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ITC CAN MAKE A RUN FOR 2501.ITC has given a breakout of it's parallel channel. 2.Double bottom breakout confirmed. 3.Howering above 200 ma. 4.RSI is bullish. 5.Above 33.2% fib level. Buy above - 229 Targets mentioned in the chart above. Please LIKE, COMMENT and SHARE to motivate and support me. I'll keep on posting new ideas on Indices & Stocks. Be sure to follow so that you don't miss any good trades that might have been rewarding. Any comments and critiques will be appreciated even if it's of opposite view as a trader can also be right so many times.
NSE:ITCLong
by this_is_shoaib
2
Part [A] Basic of Wave Principle Elliott Wave background In the 1930s, R.N Elliott identified the price of the stock trends and reversed a specific pattern. This pattern is repetitive in form and, the patterns have predictive value. He decided to use this pattern (Elliott wave theory) to predict the market. The Elliott wave is not primarily a trading system. It is a detailed description of how the market acts. The Elliott wave is part of technical analysis. Also, the Wave principle is the reassembled form of dow theory. -Elliott Wave Principle The key To Market Behavior] Waves in the market? We all know that price never moves in a straight line. It will neither fall in a straight line nor rise in a straight line. Price will create highs and lows. And this high and low creates waves. Elliott wave theory is all about counting waves and, we are going to use the Elliott wave to trade the market. Now, the concept of waves is acceptable for you. Elliott wave theory is made of 5+3= 8 waves. Let me show you that structure in both trends. In bull market ( UP Trend ) : Figure 1.1 This is the Elliott wave structure in an uptrend. As we discussed, Elliott's wave theory is made up of 5+3=8 waves. Where five waves move with the trend and three waves move against the trend. In Bear market (downTrend) : Figure 1.2 This is an example of Elliott wave theory in the Bear market. We can see that five waves move with the trend and, three waves move against the trend. Take a deep breath, I know you have lots of doubts in your mind. Let me solve some. 1. Elliott wave theory works in any time frame. 2. These 5+3=8 waves will give us a market edge. It will provide strong trends & trend reversals. 3. The accuracy of Elliott wave theory is 84% of you are using the wave principle correctly. Practical Example of Elliott wave theory : In the Bull market : Figure 1.3 This is the TATA MOTORS 4 hour timeframe chart. I used bar charts because It is easy to recognize Elliott's waves in bar Patterns. Well, it works for me to recognize if you feel that you can recognize patterns in another chart, go ahead with bar charts! In Bear Market: Figure 1.4 : This is the ITC daily time frame chart. It shows the beautiful Elliott wave structure in the Bear market. Elliott wave structure : Now, we all know that Elliott is made of a 5+3= 8 wave structure. So, Let's start getting into it! To understand the wave principle, we have divided the wave structure (5+3=8) into two Phases which are an Impulse phase/structure & a corrective phase/structure. Figure 1.5 This picture illustrates Two phases of the Elliott wave principle. The impulse phase is made up of 5 waves and, the corrective phase is made up of 3 waves. Figure 1.6: This picture divides the wave principle into two phases. 1. Impulse phase/structure ( which includes five waves and, which moves with the trend you can see in bull market impulse phase is going upward and in a bear market, impulse phase is going down which is directional move.) & 2. Corrective Phase/structure ( which includes three waves and which moves against the trend, you can see that in bull market corrective phase is going downward and In bear markets, the corrective phase is going upward, which is a counter-trend move. Figure 1.7 , Elliott wave has 2 phases. motive/Impulse phase ( directional move ) and corrective phase(counter trend move). We can divide these 2 phases into two types of waves. Impulsive waves and corrective waves. Let’s zoom in on the impulse phase to understand the underlying structure and wave behavior. Motive/Impulse Phase : Important things about the impulse phase 1). Motive/Impulse phase is a Five wave structure that includes wave1,2,3,4 & 5. 2). motive/Impulse phase is a directional move ( moves with the trend.) 3). The Ending point of the impulse phase is the starting point of the corrective phase. 4). motive/Impulse structure is powerful than corrective structure. 5) Impulse phase can divide into two types of waves i) Impulse waves: 1, 3,5 ( move with Trend of impulse Phase ) ii) Corrective waves: 2,4 ( Moves against the trend of Impulsive Phase) Let me give you a quick understanding because we are going to cover these waves in-depth, Impulsive waves are trend-following moves. We can find this type of wave structure in both phases. Impulsive waves create trends.Impulsive waves are (1,3,5,A,C) Corrective waves are counter-Trend moves. We can find this type of wave structure in both phases. Corrective waves provide pause to continue the trend, Corrective waves : (2,4,B) Motive/Impulse Phase in Bull market Figure 1.8(A) , wave 1,3,5 is an impulsive wave of impulse phase because The trend of impulse phase up and, Impulsive wave are following the trend and heaving upward move. And wave 2,4 is the corrective wave of an impulse phase because the trend of the impulse phase is up but, the corrective wave is moving down, which is against the trend. Motive/Impulse Phase in Bear Market : Figure 1.8(B), wave 1,3,5 is an impulsive wave of impulse phase because the trend of Motive/impulse phase down and Impulsive wave are following trend and heaving downward move. And Wave 2,4 is the corrective wave of an impulse phase because the trend of the Impulse phase is down but, the corrective wave is moving upward, which is against the trend. Corrective Phase/structure : Important things about the impulse phase 1). The Corrective Phase is a three-wave structure that includes waves A, B, C. 2). The corrective phase is a counter-trend move ( moves against the trend.) 