.
6. Don’t chase the market.
7. Don’t fight the market.
8. Even in the strongest trends there should be some retracement.
9. The closer the market is to the trendline, the better the risk/reward ratio is.
10. Use ADX to determine the strength of the trend.
11. Higher the level of ADX , the stronger the trend, below 20 consider the market to be choppy
12. Hold trades longer in a strong trend.
13. Wait for confirmation of a trendline breaking before reversing position.
14. Know where the Support levels are.
15. Place stops outside the Support levels.
Thank You..
IEXWait And Watch ??
Look for Low risk, High reward, and High Probability setups-
Things to Remember while Trading with the Trend
1. Know what the trend is.
2. The best trades are made in the direction of the trend.
3. Assume that the main trendline or moving average will hold.
4. The longer the moving average is, the better it defines the trend.
5. Wait for the pullback.
6. Don’t chase the market.
7. Don’t fight the market.
8. Even in the strongest trends there should be some retracement.
9. The closer the market is to the trendline, the better the risk/reward ratio is.
10. Use ADX to determine the strength of the trend.
11. Higher the level of ADX , the stronger the trend, below 20 consider the market to be choppy
12. Hold trades longer in a strong trend.
13. Wait for confirmation of a trendline breaking before reversing position.
14. Know where the Support levels are.
15. Place stops outside the Support levels.
Thank You..
Breakout after correctionSBI Life had given a correction after decent upmove. Today the stock is giving a breakout.
Persistent Systems - Trend linePersistent System - Trendline Break Idea, The channel that is getting formed is clean and seems to be well respected.
LUX INDUSTRIES ELLIOTT WAVE WORKINGWas charting out the Elliott wave patter on the daily charts of lux industries. Feel free to share your views.
GRSE - All time high breakoutStock has given a breakout above All Time High. More can be added on retest.
Polyplex - Breakout and retestStock has retraced to the breakout level. Can give a good entry with very less risk and high reward.
Orient Cement - Breakout above channelStock was moving in a channel for quite a some time. Today has given a breakout out of the channel.
Valiant Organics - Making HH HL FormationStock was in downtrend. Today the stock after making higher low, has broken previous swing level. Thus the chart has formed HH HL setup as per Dow Theory. The stock can retest and make another Higher Low providing opportunity to add further.
Grindwell Norton - Breakout and retest setupGrindwell Norton had given a breakout. Today it has retested the breakout level. Low risk high reward entry
TVS Motor - Positional Trade IdeaTVS Motor was in a downmove for quite a some time. Now the stock has given a breakout above downward sloping trendline and today has also formed HH HL structure. Can be a low risk and high reward setup playing out.
LUPIN can go downLUPIN is consolidating in a narrow range and a big move is coming.
Short on the breaking down of the wedge for targets of 3-5%.
Stop Loss should be placed anywhere above the lower trend line of the wedge.
There are chances of breakdown and re-test hence keep patience for smooth down move.
Any weakness in Index will be cherry on the cake.
Charting is quite simple. Do take care of moving averages and indicators to book profits.
NOTE:- These are my personal views and you should do your own analysis for trading/investing.
HDFCBANK looking weak (for swing trade)On break of the rising wedge, the stock can give smooth down move.
There are confluence of factors favoring the downside.
1. Upper trend-line of the channel
2. Bearish Engulfing on Day chart
3. At the lower support of wedge trend line.
I am looking at downside of 3%-5% from here on. 1300 is strong support.
SL: 1435 on Dec Futures contract.
SL can be moved just above the lower trend line of the wedge if you short after breaking down.
