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Double Bottom

Nifty confirms double bottom - but is it enough ?confirmed Double bottom formation as it broke above 8274 levels on Intraday basis. . It is currently facing resistance at 8290 levels which is the downward trendline resistance. A close above 8300 would be a positive sign for the Index Also note , MACD histogram and RSI indicators are showing postive divergence which is a Bullish sign. Any break above 8300 would attract high volume buying in the future index . Analysis is done on NSE spot index. Target price would be 8500 in the futures market
NSE:NIFTYLong
by wildwildmoney
Nayak nahi khalnayak Nifty !Its not Me guys, Nifty is that and Nifty will do that, No, not Myself ! So yesterday when we completed the day we concluded with double bottom & Gap up which just happened now and as of now I can't assure whether that double bottom will fail & Nifty will move lower ( insync with breakout yesterday triangle) or turn up and make triangle break as false one. Anyway we are looking at broader picture now and have few scenario's to share with as I don't want to miss any points I have numbered it for you as 123 in chart ( Its not elliots, just numbering ) (1) The Triangle breakout, its still valid breakout, it will turn as false only if the bullish move happens till then its valid break to downside. If triangle works to down on hourly we will get Double Bottom check the above chart. If you are lucky enough you can trail stops in Nifty and head straight to 7900's breaking 8k's , only if we are lucky. (2) The above double bottom is forming at 8k's zone, we have been expecting this 8k's to 8070's for quite sometime and 8k being psychological number too. (a) Now if there is lot of bull power waiting here just to initiate the bull run, so I'm not expecting straight move down to 7900's. Nifty will touch 8k's zone and jump back to 8400's for expiry. (b) Now bears might have turned lazy & will be slow to break 8k, unless some trigger is there. Only if there is trigger straight 7900's possible. (3) The 8400's , its first serious resistance for Bull's and Bears are protecting 8500;s, showing no mercy at bulls. When we reach that zone Bears will strike back ( I expect ) and take it to 7900's, which will make double bottom on hourly as failure one. So till 8400's its fake bull run - Just Fake it ! Why I'm so curious about 7900's ? I have a reason, will explain as separate post over the weekend. We may range today if 8k support is going to hold. As of today, if you are intra Go with yesterday triangle's post on Nifty or if you are positional wait n watch price action around 8k's n decide whether double bottom works or fails.
NSE:NIFTYShort
by InsiderB
16
Nifty : Not a One-Day,Its Test Match Now ! Yes ! Nifty gonna be a test match which is going to test your patience in coming days. Markets opened already, but I'm not altering the analysis which I did for the day, posting it out as it is I did in the morning,No Changes. Hey Guys, Note - this is not single day post, Refer this for coming days probably next 3-5 days. It will be valid for 3-5 days.Wednesday(Nov 9) being vital here. We are looking at 3 vital zones for Nifty (i)8470's zone (ii) 8550's zone (iii) The zone in-between. Now lets explore each zone & what it says about our Nifty ! (i) 8470's zone : Nifty will test n tease us many times near this zone today. With every retest bounce back few points up, may even complete our first half of Double bottom to reach 8500's-8520's. Incase of Nifty breaking this zone with swift move today or Monday (include Tuesday too), it opens up few other interesting scenes with US news events. If it happens today Superb ! I will explain the scenes later after 8470 is taken away bcos its like pandora box, lets not open now. (ii) 8550's zone : The next important zone which is above Nifty & act as immediate resistance for upside potential in short-term.There can be other patterns forming to reach this 8550's if we some action in next 2-3 trading days. Here also News acts as big trigger depending on euphoria surrounding the markets 8600 Gap will be filled. Why ?? Bcos we know our Gap theory, atleast for past 6 months I explained it quite often. (iii) In-Between zone (8470's - 8550's) : One word - Range ! So scalp as much as you can if you want to else take a day off enjoy your life,watch a movie, Go around the city. This zone is direction-less & clue-less region like our human lives trapped on surface of earth which is between Sky & under-ground. We roam around directionless searching something, same-way Nifty will be running around in this zone (8470's-8550's) without any proper direction. We have ABCD pattern completion also, probably will act as gap filler of 8600's - I don't know ! But what I know for sure is we have analyzed pretty much everything for Next 2-3 days and what Nifty will do based on various scenario's. Depending on those check back with your own analysis & Decide to trade or scalp. Few get confused in curiosity of Learning, that they combine every strategy with everything available - don't do so ! Keep things separate & clear, it will help you to get better understanding, Don't combine every strategy available. We know Sell the News, Buy the Fact statement. We have witnessed it in one of my earlier posts few months back but I forgot the post name. But I prefer to make My stand clear - " News is Noise, charts will show us whats coming Next except rarest scenario's" Nifty Test Match is ready to Test Our Patience !
