Get started

Chart Patterns

Pure Price Action Trading - Nifty/Banknifty Hello Traders! Here we gonna learn how one can trade Nifty/Banknifty using pure price action and get better results Assuming that one knows what is Support and Resistance & know about candlesticks So traders, all you need is to draw the support/resistance levels on your chart, here I've draw S/R levels in Banknifty and timeframe I'm using is 15 mins for Intraday trading. After plotting the Support/Resistance levels once the market opens we'll observe the market trend and we'll trade as per the trend. So here we can see on 15 mins time frame that #Banknifty was making Higher high and Higher low so as per that we can say it's a short term uptrend and on the current day the market opens below the previous swing high and candle formation open = high indicates selling pressure So here after the 15 min 1st candle closes on the small time frame of 5 min we can see a candle rejection from S/R zone here we can take entry, it's #Banknifty so as an option buyer we'll short market by buying a PUT of near Out of the Money After we'll set out stop loss before the entry candle in 5 min time frame and lot size is according to risk management then here comes a flip zone, a S/R zone which act as flip zone that market can reverse or continue, at here we'll trail our SL to cost, and on the chart one can see the candle gave a small pullback from flip zone S/R level but pullback was weak and market continued to fell from broken support zone Later we can see how prices reacting from support/resistance levels and finally it reversed from support zone Price action is beauty, one can draw support/resistance levels and take action as per the price movement, candlesticks and trend play an import role
NSE:BANKNIFTYEducation
by realashishdave
2
📚Learn More💰Earn More - Inverted Head and Shoulders in GBPJPY📚 LEARN MORE 💰 EARN MORE Inverted Head and Shoulders Definition: A head and shoulders pattern is also a trend reversal formation. It is formed by a Valley (left shoulder), followed by a Lower Valley (head), and then another Higher Valley (right shoulder). A “Neckline” is drawn by connecting the highest points of the two Peaks. Neckline resistance does not need to be strictly horizontal. This illustrates that the downward trend is coming to an end. When a Head and Shoulders formation is seen in a downtrend, it signifies a major reversal. The pattern is confirmed once the price breaches the neckline resistance. In this example, we can easily see the head and shoulders pattern. How to Trade the Head and Shoulders Pattern: ENTRY: we put an entry order above the neckline. TARGET: We can also calculate a target by measuring the lowest point of the head to the neckline. This distance is approximately how far the price will move after it breaks the neckline. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex trader? Now, It's your turn! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Education
by ForecastCity_ME
5
An Intraday trading system with a High winning rate using VWAP Dear reader, this is a full-fledged trading system. If you follow all the mentioned steps correctly, you will definitely have a great winning ratio. You can back-test this system on any instrument, stock, commodity, forex, etc. This system should only be used to take “Long” trades using the 5 min time frame on a stock that has sufficient liquidity. Steps to follow: 1. Look for Bullish divergence – The first and foremost thing that you need to do is to look for the Bullish divergence. The bullish divergence must be either strong, medium, or hidden bullish divergence. Ignore the weak bullish divergence. If you don’t know about bullish divergence, you should read my thread on it. Here’s the link: 2. Look for early signs of reversal, after the divergence has occurred – As soon as you spot divergence, look for different signs of reversal. These can include either some reversal, neutral candlestick patterns or a sharp curve in RSI along with the formation of some bullish candlestick. 3. Look for candlestick patterns – You should look for the candlesticks such as a hammer, bullish engulfing, inverted hammer, a railway track pattern, morning star pattern. 4. When to enter the trade? –You should wait for the price to close above the VWAP and there must be some sort of increase in volume which confirms the buying interest. When the price closes above the VWAP with a good volume, enter the trade. Until both of these conditions are met, do not enter the trade. 5. How to set stop loss? – The stop loss can be either the swing low or the low of the reversal candle. Also, you can either use a fixed stop loss or trail your stop loss to the succeeding swing lows. 6. How to choose the target? – The minimum target should be the previous swing high or the previous supply zone. You can keep trailing your position if the stock keeps giving multiple breakouts. This system is highly effective and you can modify it according to your needs. You can read and revise this post until you master the concepts. I hope you find this post useful. Also, if anyone is interested in getting a PDF version of this thread, then you can message me, I'll provide it. Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk. Happy learning. Cheers! @johntradingwick -NSE (NCFM) Certified Technical Analyst
NSE:SAILEducation
by johntradingwick
106