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.
UPL completes flag target as shown in chart and also formed good hammer. Might give reversal from here, however, looking into market scenario for mid and small cap stocks, SL should be kept tight below 535 level for Positional view, it might reach 600 in few days.
Bulls are still strong in Nifty till the time 10930 level is intact. The trend is clearly up, every time people think now selling is coming, nifty respecting well to fibo levels. As per our earlier analysis, Reversal zone for Nifty was 10870, from there it fell down till 10557 and then comfortably broke the reversal zone and the trendline. In our earlier analysis ...
BankNifty seen good fall last trading which was majorly a news based fall. It can still go and test the levels of 27500/600 till the time doesnt close below 26804. Tomorrow expiry may see good move on upside.
10:00 Hrs - 17th July 2018
Last Price@574-575
Post Market Read - Check Trading Strategy in Market Time
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It was 08:30 IST -15th July 2018 - Everyone was excited for Fifa World Cup 2018 Final Match between France & Croatia- ...
EURUSD has been trading in a sideways market for the past 2 months since it got supported at 1.15.
Straight to the point, a Gartley pattern is about to complete its point D near the bottom of the sideways market.
And coincidently just before this current Gartley is forming, another Gartley has completed.
Well, I don't really know what that means, but seems like ...
The 4 hour chart of dollar index has formed a bullish trend line.
Based on the price action,we expect the broken trend line to act as strong resistance.
Also the point 95.53 is acting as a strong resistance. Hence we expect the price action to be bearish and find support at trend line.
#BATAINDIA looking weak for next 3-9 days stock can move 20-30 points downside but there is support at levels 800 and 780 that indicate strong bounce back from those levels and stock can hit 900++ in next 1-2 months.
#askaquestion @in_tradingview
guys NIFTY form AB=CD pattern keep watch and stay tuned for further updates...
All level mentioned in charts
Disclaimer:
The information contained in this presentation is solely for educational purposes. Does do not constitute investment advice. I may or I may not take the trade.
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