NSE:NIFTY
by InsiderB
23
Ashok Leyland : Short-term, Keep an Eye !Hi Guys, About 2 months ago there was a post about Ashokley , that bullish bat is forming and bat completed after 2 months of wait n in the zone, I have attached that idea below. Currently, (i) Ashok Leyland is bottoming out in previous support zone (ii) Support zone quite strong with no. of retests (iii) After Bullish confirmation , initiate Longs (iv) The Double Bottom may or may not work depending on general sentiment on Nifty (v) Stops below 77 will be good idea,so check your risk n reward Depending on your Risk Reward choose Target or you can carry it as long term after checking Fundamentals I didn't check fundamentals of Ashok Leyland !
NSE:ASHOKLEYLong
by InsiderB
3
BankNifty : Insync with Waves & Double BottomThis is delayed post, went to place few orders, Sorry Guys ! Could have abandoned this post but as it got insync with My prev.post of BankNifty, I wanted to share that all methods work well in markets if used properly. In last BankNifty post 10days before we have seen elliott waves and wave 5 pointing upwards. I initiated long from that time with stops below support zone. Now with Fed event off the list we are looking at great move upside. Just one point, whether its Trendlines,Elliott's,Double Bottom or Moving average , Everything works in trading. There is no best strategy, its how you use it, 1000 ways to make money in markets ! If you get chance on intraday enter long, I dont have much to say !
NSE:BANKNIFTYLong
by InsiderB
5
Nifty : False Breakouts n another Ranging Day ?!I think I should post My analysis by 8.45 am or earlier, Daily when I'm writing up description pre-market happens and then I need to include premarket scenario's too. Need to work on My Morning Schedule ! By yesterday evening, in the last post, I have updated about Double bottom and as result of it we had this Gap Up opening in Nifty. Don't worry Guys, this is not that signal for Long, Nifty is just teasing us it may play around top trendline of triangle n will get back to range, In my opinion {may be wrong}, (i) Nifty won't breakout of triangle and will range (ii) Later session or end of day, Nifty will give breakout confirmation & depending on Fed outcome, it can be whipsaw or valid breakout. If the breakout direction and Fed outcome also aligns with Nifty, then good gap up will be there 2mrw. But No hurry's to trade, Nifty will be always here. This is hourly chart, so for Intraday we have good resistance around 8800-8810's. So on bearish confirmation with 15 or 5min chart initiating short positions in Nifty for 20 points down move till the base line of triangle will be good idea. If possible late by day, I will update intraday chart for Nifty below in comments. Look at Nifty, there is no directional movement even after 15mins, lets see whether we get any action as time goes. Even if this double bottom works n moves up, dont worry, we can enter after bullish breakout in triangle {safe way to trade}. With the breakout confirmation, carry manageable risk only on short positions { very limited risk, dont take huge risk with expectations on Fed outcome}. Fed outcome is always about interpretation of wordings,Even if there is no rate hike 2mrw, Fed will say "considering rate hike soon" , 4 words are enough for market to go on euphoria. Thats why again suggesting not to carry much risk tonight. Markets will be always here, we can trade. BottomLine : Ranging day, with breakout signal by end of day, which can be false or valid depending on Fed outcome. Nifty will be always here, we can trade, so control the urge to trade during risky days. Note : (i) Trying My Best to reply all pings, so don't assume that I'm not replying for you. (ii) New traders who are eager to learn about technical analysis, expect something real simple from Myside. For them, planning to post few moving average setups { For learning purposes only, obviously Moving averages work, so don;t worry guys} Happy Trading !
