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Double Bottom

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