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MGL Inside Bar BreakoutMGL has formed a large body candle the previous day followed by a small range DOJI candle on daily timeframe. The price is moving along a rising trend line & price is currently at the trend line. The next candle may give a fine move on any side, either respecting the trend line and breaking above or breaking it below. Long above 1014 Short below 991 Fixed target: 1% (or the nearest S/R) NOTE: Trade with confirmation of momentum & volume on lower timeframes in intraday.
NSE:MGL
by tradepurge
Market structure - Nifty - 31st Mar 2020 - wyckoffOm Namah Shivay Brothers, Today's morning opening was the observation, after the market had done the structure yesterday closing time. The simple support resistance is able to tell, where market will go after hitting the trend line. Whether it will go up to test the trend line or not ? For that I need to follow the market structure continuously. I am completely on the learning and initial life of trading. So to say - I am starting to learn, after mistakes. Question : 'Om' ( I the soul) is me, then what is the body, is it not me ? Answer: I the soul is controlling the body from inside, the control parts in Hindi are called 'Indriya'/Sense organs. I am controlling ? How ? How do I seat in the body ? I the soul, stay at the center of the 2 eyes, on a place, called 'Takhat'/Chair/seating place. Where I seat, there definitely I need the control panels to control the sense organs of the body. etc. Hey! this is science fiction. Yes, A science to know - called Gyan/Knowledge. Knowledge of what ? self. Who does it ? A Yogi's first step. Then who is a Yogi. Om Namah Shivay
NSE:NIFTYEducation
by sudhannayak
Structure of the market - with - support/resistance lines - 2Om Namah Shivay Learning the Structure of the market with support and resistance lines. 1. Continuously Draw trend lines to know the market structure. 2. Trend lines can be channels … 3. By continuously accessing the simple trend lines, market structure can be accessed How does the soul ( 'I') look like ? Ans : The soul is a point of light smaller than a dot. That is me the 'I' where the thoughts come from, the judgement power stays, the memory stays in. Om Namah Shivay
UEducation
by sudhannayak
USDJPY at critical structure, bearish move expectedOn Sunday, during our weekly analysis we anticipated a high probability of a short term bullish move up to the structure at 107.30-107.50 where we have monthly Support S1 located. This structure was very strong in the past so now after testing this area, this time from below we may expect a move down to at least 106.00 area. At the 4 hours chart, at the moment of analysis we can notice some exhaustion candles formed which makes us believe that bulls are now losing steam and now should be the time when the bears are expected to kick in and bring the price lower.
Short
by drilonn001
RPower: support zone & breakout retest confirmation {Bullish}RPower CMP 48.50 Last time, we were able to capture the stock movement right from 36.80 levels to 62 levels where we highlighted the zone of 58-62 being important The stock has come down exactly from same levels... At current levels the charts suggest the stock is back at important support levels & zone of 45-48 may act as strong support ... Buying at current levels & on dips towards 45 can be considered Target 82 / 108 levels Take care & safe trading..!!!
NSE:RPOWERLong
by indiamarketoutlook
GANN, ELLIOT and THE TOPPING PATTERNSI always love to trade such a chart but on 5 min. time frame :) Not possible ?? Yes, its possible.. but we will discuss on this topic later in some other post. CORRECTIONS and the ELLIOT COUNT: In this chart I can see three major correction. Each one having a different topping pattern. The first correction has a Rising Wedge; the second has Triple Top and the third one has Gramophone pattern at the top. The first correction eroded more than 61.8% of the last bull market. I consider this as the major correction. There was a nice base building near 2253 level, I call this as Base 1 or the end of Major corrective Wave 2. So Base 1 is now the Zero point of the Major Wave 3 strating @ 2253. The Second and third corrections (I-II and III-IV) were nearly 38.2% and 50% resp. of their last bull moves. I call these as intermediate corrections inside the Major Wave 3. I call end of Wave II as Base 2 @ 4531 and end of Wave IV as Base III at 6826 According to this count we are currently in Wave V of Major Wave 3. GANN: the Projection Factory Gann saw the price moves in 1/8's. According to him these areas can act as important S/R levels. I am using this hypothesis but in opposite direction, that is to project the price from the base. For convenience and on the basis of the Nifty harmonics I am marking only two of these levels -- the Quad and the Octave. The Quad level projection from Base 1 comes at 6204. Market made a Triple Top Pattern near 6338 and entered in to an intermediate bear phase which corrected more than 38.2% of the move from Base 1. Notice that this Quad also coincided with the top of last bull market. The Quad projection from Base 2 comes at 8926. The Gramophone pattern shown in the chart ended at 9119 followed by an intermediate bear phase which corrected 50% of the move from Base 2. Currently we are near the Octave end of the Base 1 at 10155. Which theoretically suggests that because a full Octave completes near this level, it should be followed by a "major" correction. I would like to assert here that so far there are two beautiful evidence of strong market vibrations near Quads, I don't have any evidence of market vibrations at the octaves on this daily chart. So the market reaction near current Base 1 Octave will only add to my experience. Due to aforementioned reason, I am left to rely upon the Elliot market structure and the price action. Both of them suggest that the next intermediate correction, set aside the major correction, on this chart may not be a possibility in the near term. However a short term correction may follow up to 9000 to 9100. Future Projections Gann projections from 6826 (Base 3) should give target for Elliot Wave V. Now you must be curious about the level..aren't you? Ok, the Level is 16000..Surprised? me too. But this level may take some years to get achieved. In between we may have corrections, which will look like minor/short term corrections on this chart but may erode 50% of their respective last short term up moves. Personal Views: On a personal note, I am not happy with Base 3. In Base 1 and 2 we had more than 61.8% correction from the top of automatic rallies from the Base points, which I may easily label as retest attempts. In Base 3, it corrected only 50% and base formation was very quick. These factors project the Gann target too high for Wave V. > I think a short term top is in the making > Short term correction may take the index to 9100 to 9000 > I would still stick to my July 18 post NIFTY ANALYSIS for Wave V projections. > Readers can have their own differing opinions, which I always respect. Hit Like/ Comment if you find this post useful. Trade safe, be healthy. Regards Bravetotrade
NSE:NIFTY
by Bravetotrade
31
Nifty: Market Structure under LensClassic definition of a bull market is the market having a structure representing higher lows and higher highs . But when the market breaches a significant swing low, it also breaks the bull market structure. Why are Swing Lows important? While most of the long to medium term smart bulls enter at swing lows, many swing traders and medium to long term investors put their stops under these swing lows. The breach of a significant swing low not only takes the prices down sharply but also diminishes the bullish sentiment. The NiftyIndex has not breached any of the immediately preceding significant swing low made since December2016. Only in April and May 2017 these swing points came under risk but were not broken. So far, this bull market structure has kept the bullish sentiment intact for the bulls to buy the lows. But the current price action of the market has put the bullish structure under scanner. Market decisively broke a long term trend line, made a significant swing low at 9560, kept the swings intact and reversed. It then failed to cross the trend line and fell sharply. The bearish candles at these levels are pointing towards further weakness. BUT the swing at 9560 is still not breached and the bullish structure is intact. There could be a possibility that we enter into range bound market OR we may breach 9560. What if 9560 is breached? Then bull market structure would be broken. Many long to medium term stops would be hit, volatility will increase with wider spreads. The bullish sentiment would be faded, and perhaps we may face a deeper correction. Lets see how the price action unfolds. Do share your opinion and hit the like button for better posts in the future. Trade Safe, Stay Healthy. Best Regards Afraidtotrade
NSE:NIFTY
by Bravetotrade
17