NSE:NIFTY
by InsiderB
24
YesBank : Shorterm Entry analysisAs markets aren't any good, we can't go in with exact directional trades except few scrips. YesBank had completely racy move and never looked back, so the market price action hasn't provided any proper support resistance zone. But still you can trade as mentioned above but quite risky. The Double Bottom mentioned above I wont prefer bcos support is very near in YesBank, so if it comes into support zone and reverses then it will be ideal to Buy YesBank !
NSE:YESBANK
by InsiderB
3
Sunday Special : TechM analysis & Waves !The concept lying behind this post is how to trade with Elliot waves and use it to our advantage, with simple known techniques. Many will have doubts on how Elliot Wave count is done.It's as simple as 1-2-3, I will explain step by step. This is gonna be Learn n Practice post, so with each step mentioned, you draw & analyze along with Me, So that you can learn more efficiently. Why I do this ? I'm completely loaded with pings on how to be successful & Nifty trade ideas boosted it up & All are very eager to learn, I really appreciate their effort to learn instead of losing money by taking Risk. So here it goes... I'm gonna share everything from Now on, to help every individual who aspires to taste success in trading... Very Important Step : Keep your charts clean. Remove all indicators, just keep candles only. We rarely use any indicators ( that's My Style ! ). Only Candles are Enough ! Step 1 : Open TechM & choose 1h charts... Just to make sure,Wiped your charts clean ? No, Indicators right ? Lets Proceed... Step 2 : Take a look at your left pane, there are awesome tools from tradingview & Click on 6th icon & choose Elliot Impulse Wave (12345). Step 3 : Identify any Swing High or Swing Low, Here our starting point is 512's(approx) @ 26-Jul-15 {Make a click with Elliott wave tool}. Why this point, not some other point you may ask, For Learner's easiness & to avoid confusion I keep it simple, so lets proceed. Step 4 : With Elliot tool in hand, all we need to do is identify & click on Swing Highs & lows alternatively. So, next swing low 476 {Wave 1}. Great ! You have drawn Wave 1 Successfully. Kudos to You :) Step 5 : Next swing high 509{Wave 2}, next swing low 448 , next swing High 483 {Wave 4}, Final swing low 449 {Wave 5}. Step 6 : Now check rules of Simple Elliot waves. Below rules are not perfect elliott rules, these are what I use. The 5 primary rules I use are below : 6a) Wave 2 Should not retrace fully over Wave 1 6b) Wave 3 will be Longest {minimum over 161.8% Fib extension of Wave 1} 6c) Wave 4 should not retrace more than 50% of Wave 1 {Not Elliots, just My Style of Filter} 6d) Wave 2 or Wave 4 should not be longer than Wave 3 6e) Wave 5 should be almost equal to Wave 1 Step 7 : Check rules mentioned above & if everything matches... Awesome Guys... You have drawn Elliot waves successfully. Kudos & Appreciate yourself :) Now analysis part, We have previous support in 448 zone right ? So possible Double bottom in same zone ? Yeah, it can happen. So ideal to get long on TechM with Elliot completion & Double Bottom if there is Bullish confirmation. Absolutely, sounds like we got Plan. Thats it..it's so simple ! I have marked rectangular pattern around wave 2 & its breakout and aggressive setup on Wave 3 end to catch wave 4, if I go on explaining past... I can do all day...But Past points & successful trades are worthless I feel. So straight to what's happening now... I don;t trade sharks alltime, so I drew that just for identification purpose here. I cut short this analysis part bcos There are lot of Sunday & Weekday Specials to come.. From simple candlesticks to Complex Elliot's,analysis... Everything with complete details from Patterns to Strategies, to make your trading career & life Successful :) On Fun Note : I hope other author's won't be in hurry to get ahead of Me in sharing Strategy's & Patterns setups. Even if they do what you get here will be Unique, I assure :) I don't want you guys to lose money, like I did some years before around 2009's. Thats why I share these to help you guys & to protect your hard earned money. Open charts, draw Elliots step by step on every chart , today is Sunday, Practice Hard. Don't say excuses - as you got movie to catch, got to sleep in afternoon, Losing Money will give you sleepless nights which is worse. So its good to learn n practice before trading. {if there are typo's/errs bear with Me}
NSE:TECHMLong
by InsiderB
13