3). The Ending point of the corrective phase is the starting point of the Impulse phase. 4) correction phase can divide into two types of waves i) Impulse waves: A, C ( move with Trend of correction Phase ) ii) corrective waves: B ( moves against Trend of correction Phase ) Corrective Phase in a bull market: Figure 1.9(A ): wave A, C is the impulsive wave of the Correction phase because the trend of the correction phase is down and Impulsive waves are following the trend and heaving downward move. And Wave B is the corrective wave of a Correction phase because the trend of the Corrective Phase is down but, the corrective wave is moving upward which is against the trend. Correction phase in Bear Market : Figure 1.9(B) : wave A, C is the impulsive wave of the Correction phase because the trend of correction phase Up and Impulsive waves are following the trend and heaving Upward move. And Wave B is the corrective wave of a Correction phase because the trend of the Corrective Phase is Up but, the corrective wave is moving down, which is against the trend. [ Note : here, the correction phase moves against the trend. That's why the market has a Downtrend but, the correction phase is in an uptrend.] Impulsive wave structure : 1. Impulsive waves are directional moves that are bigger than corrective waves. 2. Impulsive waves create trends. 3. Impulsive waves are subdivided into five waves. ( that means wave 1,3,5, A, C which moves with the trend will have five sub-waves.) 4. Impulsive waves are easy to recognize. (Impulsive waves can also be called motive waves) 5. Ride of impulsive wave can give us a high probability trade setup with high Rewards We are going to cover impulsive wave formations in the next part. (diagonals,extensions,Impulse,Truncation) Figure 1.10: As we discussed, Impulsive waves subdivide into five waves. Here wave 1,3,5, A, C has five subwaves which you can see in the chart.
NSE:ITCEducation
by forextidings
89
SuperTrend Indicator with Multiple Factors in same Time Frame Support and Resistance Using Supertrend in all ATRs We can use Supertrend to find the support and resistance of any stock or index . We will be using 6 supertrends to do this . 1) Period 2 , Multiplier 1.5 2) Period 2 , Multiplier 4.5 3) Period 2 , Multiplier 7.5 4) Period 2, Multiplier 10.5 5) Period 2, Multiplier 13.5 6) Period 2 , Multiplier 16.5 Period refers to the ATR number of days. It means to say that the system will calculate the ATR value for the last 2 days. You can input any value you deem suitable. The multiplier refers to a value by which the ATR will get multiplied. Whatever is the value of ATR, it will get multiplied by 3. Multiplier is a crucial input for Super trend. If the multiplier value is too high, then lesser number of signals are generated. Likewise if the multiplier value is too small, then the frequency of signals increase, hence chances of generating false trading signals are quite high. It will plot Supertrends with 3, 9, 15, 21, 27 and 33 (Period X Multipler).
NSE:ITC
by pkkothari
ITC CAN BE IN LIMELIGHT AGAIN! :-)1. Sustaining and Closing above 227 is highly positive. 2. RSI trying to Break Out. 3. 208-209 is strong support and should be SL for mid term. 4. Previous swing highs should be Targets: 238/245/265+ 5. ITC is a slow mover. Better Trade in CASH or FUT than Options. 6. Consult your financial adviser before entering any Trades. Views shared here for education purpose. Thank You! 7. If you're reading this, comment below the Pattern name.
NSE:ITCLong
by Equity_OptionTrader
3
YR 2022 Idea #6: Long on ITCThis is a public swing trade idea (other private ideas accessible through website) and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. We would comment on any further updates on our entry, targets and stop-loss on this idea, so make sure to follow if you want to get further updates. Our objective to help anyone who wants to learn technical analysis using charts. You can post your queries in comment section here and we will try to answer asap.
NSE:ITCLong
by onerighttrade
Only for study purpose ... Price was making a lower low from last weeks but finally, price one last low brokes out with a strong green candle also on daily time frame. Some reasons for taking the trade : 1. Price-making historic pattern means breaking out of the last lower low with a strong green candle. 2. Morning star is there with engulfing candle and also hammer which is known as rejection candle. 3. There is also a neckline breakout of the Double bottom. 4. Price rejected two times .618 level of Fibonacci retracement. (In pink line) SL and TGT's are as shown in the chart.
NSE:ITCLong
by pakharsangave