The similarity between harmonic and basic chart patterns is that, for each of them, the shape and structure are key factors to recognizing and validating a specific pattern. The next price movement can thus be projected with the goal of turning these patterns into profits. However, a key difference is that harmonic patterns are defined more precisely. They are 5-point reversal structures, containing combinations of well defined consecutive Fibonacci retracements and Fibonacci extensions, leaving less room for flexible interpretation.
Harmonic patterns continuously repeat themselves, especially in consolidating markets. There are basically 2 types of patterns: 5-point retracement structures like the Gartley and the Bat and 5-point extension patterns like the Butterfly and the Crab. Trading harmonic patterns requires patience because, due to the specificity of the ratios, patterns that appear harmonic may not be if they don't align with the proper measurements.
We have potential Bearish Gartley pattern in Banknifty.
Create short positions on confirmation of the reversal. Potential reversal area 26850 to 26980.
Stop loss slightly above 27000.
Targets - 26500, 26300 perhaps more than that.
I am posting Germany's DAX index chart for the reference where Bearish Bat pattern is executing perfectly.
Notes on the chart.
I like the price inside the channel so the trade will be invalidated below the channel. However, look for an entry as per plan on the chart.
Trade safe, stay healthy :)
Regards
Bullish Shark Pattern is in the making. However, one should only take trade after completion of pattern and not predict beforehand. Risky Traders can initiate short position at levels of 2640-2650 with SL above 2680 for Targets 2300/2050/1900. Too big target but as said should not predict the pattern beforehand, only for risky traders. Upside Target is 2900 with ...
Canfinhome recently made double bottom pattern and can reach W pattern Target of 440. However, it needs to break the middle neckline. Risk Reward ratio looks promising for going long.
Last Price@26400 - 20th June 2018
(Note - It is just a coincidence & piece of analysis)
As suggested in the post of Tata Motors - Importance of Reverse Gear at 14:30 Hrs -19th June 2018 - BJP leaves PDP - What a timing to get Gartley alliance.
Bank Nifty at 26225 -19th June 2018
https://www.tradingview.com/x/2iCa6bHp/
Tata Motors Last ...
Reverse gears are equally important as normal gears like 1-2-3-4 & 5. If you don't have space upside or room in front in that case we know how reverse gears become boon for drivers.
Last Update Review - Bearish Shark@320-325 - Let us enjoy motor's ...
Hi,
A potential bearish Gartley pattern completed on nifty with RSI divergence.
Price action may give us a nice opportunity for an extended target which will be the completion bigger BAT pattern in the picture.
Target 1 - 10713
Target 2 -10601
Target 3 - 10421
Target 4 (extended, completion of bat pattern) - 10065
Trade with care,
Gulz.
I knocked your door several times@259 - If you missed me - you missed me! - Let me become history because I was mystery
28th May 2018 Update - I knocked your door@259 - you miss me I shall come back ...
This is not a call - just a feel for markets
Nifty weakness was one of the reason why I was not willing to buy SBIN above 285 & waiting at sidelines & having patience is also a good strategy to plan your next move. Also, Become Detective & Search for clues as suggested in Tata Motors Update - If Nifty Index Slippery -cannot hold above 10850 - Plan 4 active as per ...
Auropharma is near monthly trendline and also near to end of ABCD pattern . One can go long on it in the range of 516-525 with SL below 500 for Targets as shown in chart.
As IT Index losing steam, this can be perfect candidate for shorting at top. Entry can be taken around 1321-31 with SL above 1345 and Targets can be 1200-1250 for short term positional traders.
11:30 Hrs -18th June 2018
Last Price@323.50
This update is dedicated to hope- We Indians call this as "asha". If we can work on emotions like hope, fear & greed - we can turn into a better trader.
Fortunately, last week I was reached by a colleague - Mr. Ashu & he asked what should be done in HPCL as it has been falling. I replied back in comment section of ...
