There are times when one should tweak their trade expectations and look for trades that will last for a shorter duration. Tata Power has been in an uptrend for a while and after a nice correction, price has formed a strong green WRB yesterday. If the uptrend resumes, the next resistance / target would be the medianline of the magenta fork, followed by the upper...
Couple of pitchforks are displayed in the chart. Both of them seem in sync with price, the magenta one being more appropriate. Am looking to buy this one for short term spike to recent highs. AS always do your homework, assess the risk and position-size accordingly.
Dr Andrew's Pitchfork trading method suggest to go long at the current level. PitchFork is capturing the price movement well so entry at Lower Median Line can generate a good profit as we can expect the price to reach the Median Line around 2290. Today's bar is significant as it tried to retest the Lower MLine and bounced back from there, confirming the strength.
Price has gotten above the 50-DMA and also took support at this average couple of days ago. Trend looks bullish and I am watching this stock for a long entry.
Andrews Action/Reaction method has suggested a short and it made Big Red candle showing the selling pressure at that level. It has also broken the short term trend line telling the weakness at least in short term. Prices are retesting the Supply Zone and trend line from below, so one can put the stock into their radar and short the stock on seeing the weakness.
Andrews Pitchfork's is capturing very well the price action so far and working as Resistance. It has closed out of it but formed a hanging man showing possible weakness, so one can short the stock if it starts trading below the upper Median Line around 143.50 for a target of 135 by providing stop loss of 147.60.
Andrew's Pitchfork seems to capturing the price movement well so we can frame a short trade on its basis now. One can short the stock now or wherever the Stop Loss of 525 is affordable to them. We can expect the target of 465 easily. It may also touch the Demand Zone *Price Range 418 - 435* so the trade may be continued with trailing stop loss.
MRF stock after a strong vertical bull run paused and it looks like ready to resume the journey again. One can go long now or on dips wherever one is comfortable with the stop loss of 49600 for target of price range 55650 - 57500. It offers good risk to reward ratio.
The stock seems to have good frequencies around the Pitchfork so one can put the stock into their watch list. Recent election result rose the expectations of an euphoric rally which gives an opportunity to short the stock at higher level around upper Median Line. It is coming out of RSI overbought Zone and current reading below 50 also confirms a potential short
One can short the stock at this level for a target of 456 Stop Loss 477. Good Risk to Reward ratio of above 3. Good Luck
Looking this weekly chart, I have a strong suspicion that this could be a prolonged phase of distribution or ranging price action between the Magenta horizontal lines. Price has been rejected from the upper parallel of the down-sloping fork. As per Andrews rules, there is a strong case now for a test of the medianline or the middle line of that green...
The stock is forming a good setup as taught by ALAN H. ANDREWS : Multi pivot line passing thru gap. One can buy the stock at current level or when it trades above 95.50. Stop Loss 87 target 115 which in this kind of setup mostly reaches fast.
I have choose last fall High-low as important point and first gap down of this correction as my guiding direction point, If I have choose right point then next move be toward median line to get , which is down, max three to four candles can be now wait , else this possibility should be negated , Disclaimer : This is for learning purpose , anyone has view please...
This is an interesting chart that I am tracking. Price has bounced off the lower parallel of the blue fork. Price is also on the verge of breaking out above the 200-DMA. A crossover above the 200-DMA will make me interested in this stock.
Nifty has reached at interesting level as per Action/Reaction method taught by Andrews. A price reaction is expected at this level. Although the market seems to be in strong bull grip but I would be very cautious in taking fresh long trade now and start looking for shorting opportunities. RSI is also in extreme overbought zone confirming the view. Friend can watch...
Price has bounced off the lower parallel of the Magenta-Modified Schiff pitchfork. More recently, the bounce off the 50-dma is a positive development. A breakout past the 200-DMA would be a major sign of strength and we can then make a strong case for a test of the medianline or the middle line of the Magenta pitchfork.
Nifty has registered higher-highs and higher-lows pattern, prompting me to draw this magenta upsloping pitchfork. What price does on a revisit to the lower parallel of this fork will reveal a lot about the validity of this pitchfork. A bullish key reversal bar or hammer candlestick pattern at the lower parallel would increase the reliability and relevance of this...