I did apply the same strategy on 1H chart. Those who followed would have made nice profit.
If this strategy works on the 4H chart, the profits could be even better.
Manage your trades well.
Notes on the chart.
Raymond chart was bullish for last few days & closed a bit above the previous high's of 810's. There are many aspects one can interpret this chart above :
i) The ranging candle can be considered as Flag or Triangle depending on how you draw your lines & Not to worry, both are fine.
ii) If you don't trade simple patterns, then you can consider this as simple...
What I see in this 15min. chart is a Triangle; a bullish Channel; and A Range. There could be 2 possible scenarios:
Scenario 1 >> The bulls are strong in the opening and market opens with gap up or trades above 9930. In this case simply observing the market behavior on pullback/retest of the 9922-9930 area might give an opportunity for a confirmed...
Vedanta on formation of Range and waiting for breakout. Price and Indicators are indicating Neutral trend so need to wait for confirmation on which side will break.
Buy above - 263.50
Target 1 - 268
Target 2 - 275
Stop loss - 257
Short below - 257
Target 1 - 250
Target 2 - 253
Stop loss - 263.550
We can say that the stock has been trading in a range (between 920 to 970) since June. A bearish channel can also be seen to have been broken for a bullish break yesterday.
But the 970 level has been acting as a tough resistance for the stock . This time too the stock tested it and retraced. Only the future price action will show whether the reaction would be as...
i) There is inner range breakout 15mins available, if it breaks to downside, huge potential trade & instead if it breaks up it can turn out to be false breakout, as this will be early break on 1hr range.
ii) Either you can wait for the 1hr range to complete as per the lines, may take 2-3days also & Enter the hourly breakout
iii) If aggressive, entering...
Nope... Before you go there, that I repeated yesterday;s chart, it's not. This is new pattern emerged by yesterday session & in bigger way. On Right entry point, the targets would be around 9630's in Nifty. As we are forming a kind of triangle pattern ( though some might not want to call it so ), we are nearing the consolidation completion. At the same time we...
Though I do Intraday Nifty, I'm not going to take any positions for 2 days even if it's scalping 20-30 points. Nifty will be ranging & wicks striking out (possibility) there may be couple of losing trades can happen in scalping. So why bother so much for scalping...I feel it will neither cross 9690's or 9650's, so better Declare Leave & watch the show, thats what...
There can be may reasons given out for the fall yesterday, Guys, we expected 100 points relief to downside on wednesday & whatever form it comes, thats fine. But what's important is the candle formation on week, kind of indecisive one between , potential shooting star, that's fine bcos candle formations doesn't confirm reversals 100%. May be we will be running...
Feels like Nifty will be ranging between 9360's and 9280's but on the channel break, scalpers can have few more points on the downside till 9280's.
Get Bullish only after reversal. Happy Trading week !
Nifty shows an expanding triangle pattern.
Trend traders be away from this market, wait for price to breakout of this range to go long.
This market is a gold mine for aggressive range traders. Do not use trend indicators to analyse this market. Use oscillators to analyse this market.
Good Luck Range traders...
It is been observed on daily chart that the price action breaks above the downward trendline indicating Buyers empowering over Sellers and now it shall further move up. Price action is still consolidating in a range of 430-460 levels.
Target 1: 450
Target 2: 460