PitchFork Pattern in Bharti AirtelBharti Airtel :
Pitchfork pattern found:
Bullish view by this pattern.
Upside Targets: 480, 500, 520,540+
Key risk sl : 440 close base.
Simple see picture of chart .... Lines are levels
Pitchforks
Andrew's Pitchfork Suggesting Downside BreakoutThe median line on andrew's pitchfork has a high chance of being hit once a fork is formed and moves significantly toward the median.
The last time it swept the range of the triangle and made a pitchfork it hit the median line at the same time it hit the bottom of the triangle.
With the most recent triangle range sweep the median line is below the bottom of the triangle so it will have to break the downside support line to get to it.
So I am still trading with a bearish bias on alts and waiting for a large pullback on BTC before looking for longs.
How To Use Andrew's Pitchfork To Find Head And ShouldersHere's something I've been using recently with andrew's pitchfork. If you use a 2x extension on the width rather than the pitchfork itself, then it often defines a trend line which helps to identify a head and shoulders pullback.
Ideally the head will go deep into the extension and then the right shoulder tags it after a retrace. The idea is the trade is entered very close to finding the right shoulder, such as using momentum confirmation.
On this chart the right shoulder is found using the RSI curling back upward. Additionally the candlestick signal on the volume indicator finds a bullish green trend bar.
It also is confirmed by the parabolic SAR reversal.
The pitchfork is constructed by finding a sharp movement in the opposite direction of the trend. To find the center point of the pitchfork you using andrew's rules you typically pick a major swing reversal.
I often will instead use linear regression to find a slope that fits the overall trend and make the center line parallel to that rather than having the slope be very dependent on a single trade on the chart. However in this case using the swing low worked for the setup.
This example is a tweak of the chart from "Tata Power: Nice Short-term Opportunity" by techtrail.
SMALL Stop Loss Trade based on PFUp sloping Pitchfork is capturing the frequency nicely and thus offering a good trade with small stop Loss. One can trade it in the following manner
Entry 732
SL 724 (closing below on hourly basis)
Target 760
Risk/Reward Ratio 3.50
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
SHORT with good Risk to Reeard Ratio of above 4 !The chart is showing frequency at the down sloping PF. The prices broke the UML and came back again start trading below it. It may have shaken the weak traders today and may fall till ML. It offers a good opportunity to trade it with small SL with risk and reward ratio of above 4.
Entry current Price 250
SL 254 closing
Target 232
Risk/Reward Ratio 4.3
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
triple bottom as well as descending triangle lets hope for a decent move for intraday
refer chart for details
Nifty Long for a tgt 12,000Index on friday, tested twice, its Fibonnacci 38.2% (11,740) of the 1st impulse wave, also the lower quartile of Mod. S pitchfork intersects the said Fibb level at 11,740 on monday. which can act as a strong support point. better than expected Q4 results of Index Heavyweight HDFC, could further act as a catalyst for the uptrend. Impact of RIL's result (lower than expected petchem & refinery results) will be one to be watched carefullly. overall nifty seems to be ready for a next impulse wave.
If index breaches 11,740, next support would be at 11,700.
Just Dial Down Trend | Trade NiveshJust Dial has denied news reports, and has said there has not been a data breach of 100 million users on its platform. It added, there was a vulnerability on its older version of the app which has now been fixed. The stock is down over 3 percent.
but according to my chart analysis just dial become very bullish share
Nifty - PitchFork.PitchFork Analysis.
Resistance of Maiden Line.
After Break Down of Maiden Line It Acting As Resistance.
RSI OverBought/Resistance.
Will Review Later For Further Move.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
Hourly good Risk to Reward setupPrice actions are captured by an up sloping PF with multiple touches on LML so one can try a trade on this setup. It is a strong demand Zone also and now coming out of RSI oversold confirming a good possibility of reaching the target.
Entry current Price
SL 340
Target 352.50
Risk/Reward Ratio above 3
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Double Bottom : Good Risk to Reward TradeAshok Leyland has formed double bottom and showing signs of reversal. It has a reasonable PF catching the price frequencies and is available on the LML offering a good entry. It has formed a double bottom with divergence on MACD which is quite reliable setup. Heiken Ashi has turned to Green also. One can buy the stock with the following details
Entry current Price 79,50
SL 77.4
Target 86.25
Risk/Reward Ratio above 3.21
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Possible Trend Reversal Trade!Nifty Daily chart is telling price range 10950 - 10650 since last 2 months. It has touched the lowest boundary but closed above the 78.6 Fib level. It seems that buyers have emerged from that level and found it cheap. Price have bounced from the ML of the PF( I would not give much weight-age to it as it has not shown much harmony with it). Hourly chart Heiken Ashi candles has changed the colour and there are 3 consecutive Green bar confirming the reversal. It seems a reasonable Trend reversal trade at this level however those follows the trend may wait for the confirmation.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
